I have silver bars and coins that I've had for 25 years, all private mints. What kind of problems would I encounter selling them? The bars are 10oz and the coins are 1oz. Thanks, Douglas
You should encounter no problems, except for price, at 25 years you bought your silver just after the peak, so you may have a loss.
Actually if I remember right it was 1984 and I paid $8.00oz. What should I expect, a percentage under spot or what? Will there be any questions as to authenticity? Thanks, Douglas
Is there a manufacturer's name on them? With a name-brand such as Engelhard or Johnson Matthey, you may be able to get a few more cents (probably around $.10) per ounce than you could if they are from a less well-known operation. Other than that, can't think of any problems.
Douglas: You should be able to get about 10% under spot. Since you are in at $8 you will do okay. Good Luck.
It had to be in the early eighties, I was working on a big job, a few thousand people. The silver thing was just one of many diversions at the time. As I remember silver got pretty high for awhile and then went in the tank. I've pretty much forgotten about it, but lately I've been looking at spot silver in the paper. Can someone explain spot price; one day last week it was 13.26 and the next day it was 10.50, a misprint? Thanks, Douglas
10% under spot is a little greedy. The dealer near me buys 1oz coins for $1 under spot and 10oz bars for $0.75 per ounce under spot. You should have no trouble selling but make sure you don't get low-balled. Also, there are a significant number of analysts who believe the price of silver will go much higher over the next few years. You've held the silver for a long time, and it wouldn't be pleasant to sell right before a big move finally gets underway. Still, nobody can predict the future so feel free to ignore me. My crystal ball is out for repairs.
I'd rather not say amount, let's just say it's a lot, prolly way more than a prudent person would have ever aquired and not cashed in a profit. If I remember correctly I should have cashed in when I doubled my money but I got greedy. It took 20 plus years for silver to make a come back, like you say, my crystal ball is broken. Thanks, Douglas
Next is where to sell for a decent profit if you really want to sell now. One place I would suggest is a coin show. Usually easy to sell anything in the way of coins, currency, silver bars, etc. Per you notation at the top your in Chicago. There are usually 3 coin shows a month in the area. Just type in coin shows Illinois in Google or Yahoo and you'll get the dates, locations ane time. The best one is the second weekend in each month. Usually Saturday and Sunday in Countryside, Il. Go South on Manhiem Rd to about 60th street or so and watch for Joiet Rd. Turn West, right turn if going South, for about 1 block and it's on the South side of the street. Dealer in the middle of the place , Robert Griffiths gives the best deals for purchasing. If you try selling on ebay, you may or may not get what you want. Coin stores are not the best for selling either. Example is H.J. Berk downtown.
Check out kitco.com. I had a good selling transaction with them and they publish their buy prices right on their website. Good luck!
My recommendation is, if you don't need to sell the Silver at this time, then don't! Silver prices were up to $15 an ounce in 2006 and will probably rise to or above that point in the future. If you can hold on to the Silver, then you should be able increase your profit even more. However, you need to make the ultimate decision of when to sell and how you want to sell it. Kitco is great for unloading bulk Silver Bullion but more of a profit can be had on eBay if you sell it wisely. I have studied the sales of Silver on eBay and it appears that when sold in 10 ounce increments whether it be 10 ounce Silver bars or 10 one ounce Silver bars or rounds, then Bidders/Buyers pay a decent premium above spot prices! Good luck in whatever you do!
I think it depends on what brand they are like someone mentioned. I'd try calling a few of the online places like Northwest Territorial Mint and American Precious Metal Exchange and see. They have some prices listed on their web site for certain items (most at spot). Also I'd tend to agree that silver is headed higher, but I would also try to avoid telling you to stay in it also. Might be a good idea to cash out of a quarter now, wait, cash out a little more if it goes higher, etc.
Friends, this is all good info, thanks. I think one of our moderators wants this thread moved; okay by me. I'll check out Countryside, thanks. I don't do ePay (buying or selling) and I don't think I'd ship it. The only kind of transaction I'd do is cash. First time I ever heard someone might pay over spot? I'm in no hurry to sell it, haven't even looked at it in ten years, with my luck I'd prolly sell it at $15 and then in 6mos it'll go to $50. Thanks, Douglas
