Selling your Precious Metals

[Coppertop]

Hello Silver Forum.

Sorry - it's my first post as I'm very new to having precious metals after taking the plunge and starting to buy early this year.. so please be gentle

I have to say its great to be stacking but I'm in it to preserve my wealth (what little I have) in precious metals apposed to fiat currency in the bank.

Now that I own a small but reasonable amount - how do I sell it when the time comes?

I've visited local pawn brokers and jewelers but havn't been happy with either as they don't seem to want to know ..especially when it comes to silver. I've also watched you tube videos on this topic.

I'm nervous to send it through the post to a bullion dealer but suspect this will be my preferred/only route

I know theres ebay, but I don't really like it because of paypal - whom I'm loathed to use unless really necessary

I'm not into proof coins and only really buy the metals according to the best weight I can get for the money, so hold mostly standard coins but also bars..all fine silver

I want to buy more silver and gold but my apprehension on being able to sell is stopping me..

I reside in the South East of England.

Any advice from you would be greatly appreciated

 

Thank you all.

[morezone]

@Coppertop moved to discussion area

[BackyardBullion]

@Coppertop

It is a really interesting topic and one I am planning to talk about soon on my channel. 

From my perspective as a seller of PM's for the last 2 years I think that the social media market is key for us Brit's in relation to selling silver. Reputation matters and building up that reputation is really important. Selling via this forum is a tried and tested way to get good prices on silver as well as gold and not one to be overlooked. Similarly selling on Facebook (although I do not do this as I am categorically against facebook and everything it stands for) is another great avenue. So is eBay but as you say that you dont like PayPal then that might be an issue. 

Otherwise my advise would be to stick to gold. You can get much easier and better buy back rates from dealers in person than you will with silver. 

Hope that helps!

[Agpanda]

Hi and welcome

I agree with @BackyardBullion

[Agpanda]

Keep it to gold if you plan to sell

Or you can do it like me and go for collectible silver

I invested hard in silver pandas and hope to pass it on to my kids

If not I will try to sell it as an collection

For the moment I am #6 in NGC register for pandas

[pho]

Welcome!

Social media is fine if you have the time and patience... I follow some facebook groups but see a lot of people struggling to sell their silver.

Personally I have only sold on here (for semi-numismatics) or sold back to a well known Belgian online bullion dealer (for standard bullion like silver eagles/maples).

If liquidity is important to you, as others have said, stick to low premium gold.

If you buy any kind of coin with (semi) numismatic value, it is best to assume beforehand that you will lose money on it down the line if you need to sell for whatever reason, even if spot doesn't rise or fall.
 

[Goldhooked]

eBay are dumping Paypal soon - https://www.thesun.co.uk/tech/5483216/adyen-ebay-payment-service-paypal-replaced/

Transition starts imminently I believe.  The replacement, Adyen, are already used by Etsy.  My business sells on Etsy and we've not had any problems with Adyen (to be fair and balanced though, we've not any issues with Paypal on eBay either and have put some very large sums of money through it).

[Coppertop]

Thank you all for your advice, I very much appreciate it. I didn't realize about social media as I stay away from it (other than this forum)

Pardon my ignorance but I didn't even realize that this forum permitted selling of PM's!..perhaps if the time ever comes I will try here first!

I have taken up a holding at goldmoney and that seems to be a cheap and convenient way to purchase and trade PM's..and this takes the hassle out of trying to sell.

I'm not getting away from the satisfaction of buying and owning your own PM as I feel it is critical to physically own it.

Again, Thank you so much for your replies - I very much appreciate any help

[Pipers]

Hi If you do not like paypal you may struggle as a lot of people like to pay via it F&F.  Anyway  there is always Auctions for silver coins, with a reserve set you may get a decent price though the fees for vender's can be 15%. The forum is worth a go have a look what other sales have achieved compared to spot then set yours.

Investing in silver is a longterm game and for many a very enjoyable one .  As others have said if you need to sell quickly you maybe better buying Gold though you should make your own mind up.  I like silver when it goes up it will be fast.     

[KDave]

I have had success selling on ebay, people are willing to pay the spot price plus the UK premium, but be careful, keep receipts, send signed for or guaranteed delivery. I have had some issues with individuals trying to scam, but if using paypal you get seller protection (they take the hit), not sure about protection with the new system people have mentioned. I have also had a lost package for a single 1 oz coin, sent tracked, but never left the post office. I refunded the buyer, claimed on the royal mail website and got my money back plus postage in a few days by cheque.

I have sold on the forum before you will get near enough dealers sell price on here.

I think you are onto a good idea using gold money to buy silver if wanting liquidity. Though as you say, owning the physical is part of the pleasure, and it has no counter party risk unlike vaulted. A mix of both sounds good to me.  

Gold is best if wanting liquidity and physical at the same time, smaller low premium coins are best. 

[Goldhooked]

2 minutes ago, KDave said:

not sure about protection with the new system people have mentioned.

If its anything like Etsy (and it sounds like it will be from what I've read) Adyen will be completely integrated into eBay so you won't have a separate platform to log in to.  Basically you will only deal with eBay as a one-stop shop.  The seller protection should be provided by eBay.

[Coppertop]

44 minutes ago, Pipers said:

Hi If you do not like paypal you may struggle as a lot of people like to pay via it F&F.  Anyway  there is always Auctions for silver coins, with a reserve set you may get a decent price though the fees for vender's can be 15%. The forum is worth a go have a look what other sales have achieved compared to spot then set yours.

Investing in silver is a longterm game and for many a very enjoyable one .  As others have said if you need to sell quickly you maybe better buying Gold though you should make your own mind up.  I like silver when it goes up it will be fast.     

Thank you Pipers.

I'm only in it long term or least if there is a huge wealth transfer that I predict must happen sooner or later.

All I wanted was to prepare myself for when that time comes - where to sell/how to sell.

I have sold personal items on ebay via paypal for years and dislike their fees - however if I have to, I would put up with it - anyway it appears their time is up with ebay anyway!

I love having physical silver and gold - and would buy a lot more if I had the confidence that I could travel somewhere local to get a fair price on it - in exchange for whatever passes as 'currency' in the future

 

Thank you kindly for your input

[Coppertop]

2 hours ago, BackyardBullion said:

@Coppertop

It is a really interesting topic and one I am planning to talk about soon on my channel. 

From my perspective as a seller of PM's for the last 2 years I think that the social media market is key for us Brit's in relation to selling silver. Reputation matters and building up that reputation is really important. Selling via this forum is a tried and tested way to get good prices on silver as well as gold and not one to be overlooked. Similarly selling on Facebook (although I do not do this as I am categorically against facebook and everything it stands for) is another great avenue. So is eBay but as you say that you dont like PayPal then that might be an issue. 

Otherwise my advise would be to stick to gold. You can get much easier and better buy back rates from dealers in person than you will with silver. 

Hope that helps!

Hello BackyardBullion,

Many Thanks for your advice - very much appreciated. I've watched and really appreciate your you tube videos.

Question for you/all: what is the main reason why people collect silver then?..if its a challenge to sell it off..what's the main reason for stacking?

I know you get the numismatic ilk, and then there are those that just collect it.. but is the main reason not preservation of purchasing power against the diminishing purchasing power of paper currency? Perhaps this should be a separate topic - sorry!

Is selling off PM's not a concern to most of this community?

 

Many Thanks

 

[kimchi]

You can buy or sell on here to trusted members via Paypal F&F, no fees

Nice Kooks, big fan myself! Have you seen the dog privy version? Very interesting!

I'm in Kent and may start to trade from time to time locally if you're not too far away?

Welcome

[Coppertop]

24 minutes ago, KDave said:

I have had success selling on ebay, people are willing to pay the spot price plus the UK premium, but be careful, keep receipts, send signed for or guaranteed delivery. I have had some issues with individuals trying to scam, but if using paypal you get seller protection (they take the hit), not sure about protection with the new system people have mentioned. I have also had a lost package for a single 1 oz coin, sent tracked, but never left the post office. I refunded the buyer, claimed on the royal mail website and got my money back plus postage in a few days by cheque.

I have sold on the forum before you will get near enough dealers sell price on here.

I think you are onto a good idea using gold money to buy silver if wanting liquidity. Though as you say, owning the physical is part of the pleasure, and it has no counter party risk unlike vaulted. A mix of both sounds good to me.  

Gold is best if wanting liquidity and physical at the same time, smaller low premium coins are best. 

Great advice - Thanks KDave

[Coppertop]

10 minutes ago, kimchi said:

You can buy or sell on here to trusted members via Paypal F&F, no fees

Nice Kooks, big fan myself! Have you seen the dog privy version? Very interesting!

I'm in Kent and may start to trade from time to time locally if you're not too far away?

Welcome

Hi Kimchi,

sounds great to be able to trade to trusted people on this forum - and yes definitely I would be interested to trade with you in the future. I think I need to build confidence as I'm such a newb (as my kids would say)

I'm in South Essex, not too far from the DRC, so Kent is easy for me

 

Thank you

[Pipers]

The following is an opinion and advise PLEASE DO NOT do not think i am having a go at anyone i am not.  If anyone has a different opinion then please write it in the thread.   

The other factor to be taken into account when buying silver (something I didn't do for a long time), have a realistic selling strategy eg are you selling to trade or reselling to collectors or stackers.  Do you want to sell in bulk or in tubes or single coins or bars.  Have you taken into account the going down to the post office at dinner time for £2 profit?  I have often wondered  with some sellers on here and on ebay etc? - IMO it must be a hobby because the time it takes and cost to go to the post office must negate any profits when selling any single bullion coins unless you are selling lots of multiples like some do. I know some are very canny and can make profits but it is very difficult over the short term with silver.       

[PansPurse]

2 hours ago, Coppertop said:

Question for you/all: what is the main reason why people collect silver then?..if its a challenge to sell it off..what's the main reason for stacking?

I know you get the numismatic ilk, and then there are those that just collect it.. but is the main reason not preservation of purchasing power against the diminishing purchasing power of paper currency? Perhaps this should be a separate topic - sorry!

There's generally a trade-off between price/premium and ease of selling. If you offer silver at close to spot price on here (for example) it'll usually go pretty easily. Higher premium stuff can take a while to shift because you need to find a buyer that's interested in that particular thing. I don't necessarily think it's that you can;t sell stuff, just that it's not as immediately liquid as gold tends to be.

Personally, my main stacking motivation (aside from magpie mind) is as savings discipline. Having silver is just that bit harder to spend than if I had money in a savings account. I won't put numbers on it, but I've put more aside in the last seven months than I thought was possible for me.

[Coppertop]

7 minutes ago, Pipers said:

The following is an opinion and advise PLEASE DO NOT do not think i am having a go at anyone i am not.  If anyone has a different opinion then please write it in the thread.   

The other factor to be taken into account when buying silver (something I didn't do for a long time), have a realistic selling strategy eg are you selling to trade or reselling to collectors or stackers.  Do you want to sell in bulk or in tubes or single coins or bars.  Have you taken into account the going down to the post office at dinner time for £2 profit?  I have often wondered  with some sellers on here and on ebay etc? - IMO it must be a hobby because the time it takes and cost to go to the post office must negate any profits when selling any single bullion coins unless you are selling lots of multiples like some do. I know some are very canny and can make profits but it is very difficult over the short term with silver.       

HI Pipers,

I take all advice on board, Thank you.

If people going into investing in PM without a plan then they have to accept the consequences, though thats assuming they are in a position to gather all of the info needed in the first place.

There is lots of advice out there and generally it centres around people being very cautious and doing their homework etc

I've started out in PM assuming that i hold my silver for as long as it takes or at worst simply to maintain its current purchasing power far into the future..

My currency could stay in the bank, earning nothing (i don't invest in anything) for one day to be worthless or even un-obtainable for some reason

Less risky for me to keep something of value in (the form of) a precious metal. And yes 'they' can confiscate it but i think you need to look at instances of this in the past (as with anything) and then make an informed decision of the possible pitfalls. Even in the case of PM confiscation, jewellery was never taken by the government.

Personally i'm not looking for a get rich quick scheme and nor am i a gambler..i just want something to maintain my purchasing power - come the day the central banking debt system pops.

I'm new to it all and am soaking up advice of all you experts...

 

Many Thanks..

[Coppertop]

21 minutes ago, PansPurse said:

There's generally a trade-off between price/premium and ease of selling. If you offer silver at close to spot price on here (for example) it'll usually go pretty easily. Higher premium stuff can take a while to shift because you need to find a buyer that's interested in that particular thing. I don't necessarily think it's that you can;t sell stuff, just that it's not as immediately liquid as gold tends to be.

Personally, my main stacking motivation (aside from magpie mind) is as savings discipline. Having silver is just that bit harder to spend than if I had money in a savings account. I won't put numbers on it, but I've put more aside in the last seven months than I thought was possible for me.

Hi PansPurse,

An excellent point and one which i've recently been discussing with my wife. Its not directly easy to sell PM's - but it is clearly possible. Plus rather than saving fiat currency for the benefit of the banks (who then invest it multiple times with interest) - you keep it in the form of something that will always be worth something.

Thanks for your reply

[Martlet]

5 hours ago, pho said:

Personally I have only sold on here (for semi-numismatics) or sold back to a well known Belgian online bullion dealer (for standard bullion like silver eagles/maples).

 

Given their reputation for service, how well does that work?  Are they receptive to buying back, and i'd assume their pricing is quite tight?  

Generally, to the floor, how are dealers for buying silver and are they only going to be interested in moderate quantity?

[HawkHybrid]

I vote sovereigns.

 

HH

[PansPurse]

2 hours ago, Coppertop said:

I'm new to it all and am soaking up advice of all you experts...

Just remember there's no qualifications necessary to express an opinion, so you need to judge for yourself who's opinions to trust ☺️ (and I absolutely include myself in that)

[Coppertop]

1 hour ago, HawkHybrid said:

I vote sovereigns.

 

HH

Agreed, Thank you, I have purchased a few just recently..

[Coppertop]

1 hour ago, PansPurse said:

Just remember there's no qualifications necessary to express an opinion, so you need to judge for yourself who's opinions to trust ☺️ (and I absolutely include myself in that)

I appreciate that, Thank you. As with anything - opinions vary wildly - so its all going for consideration. Its all shades of grey to me. Weigh up the opinions and go for what feels right!

I'm not a savvy investor with stocks and bonds  - so my currency is just sitting there in the bank. I figure - its better to invest in precious metals than it is a doomed fiat currency in order to preserve future purchasing power. So..thats my starting point - this forum is a great place to begin refining that knowledge and gathering those opinions on which to judge the way forward.

so far - so good..lots of good people with sound support - I couldn't of asked for more

 

Thank you