Best way to sell silver/gold bullions

[LoveSilver]

Hi everybody,

Apparently I posted the following into USA/Canada - Buy/Sell. Sorry. I guess this is more appropriate forum section.

I am a bit disappointed by low volume of posts and updates on this forum. I expected much more traffic. I guess everybody abandoned precious metals and run into stocks. I started collecting silver in last 12 months. I bought some in private storage offshore and some in local RBC (Royal Bank of Canada). I have intention to continue buying but at certain point of time I will want to sell some and cash out.

I must admit that in my view buying is much easier than selling. I don't have a good exit plan. I don't know what is a best way to sell silver bars when needed? I could sell it back to the bank, or back to that private storage but what you do with small pieces that you have at home? Every stacker has rounds or small sized bars. Everybody says that gold and silver is extremely liquid, universal value all over the world, everybody will accept it, but after on-line research I don't see that this is true

Bank and storage have a large spreads where I would lose easy 10% - 15% of the spot value. How is that acceptable I don't know? Coin shops sound even worse. eBay or Amazon sound complicated and un-secure. What else is out there? I hope somebody here in forum will give me some good idea what and how to do it.

[Pete]

In the UK / Europe section anyone listing silver coins and bars for sale at decent prices gets a buyer usually the same day.

[LoveSilver]

Pete, are you saying that this forum is the best way to sell own pieces? I must admit that technicality and practicality of buying or selling to or from someone over the e-mail or forum scares me. eBay and Amazon or Kijiji makes more sense because but still how to not get cheated (either party) and 10% or 15% commission sounds like a lot to lose in that trade.

Doing it over the eBay and Amazon takes out privacy out of it. I look at own money affairs as very private thing and I am not crazy about sharing it with whole world. I guess something like Bitcoin kind of transaction would be the best.

[MickD]

Buying less and less on eBay and more on here personally.  Never had an issue on the Forum and picked up some nice pieces.  Personal choice but I think Forum reputation means a lot more to people here than eBay reputation does to some eBay sellers.

[lmwstamps]

The best places to sell will need to be determined by you at the local level.  Bear in mind that you probably won't recover collector premiums unless you sell to collectors.  Silver is not usually a good short term play and 12 months is short term.  Now is the time to develop your exit strategy. Consider online dealers, local coin shops, and local shows.  Find out if there is a collector club near you.  They may have opportunities to sell.  

[Lowlow]

I don't remember who said it, and I'm paraphrasing, but someone said that if you want to know the value of something - buy a little bit of it and then try to sell it.

Might be good advice in this situation ... simply try to sell some and see what happens, cultivate a market.

[Abyss]

Good Bad & Ugly Selling Gold & Silver

 

[watchesandwhisky]

On 08/10/2018 at 20:30, MickD said:

Buying less and less on eBay and more on here personally.  Never had an issue on the Forum and picked up some nice pieces.  Personal choice but I think Forum reputation means a lot more to people here than eBay reputation does to some eBay sellers.

Reputation is everything here, I know that out of the many items i have sold here i have never had a buyer unhappy as i describe my items well and post the next day - any prospective buyers can have total confidence.  Likewise all purchases have been good to. Trader rep on the forum is extremely important🙂

[LoveSilver]

That person from video has nice stuff but bad camera that doesn't want to focus onto nice stuff. After some time I stopped watching.

Still, when selling I don't see way of avoiding loss of 10% - 15% of the posted price. Any ideas?