closed Looking to sell my silver

[RJS0302]

Hi guys, 

I have just come across the site whilst looking to sell my silver. Never posted on here so please accept apologies if in the wrong place.

I have 28x 1kg metalor silver bars with certs available as have to sell to continue building works on my house! Quite a reluctant sale, but needs must. 

The bars are in Essex in the UK and are second hand so no VAT 

I also have about 60, still in packaging, silver Britannia’s (2014) and probably 4kg of pre 1947 50% coins 

my question is what is the best way to go about selling at a sensible price in the UK

I had looked at putting on eBay but the fees are extortionate, also tang some guys in Hatton garden but they were offering well below spot

any advice appreciated 

thanks 

Ryan

 

 

[daca]

Buy, Sell & Trade  (I'm sure that someone will buy if the prices are fair)

https://thesilverforum.com/forum/12-buy-sell-trade/

Read the rules and have fun.

Or try this guys (for spot price)

https://www.youtube.com/watch?v=HGrh2xDhlEA

 

[RJS0302]

Thanks for the reply

 

[Abyss]

@RJS0302 post for sale add in the following section https://thesilverforum.com/forum/13-uk-europe/ include good resolution photos of all the items that you have for sale with your Silver forum name and date visible in each photo. As you don't have any feedback because joined the Silver Forum today and want to sell large amount of silver it is technically still feasible but to establish some trust you will need to verify you have possession of all the items listed.

@daca Bullion Now in Australia will pay spot but how much going to cost to parcel 34 KG from the UK?

[RJS0302]

Thanks for the reply, I have posted in the introducing myself section (as unable to post in the for sale section)

good idea about the pictures, that won’t be a problem.

Also hadn’t thought about posting really as every time I’d ever bought I had gone and physically collected but certainly open to it

thanks again 

 

[daca]

10 minutes ago, Abyss said:

Bullion Now in Australia will pay spot but how much going to cost to parcel 34 KG from the UK?

The decision is his, I only presented info that I gather here on the forum.

[BackyardBullion]

@RJS0302 welcome to the forum!

Selling lots of silver quickly is always going to require a compromise. You will have found this from Hatton garden metals prices for 1kg bars (about 75% of spot according to their site).

That said, some dealers will pay more. Atkinsons bullion pay about 92.5% of spot. I also know Baird and co will pay similar rates.

Selling here on the forum might be hard work for a new seller - it will have to depend a little on the price and how flexible you are willing to be to garner trust in the community. Perhaps selling to an established member of the forum and letting them take delivey first and then paying when they are certain everything is above board. 

Bear in mind too that selling 28x 1kg bars would to some extent, flood the market in the forum sales section so a very competitive price might be needed.

So, depends how fast you want to sell and how much effort you are wanting to put in from your own side. Good luck and if we can be of any help then just let us (the forum) know!

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Added 0 minutes later...

[BackyardBullion]

@RJS0302 I have never sold to bullion by post but they have some very good advertised prices for their buying....

Basically spot price for silver bars, worth calling them I think!

 

[AndrewSL76]

eBay fees are high but they do occasionally offer £1 final selling fee listings. The £% issue comes in with PayPal, sadly. 

Worth following the advice of the members above and list for sale here. I have found that things sell when listed at a good price. Fellow forum members will pay premiums when the coins/bars etc. command it.

If you search on here you will see kilo bars selling quickly at a decent price.

[AndrewSL76]

Saying that, re eBay, the link and pictures from @BackyardBullion are good...if you’re in a hurry, the prices offered by Bullionbypost are very good.

[RJS0302]

Thank you for the help

I agree that some compromise needs to take place if I am to sell everything relatively quickly.

I think I need to weigh up what I need back from the silver vs the amount of time I will spend selling it. 

One thing I hadn’t considered when purchasing the silver was having to sell, I mainly had gold (which I have already sold) and that was a much simpler process. On silver the spreads are so high and with VAT as well the difference between the buying and selling price is huge. 

Similar bars on eBay seem to be selling around 20% above spot, but adding into the fact the Ebay fees and the hassle of selling individual bars it makes the process unappealing

I really appreciate all the help you guys are sending my way, and I’m sure it’s an issue others may have faced when needing to sell

Thanks 

 

 

 

[RJS0302]

Also what kind of price would you guys consider a ‘decent price’

I had always been very happy to pay anything around:

10-12% above when buying bars (only ever bought the metalor 1kg with certs so don’t know about others) 

20-25% above spot for the Britannia’s 

just below spot for the pre 1947 coins

would be really interested to know your thoughts 

[BackyardBullion]

Just now, RJS0302 said:

Also what kind of price would you guys consider a ‘decent price’

I had always been very happy to pay anything around:

10-12% above when buying bars (only every bought the metalor 1kg with certs so don’t know about others) 

20-25% above spot for the Britannia’s 

just below spot for the pre 1947 coins

would be really interested to know your thoughts 

10-12% over for silver bars is fine, but as you said the spread is the killer for a fast sale and quick profit.

In terms of selling price here on the forum - there are a couple of people I have seen trying to sell some 1kg bars for £490 and £500 and haven't sold yet. 

Getting 10% over for a 1kg bar would be optimistic on all 28x 1kg bars here on the forum!

[ChrisSilver]

Topic moved to the sales section. As per forum rules please state asking prices. 

[goluckystayhappy]

I would have thought if you listed the kilo bars at £475 each + postage you'd shift most of them pretty quickly here. A good price for the buyer but also much better for you when compared to the price you'd get from the likes of BBP.

[Abyss]

https://www.chards.co.uk/blog/sell-1kg-silver-bars/276

https://www.chards.co.uk/blog/chards-buy-in-services/531

Chards offering buy 1Kg Silver Bar £450

[sixgun]

i would start a new thread this one has too much chatter on it.

Show your bars and certs.

i would offer the bars separately - you won't be able to sell them as a single lots especially as you have no history on the forum.

As long as you are selling to established members of the forum you are safe. You may have to send the bar first before receiving payment but as i say you are safe dealing with established members on this forum. 

I would get on with it - precious metal spending money from the end of the month will already be dwindling.

[ChrisSilver]

This trade topic has been automatically closed as it is longer than 30 days old. If your item is still for sale or your wanted listing is still valid, please submit a new listing.