Where's a good place to sell silver bullion?

[southernasylum]

Who gives the best price in the Franklin, Nashville or Clarksville area?

Thanks in advance.

-southernasylum

[gregintenn]

How much ya got?

[Guest Lester Weevils]

Unless some dealers will pay above the current per-ounce going price, it would be a big advantage for an individual buyer to pay you the same per-ounce price as a dealer. Otherwise the individual buyer would have to pay the per-ounce price plus dealer markup.

If you were in the Chatt area I'd jump at it.

[southernasylum]

I've got just under 200oz not sure if it's time to sell yet although I bought it way back when it was around $3 an ounce. Y2k gladly didn't live up to the hype. =)

[Guest cruznmore]

If you don't need the $$s now, I'd hold it awhile longer. I think it is still on the way up. If you want to sell it, check out Bullion Direct. They have an 'exchange' system with buy and sell prices and charge a 1% commission. You sell it and send it to them (you do incur the cost of shipping). Once they receive it, you can ask for a check to be cut. The buy and sell prices are about the best I have seen.

[gregintenn]

:DYou looking to get your money back?

[gregintenn]

http://www.tngunowners.com/forums/want-buy/46690-wtb-gold-silver.html

Couldn't hurt to shoot this guy a PM.

[Guest Lester Weevils]

I've got just under 200oz not sure if it's time to sell yet although I bought it way back when it was around $3 an ounce. Y2k gladly didn't live up to the hype. =)

That is about $5600 of silver at the current per ounce price. If it is 0.999 stuff.

I agree with cruznmore-- Unless you plan to spend the money right away, hang onto the silver. I haven't bought much metals lately. Usually buy only when it dips, and it hasn't dipped lately. It can go up and down, and sometimes can go heartbreakingly down.

On the other hand, dollars are guaranteed to lose value over time. And currently there are not many investments that will pay much interest. The silver will most likely at least track dollar inflation. If you need the money to spend in 10 years, the silver will PROBABLY be worth about whatever the value of $5600 has inflated to after 10 more years. Just my opinion. Ain't an expert. Ya pays yer money and takes yer chances.

There are a lot of investments that don't have a good guarantee of even tracking inflation, and if you just sell the silver and stuff dollars in yer mattress, it will never go up in value. Just steadily down.

I've sporadically bought metals over the years, but never sold any. Cruznmore's link looks interesting. Didn't know about those guys. Looks pretty decent.

Bullion Direct: Buy or Sell Precious Metals online, including Gold, Silver, Platinum, and Palladium bars, rounds, and coins

Two places I've dealt with--

Kitco - Gold Precious Metals - Buy Gold Sell Gold, Silver, Platinum - Charts, Graphs, Prices, Quotes, Gold Stocks, Mining Stocks, bullion dealers

Goldmasters Buy or Sell Gold, Silver, Platinum, Palladium Coins Online

Kitco has some really nice historical price charts. The couple of times I've bought from them it worked out OK, but I wasn't as happy as with GoldMastersUSA.

But I bought from Kitco when there were low prices but shortages, back around fall 2008. Kitco may be better to deal with in more ordinary non-shortage situations.

Comparing sell prices today, it looks like both Kitco and Bullion Direct have on-average slightly lower prices than GoldMastersUSA. Over time every time I've compared, most of the places have similar prices though, and I've been happy with GoldMasters delivery promptness and such, even in times of shortage.

There are a lot of metals dealers that are way high or otherwise make me not want to deal with em. Its not like I've dealt with many places.

Looks like Kitco, GoldMasters, and Bullion Direct all want to pay almost exactly the current market price if they are buying. So if you found some private citizen in your town to sell to at the current market price, it would be cash, no shipping or waiting. Put a little more money in yer pocket with fewer expenses and hassle. And the buyer would save a dollar or two per ounce compared to buying from a dealer.

Awhile ago was looking at metals sales listings on ebay. People were selling small lots of sometimes oddball bullion, and people were paying a little more than they would pay from one of the storefront dealers. A LOT more once you include some of the ebay shipping charges.

Maybe there is something about buying from some anonymous feller on ebay, and paying more for the privilege, that is more attractive than buying from Goldmasters or whoever.

I was thinking maybe if I make it to retirement and want to gradually trickle out small lots of metals to supplement social security, then maybe selling on ebay would make a little more money than selling to a dealer, if the situation stays about the same until then. On the other hand I really hate ebay.

My luck, metal will be at an all-time multi-century low price whenever I get around to selling.

[Guest spoolie]

29.88 as of today per oz.

[Guest cruznmore]

A little more on Bullion Direct . If you want the best buy/sell prices, look at the Nucleo Exchange portion of the website. That is the market based part of their business. As of 7:15, people are wanting to purchase Silver Eagles for $31.14 each and are willing to sell at $31.30.

[southernasylum]

Thanks for all the great info. I guess I'll just hang on to it for now. Not really needing the money. I just always figured if it hit this high I would sell but like others have said, it may go up still. It doesn't take much space and may come in handy one day.

[Guest Lester Weevils]

A little more on Bullion Direct . If you want the best buy/sell prices, look at the Nucleo Exchange portion of the website. That is the market based part of their business. As of 7:15, people are wanting to purchase Silver Eagles for $31.14 each and are willing to sell at $31.30.

Thanks cruznmore

That is a little better deal on selling Eagles compared to some dealers.

GoldMastersUSA seems to want to pay exactly the per-ounce market price on Eagles, though they have a premium higher than bulk bullion when they sell them.

Kitco's published buy price today on Silver Eagles is slightly higher than the per-ounce market rate, but it is significantly lower than those Nucleo Exchange rates. Assuming that Nucleo Exchange doesn't somehow eat you up with fees before the transaction is completely finished.

That tendency for people to want to pay the per-ounce market price, is why I usually just buy bulk bars rather than govt coins. The most likely time to NEED to sell would be bad economic times when there is a buyer's market. In such a market, it would be hard to recover the price premium wrapped up in such as Silver Eagles or Gold Eagles.

Have you done some transactions with Bullion Direct? Were total fees and shipping fairly reasonable? Were the transactions pretty quick, or did you have to wait a long time for payment or purchase fulfillment?

Thanks!

Edited December 16, 2010 by Lester Weevils

[Guest cruznmore]

Thanks cruznmore

Have you done some transactions with Bullion Direct? Were total fees and shipping fairly reasonable? Were the transactions pretty quick, or did you have to wait a long time for payment or purchase fulfillment?

Thanks!

Yes, I've done a number of trades with BD and so far have been very satisfied. The shipping is not the quickest, but with the difference in price, it is very well worth it. Since it is a market between individuals, they have to sometimes wait for product to be delivered from the other party or payment from them. The fees are very reasonable, 1% to both the buyer and seller. As far as shipping goes, if you get 1 oz, it is very expensive, but if you either purchase a larger amount or allow BD to hold if for you, then you can have them ship a larger amount and it is better overall. The last shipment I got was about $20 for a number of ounces.

BD does allow you to keep inventory in their Vault at no charge. You can then buy and sell out of there or just accumulate until it makes sense to have it shipped to you.

Let me know if you have other questions.