Silver is generally considered a good investment at any time because it tends to retain its value fairly well. In fact, there are times when silver is even more in demand and trending higher price-wise than gold due to supply limitations and other factors. This brings us to the topic of whether or not you should sell your silver now. While this decision is ultimately up to you, the experienced dealers from First National Bullion and Coin go over what to consider below.
Look at Silver Price & Demand Trends
The general recommendation for selling silver is to take this step when demand and prices are higher. According to Capital.com, silver is expected to remain somewhere around the $24-per-ounce range throughout 2022. However, the price per ounce may drop a bit in 2023.
As of mid-2022, the spot price for silver is actually a bit lower at just over $21 per ounce, which is a slight dip from what it was earlier in the year. Silver is hovering around the higher side compared to what’s been typical with prices over the past decade or so. Demand is also higher due to supply limitations and industrial needs.
Consider When Your Silver Was Purchased
Another consideration should be when you purchased your silver and for how much. For example, if you bought your silver in 2019, the average price was around $17 then. Therefore, you could make a profit, since it’s trading at higher prices in 2022. However, if you purchased your silver when it was $25 per ounce in 2021, you’ll have a slight loss if you sell now at mid-2022 spot prices.
Get an Appraisal if Other Factors Could Affect Value
For other reasons, some types of silver could be worth more than what you initially paid. If you have rare or special-issue silver coins, collectors or buyers may be willing to pay more. This is also the case with certain silver jewelry pieces. If you have silver that may have a higher value today, get it appraised if you haven’t done so recently. This will give you a better idea of whether or not selling now is a good idea for you.
Consider Your Precious Metals Investment Plans
Additionally, consider any related investment plans you may have with precious metals. For instance, if you’re primarily looking to reinvest what you make in new purchases, now can be a good time to sell if you carefully choose your intended investments. Selling now may also be what’s best for you if your primary goal is to gain quick access to cash for other purposes, since it’s typically fairly easy to get cash for higher-quality silver.
Do Your Research & Be Prepared
Being a well-informed and well-prepared silver owner helps a lot when it comes to making selling decisions. This is something you can do by:
• Keeping an eye on silver price/demand trends
• Getting some advice from a precious metals or investment professional
• Having a specific purpose in mind for selling
• Considering your other precious metals investments
When they’re looking for the best place to sell silver coins or buy silver bars, Scottsdale collectors call on the professionals at First National Bullion. We buy and sell all kinds of precious metals, including silver, platinum, and gold. If you’re looking for trustworthy dealers and high-quality service, give us a call at 480-546-5089 to speak with one of our precious metals experts.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.