So, once you’ve started buying silver you may decide that as prices go up you want to sell some that you paid less for and realise that investment.
There are many small traders which will happily buy your silver (they’re not stupid) and will give you ’spot minus XX’, so while this is the fastest way to get cash for your silver you need to make sure you’re happy with the price.
Online websites and auctions are obviously another place and for many people, probably the best place, however depending on where you do the selling, you’ll need to factor-in the fees these sites charge.
Ebay is a very popular auction site which people buy and sell silver at (including me), but more and more dealers are moving away from Ebay due to their fees eating up too much of the potential profit. Some of Ebays fees just don’t make sense – for example, why do they charge you more to sell 1oz of Gold than to sell 1oz of silver? – the answer is of course – because when you make more money – they take more from you. They don’t do anything different for that extra money and it’s really only because they think you’ll just take it.
There’s a new auction site being developed purely for silver buying and selling and we’ll be buying and selling entirely on this new site when it opens – the charges are much less than Ebay and do not change based on the value of your sale (a VERY nice difference).
We’ll let you know when it goes live.
Andy
