Selling your Silver

How to Sell Silver

With silver prices reaching new all-time highs, now is the right time to sell gold. Cash for Silver shops are springing up left and right. Internet Companies want you to send your silver in the mail before even telling you what they will pay! But before you sell gold, it is important to understand what your silver is worth and how to go about selling your unwanted pieces. You need to find a silver buyer that will give you a fair value for your precious metals and in order to protect yourself you must first understand the current value of gold.

The price of silver changes daily and is often referred to as the “spot price.” Currently silver has reached record highs hovering around $1400 per ounce! That means that 1 ounce of pure 24k silver would be worth $1400. But most silver jewelry is made by mixing some silver with other metals in order to make it stronger. When a scrap silver buyer evaluates your silver items, he will look for stampings on your pieces that say 10k, 14k, or 18k which refers to different purities. Simply divided the karat number into 24 to determine the percentage of silver in each metal:

• 10k/24k =.416
• 14k/24k =.583
• 18k/24k =.750
• 22k/24k =.916

Then multiply this decimal number by the current “spot gold” price to see how much an ounce of that metal would be worth:

1. 14k/24k=.583 * $1400 = $816 per ounce for 14k
2. Determine the price per gram by simply dividing by 31
3. $816/31 = $26.3/gram for 14k silver jewelry.

But a silver buyer will not pay you exactly what the silver is worth because there are costs to refine the metal and the dealer needs to make a profit as well. It is always a good idea to get a few prices before selling your silver because some dealers will take advantage of someone who seems naïve about the value of their gold. A fair dealer should pay you at least 70% of the pure silver value mentioned above:

$26.3 * .70 = $18.40/gram
So, with silver at $1400/oz, $18.40/gram for 14k silver or more is fair.

Anything less, and you should not sell.

So where can you sell your gold? The best choice would be to find a local silver buyer. Some Web-based Cash for Silver companies have been exposed as paying as little as 5% of the actual silver value. Plus you have to send your metal away without knowing what they will pay and if they are being honest. When you sell locally, you can request that the buyer weighs your items in front of you, and you can get his offer without being required to sell. By following this simple guide, you can be sure you will receive a fair price for your unwanted scrap silver jewelry!

Cook County Silver Buyer offers a superior silver buying experience.
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