June 17, 2024

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WHERE CAN YOU SELL OR BUY SILVER BULION IN MELBOURNE?

Buy 10 oz Silver Bar - Gold Stackers

Okay, it is time to off-load, but where can you sell silver Melbourne? Yes, this is an essential question if you are a gold or silver investor. After all, you only become a successful bullion investor once you re-sell your precious metal for a profit. So, what options are there for Australian silver investors? You have several options available when the time comes to sell silver. Assuming the metal you sell is not a no-name brand like recycled jewellery or silverware. 

First Option Skip the Middle Man

You can skip the middle man and use a private platform like eBay. Undoubtedly it is safe and ideal to off-load small to large silver items. Yet, there is a drawback it can take weeks or months depending on the silver coins, bars, or rounds you want to sell. 

So, if you need fast cash, it might not be the best option to use. On the other hand, you are not always sure you are dealing with a trustworthy silver bullion buyer. As a result, you can be scammed, losing your precious metal and money. As a result, while it is not a serious challenge, it depends on how fast you need the money.

Still, some notes of warning eBay charge high commissions for selling precious metals for sellers. Yet, eBay is not your only option, as you can use an auction site to list your silver with a set price. On the other, the commissions are also high, and you might not get the value for the money you spent on your silver bullion. 

Second Option Selling to a Pawnbroker

You can also sell your silver bullion to a pawnbroker that could give you fast cash. Yet, it also has a downside: they pay far below the silver spot price. You can expect about 30% below the market value of an ounce of silver. Hence, choosing this method means receiving less money for your bullion.

Another alternative is to visit a local coin shop, depending on the silver bullion you want to sell. The advantage is you can also receive fast cash. But, there is also a drawback similar to selling to a pawnbroker.

You may not get the best price offered as the shop’s expenses are higher. Furthermore, a small shop might not be able to handle substantial buyback orders. Lastly, even walking into a local coin shop puts you at risk of assault or burglary. So, privacy and security are of importance.

Third Option Selling to a Trustworthy Bullion Dealer 

The last option is the best to sell silver bullion to Melbourne Gold Company. You can sell any precious metal, including gold, to a trustworthy bullion dealer. The dealer will be willing to buy back your silver at a market spot price. Likewise, you can sell it to any gold dealer, no matter where you initially purchased your silver. 

The important thing is to understand the difference between the buy and the sell, known as the spread. Most reputable bullion dealers will buy silver bullion between 7% – 12% under the spot price of silver and sell it 5% – 10% over the spot price.

So, when the time comes to buy silver bullion again, it is not difficult to find a trustworthy silver bullion dealer in Australia. The main decision you need to make is how much you are willing to spend when buying your silver and most importantly the price. Which is dependent on the spot price of silver.