Experts predict silver prices to rise 46% during 2021. Silver's smaller market size combined with increased industrial demand will be the driver of its price hike.
If President Biden's infrastructure proposal, The American Jobs Plan, gets signed into law, silver prices may go even higher than previously predicted. What does this mean for you?
It means it might be time to sell that old silver for cash. Where should you sell it? If you live in New Jersey, it's not as easy as searching for "silver buyers NJ."
Do you want to know more about how to find the best precious metals buyers who'll give you a fair price? Read on to learn all about selling your silver in New Jersey.
Find the Best Price
There is plenty of cash for gold shops who'll be happy to buy your silver. The thing is, not all of them are going to give you a great price. You'll have to do some work before you unload your silver.
What Are You Selling?
There's a big difference when you're selling bullion, jewelry, and household items.
When selling your silver, it's important to research whether the items have any antique value. For example, your grandmother's silver tea set might be worth more as an antique than sold for its silver contents.
The general rule is to sell any item with real antique value to an antique or pawn shop. Sell any silver without antique value by weight.
To know whether you're getting a fair price, you must first find the actual value of your silver jewelry. Research the current silver price and place value on the pieces you want to sell.
Purity hints are how you find the actual silver content of jewelry. Silver purity hints are in a decimal format. For example, if the ring you want to sell is '.925,' it is 92.5% silver.
The higher the purity, the higher your resale value will be.
You may be in a situation where you have to unload your silver fast. It's understandable. You don't often receive warning of an extreme financial crisis.
Even in situations where you need cash fast, you should never sell to the first buyer. In any scenario, you must shop around.
The best place to sell your silver is the place that gives you the best price and best customer service.
Where to Sell
Finding the right buyer is about finding the appropriate place to sell your silver pieces. You'll find the best prices from buyers who specialize in what you're trying to sell.
Coin shops are great if you're looking to unload coins or bullion. They will buy your scrap silver as well, but don't expect a great price.
When coin shops buy scrap silver, they act as a middle man. They sell whatever scrap they purchase to a refiner. Because of the multiple transactions, they'll buy jewelry at a reduced price.
Pawnshops will buy anything they think they can resell at a profit. They're more than happy to take your silver.
These shops aren't the best place to sell your engagement ring or other silver jewelry. Depending on the shop, you're likely to receive an offer far lower than the actual value.
Cash for Gold
Cash for gold has a negative connotation. The truth is, a legitimate precious metal buyer is the best place to sell your jewelry.
Why? These buyers deal exclusively in precious metals like gold and silver. They offer better prices because they have the infrastructure in place to turn a profit.
Professional cash for gold buyers employs appraisers with years of experience. You'll get the quickest turnaround, and often, the fairest price for your silver.
Find a Trusted Buyer
There are plenty of gold buyers and diamond buyers who are more than willing to buy your silver jewelry. Open the yellow pages or do an internet search.
What's hard to know is whether you can trust the buyer to give you a fair price. Keep in mind that silver buyers aren't charity workers. You'll never receive the market value for your silver pieces.
That said, once you do the research and appraise your silver's approximate value, there are ways to find the best buyer.
Word of Mouth
There are people in your life who've sold their precious metals. Ask them about their experiences. Those who've sold will offer you guidance on the process.
They'll also be able to tell you which local buyers to visit and the buyers you should avoid.
Internet Search and Reviews
Search for local buyers. Once you compile a list of the buyers close to you, you start reading reviews. The internet is a fantastic tool for this, though you have to be smart.
Any business is incapable of satisfying 100% of its clientele. If you read one or two bad reviews, judge them against the number of good reviews. The truth is, most people feel compelled to write about a bad experience.
An abundance of great reviews means the seller is doing something very right.
Talk to your buyers on the phone. Ask them how much they pay for silver per ounce. You'll get a better idea about pricing before you take your pieces to the shop.
This initial pricing helps you determine which buyers you want to engage with and which you do not.
The Most Trusted Silver Buyers NJ
When you sell your silver jewelry, you have to trust the buyer will give you a fair price. It's not easy to part with your jewelry or other family heirlooms. You need to know you're getting the best price.
There are many silver buyers, but we pride ourselves on being the most trusted silver buyers NJ offers.
Are you ready to sell your silver? Get an initial quote today.