For people looking to add some diversity to their investment portfolio, silver tends to be a popular choice, as it is something which retains its value well and can even outstrip gold in price on some occasions. However, the time will eventually come when you will sell your silver coins, but how do you know when this is?
In this article we will take a look at how you can spot the best time to part with your silver coins and detail all of the things that you need to keep in mind.
The value of silver
It stands to reason that in order to sell your silver coins, you need to know what their value is. You can check precious metal price charts to see what the current silver prices are whether they are on their way up or down. You should then compare this with the price of your silver when you bought it to see whether it can deliver you the profits that you are looking for.
Unlike other investments, silver tends to hold its value despite other difficulties in the economy, so its price is likely to remain fairly steady. As you have invested in coins, you may also find that demand for a particular coin rises due to world events or rarity, and this can impact on the value of the coins that you hold.
Silver is not only used for coins and jewellery, it is also a big component in manufacturing and features in a lot of cell phones, solar panels and electric cars due to its ability to conduct electricity. The fact that it is in demand across the world for a lot of different purposes means that it will continue to command a high value.
Evaluate the market
When you look to sell your silver coins, it is important to remember that they are only ever worth what someone is prepared to pay for them. It is for this reason that you need to research your potential market to see whether the coins that you are selling are in demand and who might want them. Look for buying trends in particular coin collections and types and keep an eye on the spot price of silver to understand who is buying silver coins and when they are doing it.
Review your investment
You might own you silver coin because you inherited them or they were gifted to you , but if you chose to invest in them then you should have an investment plan that you can refer back to. This can remind you of the price you paid and the value of silver at the time, and can act as a useful piece of information to help you decide whether it is worth selling your silver now. Your plan may also include an exit strategy and goals of what you were hoping to achieve from your investment.
Plenty of research
The key to selling your silver coins at the right time all hinges on you doing your research. You need to make sure that you fully understand the silver that you hold and the market you are selling to. Your coins may have historical or cultural significance that you should be aware of, and you should also look into the purity of the silver in your coins. When you are armed with this information, you are in a better place to understand what you can realistically expect to achieve.
You should also research how and where you are going to sell your silver. Physical shops such as jewellers and pawn brokers will often offer you much less than your coins ae worth either because they do not fully understand the value of the coins or because they have added costs that they need to cover. Look for a specialist coin buyer who has a good reputation and understands the precious metals and coin market to make sure that you will get a fair price for your silver.
When you shouldn’t sell your silver coins
Of course, there are good times to sell your silver coins, and there are other occasions when it is best not to. If the price of silver starts to dip, then you will not maximise what you could get out of the investment and could even end up losing money. You need to make sure that the price is right before you sell in order to make a profit.
You should also look at what your silver coins mean to you. If they are more than just an investment, such as something that has been in your family for a long time or something which has a historical significance for you, then it may not be something that you want to part with, no matter how high the prices are. If your coins mean more to you than money, then you may not want to sell, as you could end up regretting it afterwards.
Do you have a plan for the money that you will make from the coins? If it is something that you aim to put towards your retirement or a college fund then it makes sense to sell, but if you don’t actually know what you are going to do with the money then why are you doing it? Cashing in just to leave the money in a savings account that makes you very little isn’t always a sensible choice, so unless there is something you specifically want to do with the money, it might be worth leaving your coins where they are.
If you want to sell your silver coins then talk to Cash For Coins now. Our experts offer a personal service that can guide you through the process and make sure that you get a fair price for your coins without commission. We work for normal people like you, not big hedge funds, so we can share our expertise with you and make the whole process as quick and simple as possible.