It’s no secret that gold prices have been soaring this year – and silver has joined the ride too. Amid inflation concerns, market uncertainty and a U.S. government shutdown, investors are flocking to safe haven assets like precious metals. Meanwhile, the Federal Reserve is expected to cut interest rates, reducing competition from other income-yielding investments. Together, these factors have created the perfect storm for record-breaking metal prices.
Silver and gold prices tend to rise and fall in tandem; they’ve historically shown a strong positive correlation. This relationship is reflected in the gold-silver ratio, a key metric that some investors trade to profit from changes in the metals’ relative value.
Record-High Prices
At the time of writing, gold has surpassed the $4,000 per troy ounce, and silver is climbing towards $50 per ounce – levels not seen since the 1980s. It’s an excellent time to sell silver. Whether you have silver jewelry, flatware, an old tea set, trinkets, coins, bars, or even dental scrap, now’s the time to cash in for a profit.
There are many ways to sell silver, but not all buyers are created equal. Here’s what you need to know to get the best price for your metal.
Selling Silver 101
The first thing to consider is exactly what you’re selling. Are your silver items considered scrap material, or do you have a collector’s item on your hands? There’s a big difference between a broken sterling silver chain or mismatched earrings and a rare coin, like the 1893-S Morgan Silver Dollar, or a prized vintage flatware set.
Many silver items aren’t worth more than their scrap value, which is determined by metal purity and the current spot price of silver. In this case, selling to a reputable precious metals buyer will ensure you receive maximum payout. On the other hand, if you have a rare antique or a coin with a high numismatic value, you’re likely better off auctioning your item to see who makes the highest bid. If you suspect your silver is worth more than its melt value, be sure to do your research and/or get an appraisal.
Common Silver Items
- Flatware & Tableware: Sterling silver vs. silverplate: Sterling silver is 92.5% pure silver and usually marked “Sterling” or “.925.” Silverplate items are labeled “Plated” or “Electroplated.” They only have a thin coating of silver and usually aren’t worth much. Sterling flatware value depends on its pattern and maker – certain designs once served royals and presidents, adding collectible appeal.
- Jewelry: Look for “.925” or “Sterling” stamps. Note: Gold vermeil jewelry contains a thin layer of gold over sterling silver – modest gold content, but there’s still valuable silver underneath.
- Coins and Bullion: Most modern bullion coins and bars are .999 or .9999 fine silver, while older coins (like pre-1965 U.S. dimes and quarters) are 90% silver.
Are There Tax Implications When Selling Silver?
Precious metal sales may be subject to capital gains tax, depending on how long you’ve held the metal and the amount sold. Always consult your accountant for guidance on IRS reporting!
How Do I Prepare My Silver Items for Sale?
If you’re selling your silver to a refinery, there’s no need to polish or clean your items. For auctions or private sales, you may want to polish your silver beforehand.
Estimating the Value of Your Silver
To gauge how pure and valuable your silver is, first inspect it for markings such as “.925” for sterling silver. These marks are often tiny, so a magnifying glass may be helpful.
Remember that sterling silver isn’t pure – it’s an alloy made of 92.5% silver and 7.5% copper/other metals. Once you know the purity, you can estimate your item’s value by multiplying its weight in troy ounces by the current spot price of silver.
Choosing a Silver Buyer
If you’re selling scrap silver, working directly with a precious metals refinery is the smartest option. A trusted refinery processes all metal in-house – essentially cutting out the middleman, which leads to higher payouts.
Refineries like Garfield use advanced technology to extract maximum yield from your material, ensuring not a fraction of an ounce is lost in the process.
What to Look for in a Precious Metals Refinery
- Experience: people have been buying, selling and trading precious metals since ancient times, and most true metal experts have been in business for generations. Garfield Refining has been trusted since 1892.
- Transparency: You should always know exactly how your payout is being calculated. Garfield provides detailed assay reports from our lab with each transaction, showing a complete breakdown of recovered metals.
- Proven reputation: Look for positive reviews, industry recognition, and accreditation. Garfield is BBB-accredited with an A+ rating since 1966, boasts 600+ Google Reviews, and has been voted “Best Dental Refiner” by Dentaltown Magazine for 14 consecutive years.
- Ethical standards: An ethical refinery should have a clear due diligence policy. Bonus points for a sustainability policy, charitable contributions and community service involvement.
Selling Silver Online
If you’re selling directly to an individual via eBay or Facebook Marketplace, you’ll likely cover shipping yourself. However, when working with a professional buyer or refinery, you should never pay for shipping.
Garfield Refining provides fully insured, prepaid shipping labels for each shipment, along with supplies like jars or drums upon request, so you can ship securely and confidently.
Sell Smarter and Earn More with Garfield
With silver and gold prices at historic highs, now is the perfect time to sell. Garfield Refining has helped generations of clients get top payouts with unmatched service. In addition to our refining services, we offer competitive prices on gold and silver bullion through our bullion store!
Ready to cash in? Start your free shipment today and discover why Garfield has been trusted for over 130 years!