Silver ranks up there with gold as one of the more reliable investment options in terms of long-term and fairly consistent value. While investors are often encouraged to hang on to precious metals in solid form, there are times when there’s a need or desire to convert assets such as silver bars into cash. If you’re looking to cash out your silver bars, here’s a closer look at possible ways to do this, brought to you by the precious metals experts from First National Bullion, the silver and gold dealers Scottsdale collectors rely on for outstanding quality and service.
Local Dealers
One of the easiest and most reliable ways to cash out your silver bars is to visit a local precious metals firm or dealer. When working with a reliable dealer, you’ll typically get a fair price for your silver bars based on factors such as:
• Size, weight, and silver content of your bars
• What’s currently going on with the silver market
• Demand for silver bars at the moment
Pawn Shops
In most major metropolitan areas, you’ll find pawn shops that pay cash for an assortment of things with some discernible value, including silver bars. The potential drawback here is there’s usually not much wiggle room to negotiate how much a pawn shop is willing to offer, and you may not get fair market value for your bars.
Online Silver Dealers
Precious metals dealers are increasingly accessible online. In fact, dealers offering online access can be just as reliable as dealers with in-person buying and selling options. The main drawback with the online option is you’ll likely be sent a check or given an electronic funds transfer to a valid account. You can still get cash eventually this way, but it will take some time to do this.
Online Auction Sites
Another option for cashing out your silver bars if you’re not in a hurry is to use online auction sites. Unless you arrange for local pickup, you’ll have to go to your bank to get the cash deposited from the transaction. With anything done online, the potential downside is having to cover your shipping costs or add that to your asking price. The added markup to cover shipping fees may also deter some potential buyers.
Friends or Family Members
One other possibility is to sell some of your silver bars to a friend or family member in exchange for cash. How beneficial this is for you will depend on whether or not your asking price is accepted and if it’s something you consider reasonable and fair.
Preparing to Cash Out Your Silver Bars
Before you settle on a way to cash out your silver bars that works for you, take some time to prepare first. The more informed you are before you sell, the more likely it is you’ll get a fair cash value for your bars. Prepare yourself as much as possible by taking the following steps:
• Getting a general feel for the current value of silver bars like the ones you have
• Gathering any documentation related to the quality and value of your bars.
• Also, with preparations to cash out your silver bars, it can be helpful to get some advice from a precious metals professional first. This way, you’ll be able to ask questions and determine what options will likely work best for you.
If you’re looking to cash out your silver bars, trust the experts at First National Bullion. In addition to selling various forms of bullion, we also buy gold, platinum, and silver bars. Scottsdale collectors who are looking for the highest-quality advice on buying or selling gold or silver coins, bars, and bullion should give us a call at 480-546-5089 to speak with one of our precious metals experts.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.
