Silver is another metal that has traditionally held its value over the course of time and is seen as a wise portfolio diversification by those in the industry. There are safety precautions to take with gold, as with any investment opportunity. Florida Pawn keeps you protected by only buying and selling quality silver. We bet our reputation on it. Florida Pawn has been in the industry of buying and selling silver since 2010 and would be happy to assess your items to make sure that you get the best price possible.
Our new Florida community has come to trust that when they sell to us, they are dealing with prices that other shops simply cannot offer when buying and selling silver. Our specialists in Hollywood and Margate, FL will help you by giving a qualified professional estimate when you decide to sell your precious metal. If you agree on the price we present you, we make sure that you leave with cash in hand that same day. You can also come in just to get your valuables appraised, just because you get the estimate doesn’t mean that you have to accept the price. We can also assist in purchasing should you be looking to make an investment with the element. We have studied the trends and will help you best understand what it takes to invest when buying.
Florida Pawn wants to help get you the most prepared before you come into our shop in Hollywood or Margate, FL. Below are some of the most commonly asked questions when it comes to buying and selling silver. If you have any further questions outside of these, please feel free to come into the store before bringing your precious metals, and we would be happy to assist by giving you the answers you are requesting.
Is it a good time to sell silver?
Buying and selling silver as an investment has benefits that most other assets don’t have, one, in particular, is its value. But even with that power, the value can fluctuate, and the goal as an investor is always to sell when the market is hot. Studies have shown that there is a particular time of year that is best. Historically, silver has forever gone up in price beginning in October and slightly rising or maintaining throughout the end of the year. The start of the year is the worst time to sell, so hold on to your pieces until the final quarter.
How much does silver sell for?
There is no guaranteed spot price, or daily value, for silver or any other precious metal. While there are trends of when it is an excellent time to sell your silver, the price fluctuates throughout the year with an ebb and flow naturally. And even if you are aware of the spot price, no dealer will buy for that price. Even the purest of silver has a premium attached to it, and the purchaser will be looking to make a profit from your silver they bought. It is recommended that you do your own research before attempting to sell so that you are fully aware of the spot price.
What is the spot price of silver?
The spot price of silver is measured as a troy ounce of silver and is a theoretical price given before it gets minted into a round, bullion bar, or coin. This price raises and lowers based on supply and demand and a very complex equation. The COMEX (Commodity Exchange Inc.) calculates the value of silver daily and releases this information daily. They also use future contracts to help determine the price. This is not necessarily the most transparent way of doing business as they are utilizing practices that don’t involve the physical trade of the precious metal, but contracts that will grant it if decided to cash in. Currently, there are over a trillion U.S. dollars of traded silver contracts in COMEX annually, yet the world’s annual silver supply is valued at less than $20 billion.
Will silver prices rise in 2019?
According to the leading analysts in the field, silver prices will rise in 2019. They have pinpointed to the final quarter of 2019 as being a severe turning point for the cost of the precious metal. This projection also has silver trending to be more valuable than gold because the market for silver is much smaller and will decrease the gold to silver ratio into the low 70s. Silver began averaging its price at $15.70 at the beginning of 2018 and is expected to rise to $16.28 across the 2019 year.
How do I profit from silver?
While it can be difficult to profit on silver quickly, you can always hold out until the price is right for you and your valuables. Buying and selling silver is not always a quick turnaround for profit but doing your research and paying attention to the spot price will help you get the money you are looking for when choosing to invest in silver. It is also suggested that you should not solely use silver as your investment opportunity because of the fluctuation in price.
When do I buy and when do I sell?
This decision is ultimately left up to you, but through research, you can see the trend of silver raising its worth at the beginning of the final quarter of the year and then dropping again at the start of the new year. We are always happy to help answer any questions at Florida Pawn and will always offer a fair estimated price when deciding to sell.
How much should I expect to get paid for my scrap sterling silver?
It all depends on the items you are attempting to sell. Your candlesticks and silverware will traditionally be weighted with stainless steel and then lined with real silver. Depending on the refinery you choose to send your pieces to for meltdown you could receive 85-90% of the actual value. Bringing them directly into a pawn shop will gather a little less than that so they can cover costs and make a profit.
Bring Your Gold Pieces to Florida Pawn Today!
We have been buying and selling silver since 2010 and are happy to call Florida our new home. We started our business originally in New York and decided after a few years it was time to move down south. Come into one of Florida Pawn’s two conveniently located stores in Hollywood and Margate, FL today and let us get you the best price for your silver! We are open 6 days a week and offer the most for your silver and other many items in our pawn shop.