Get Cash for Silver in Hollywood & Margate, FL
Deemed valuable by human civilizations for well over 6,000 years, silver is a precious metal favored in trade and currency for many centuries. Silver was not only used as currency throughout history, but it was also instrumental in crafting jewelry, eating utensils, mirrors, window coatings, and religious adornments the world over. While many governments may have moved on to other forms of currency in the modern era, silver still enjoys many uses and retains its economic value. Whether you’re looking to buy or sell silver in South Florida, Florida Pawn offers cash for silver at some of the best prices around. Established in 2010, our pawn shop, locations in Hollywood and Margate, is renowned for providing honest assessments for your silver jewelry, coins, bars, or bullion. Whatever you’re looking to sell, bring your family silver and other valuables in today for a fair market appraisal!
Understanding How Silver Spot Price Dictates Current Value
Like gold, silver prices fluctuate based on the basic economic principles of supply and demand. A silver spot price is what you can expect silver to fetch on the open market at any given point in time. The silver price today per ounce may not be true tomorrow; it’s in a constant state of flux. Because of trading fees, silver will almost always end up costing a little more than its spot price. How much you’ll pay above the spot price varies on the dealer and the type being purchased. Determining the ideal time to buy silver at the best spot price can be based on the global political climate at large and any environmental factors affecting the silver mines found across the world. Equally, selling or pawning silver for the best price is also dependent on the current price for silver as determined by the market. Unlike stocks that are sold at recognized stock exchanges with official trading hours posted, precious metals are traded all over the world 24 hours a day in various markets without official closing prices.
How the Gold-to-Silver Ratio Affects Prices of Gold & Silver
Are you interested in learning more about silver investing? There’s also something referred to as the Gold-to-Silver Ratio, which takes into consideration how much silver it would take to purchase an ounce of gold. Many investors use the Gold-to-Silver Ratio as a general guideline to determine the best time to purchase silver and other precious metals, though the market is often difficult to predict. If there’s a high Gold-to-Silver Ratio, many investors are typically looking to buy silver, while a lower ratio means fewer investors are likely to purchase silver. No matter the Gold-to-Silver Ratio, silver investing usually presents a lower risk than gold and many other precious metals for investors wanting to expand or diversify their investment portfolio.
Reasons to Invest in Silver Coins, Bars, and Bullion
Historically speaking, did you know that silver has been used as an acceptable method of currency just as often, if not more than, gold? The first Egyptian dynasty seemed to favor silver over gold, stating that “one part of gold was equal to two and a half parts of silver in value” in the ancient code of Menes. Ancient Greece relied on silver ingots for trade during the peak of the Athenian empire, while China used silver ingots as far back as the Han dynasty (206 BC – 220 AD). After discovering silver in the New World, Spanish pieces of eight were recognized as an international currency for well over 400 years. The Persians used silver coins, as did Great Britain and the United States upon its founding. Now that you know a bit more about the illustrious history of silver, here are some other reasons why you should consider investing in silver jewelry, coins, bars, or bullion:
- Real Money in Your Hands – Along with gold, silver is real money that can’t depreciate. It’s a physical asset you can hold in your hands and store in the bank. It’s not a digital asset that can be taken away from you by an online hacker, making many investors more comfortable with putting their money into silver coins, bars, or bullion. It’s also never been confiscated by the U.S. government, unlike gold, which was seized during the tumultuous 1930s (Great Depression era).
- An Affordable Investment – Because silver is often cheaper to procure than gold, it’s affordable for most beginning investors looking to diversify and buy precious metals. Silver jewelry or silver coins also make a cheaper gift to show someone how much you care. Our pawn shop in Hollywood and Margate, FL offers a wide selection of silver jewelry, coins, and more.
- As Good as Gold – Because the silver market is a smaller niche than the gold market, it tends to outperform gold. Many governments used to warehouse silver, but those warehouses are dwindling because not as many modern coins are made from silver and silver mining isn’t as common as it was in years past. However, silver is still vital for many industrial purposes, including electronics, solar panels, and medical applications, to name a few. Did you know the average cellphone contains up to a third of a gram of silver? Now think about how many cellphones are produced worldwide, and you’ll understand why silver continues to be in demand. As one of the precious metals with the highest electrical and thermal conductivity, silver’s untapped practical uses are only expected to increase over the next several decades.
Why We’re the Best Place to Buy/Sell Silver in South Florida
When it comes to buying or selling silver, there’s no shortage of pawn shops and brokers in the Sunshine State. However, we’re here to help you separate the wheat from the chaff. Here are a few reasons why we’re among the best places to buy or sell silver in Hollywood, Margate, and across South Florida:
- Over 70 Years of Experience – While Florida Pawn was established in 2010, our sister pawn shop, Gem Pawn Brokers, has been thriving in New York City since 1947. With over 70 years of experience, you can rely on our pawn shops to offer you the most cash for your precious silver!
- Fair Market Appraisals – Our pawnbrokers do all the research necessary to determine a fair market value for the silver items we buy and sell. Whether you’re tired of polishing your grandparents’ antique silver flatware or you wish to update your jewelry with something more contemporary than your heirlooms, we offer top dollar for silver. We pride ourselves on offering the most for your silver jewelry, coins, bars, or bullion in South Florida!
- Use Silver as Collateral – If you could use a quick cash loan to help you make ends meet, silver jewelry, coins, bars, or bullion makes an acceptable source of collateral to help secure a pawn loan at Florida Pawn. As long as the item in question has resale value on the open market, we’ll accept it. Once you’ve signed the loan contract, you’ll receive your agreed-upon loan amount in cash, and we’ll keep the item as collateral until you’re ready to repay the loan. If you choose not to repay the loan, we’ll sell your silver per the loan agreement without any penalties to you.
Helpful Tips for Getting Top Dollar When Pawning Your Silver
If you’re considering pawning your silver at a pawn shop, be aware that some brokers are more reputable than others. Don’t be afraid to educate yourself by following websites that show you the daily fluctuations of silver and gold. This can give you an approximation for what your silver is worth according to its current silver spot price and the Gold-to-Silver Ratio, so you’re not just going in blindly. Consider selling your scrap or junk silver by weight to negotiate a better price, and always examine items to see if they have any identifying marks or numbers that could make them more valuable to a collector. A silver authenticity test will help you verify the purity of your silver to get you the top dollar.
We Buy Gold and Silver Coins and More
We buy gold and silver! Open six days a week, Florida Pawn makes buying and selling silver in South Florida convenient. To turn your silver into cash, visit our pawn shop in the Hollywood and Margate area or our sister pawn shop, Gem Pawn Brokers, in NYC. Our knowledgeable pawnbrokers would be happy to give you a reasonable estimate for what your silver jewelry, coins, bars, or bullion is worth based on current market rates for the price of silver. We have decades of experience assessing gold, silver, coins, and more to present a fair cash offer. Contact us today to learn more about our silver buying/selling services that can set you up nicely for your golden years of retirement in the Sunshine State!