If you’re looking to sell silver and gold items, know that not all dealers buy the same types of silver and gold. Some gold and silver dealers exclusively buy gold and silver jewellery; others buy only gold and silver bullion. Still others purchase anything—including even shavings—that contain the precious metals. After all, nearly all silver and gold items are valuable.
If you own any gold or silver and want to get more cash for your items, the first thing to do is find dealers that are willing to buy them. Then, search for the one that will offer you the fairest market price.
Here’s a look at two types of sellable gold and silver: jewellery and bullion.
1 Gold and Silver Jewellery
Gold and silver jewellery encompasses, among other pieces:
- Cuff links
Individually hand-crafted silver and gold jewellery in good condition can sell for a hefty price. So too can silver and gold jewellery that’s in good condition and designed by reputable brands such as:
- Tiffany & Co.
Your jewellery doesn’t have to be designer to sell for a good price, however. Rare or unique gold and silver jewellery can also sell for good prices. That’s because the value of a piece of silver or gold jewellery depends on several factors, not just who designed it, like the piece’s condition, purity, aesthetics, originality, weight, and melt value.
Whether individually hand-crafted or designer, a piece of jewellery does not have to be in perfect condition to sell. Gold and silver heirlooms, or pieces you’ve been wearing for years, could be worth something, even if they’re mismatched, tarnished, scratched, or in any other way imperfect.
If your old silver and gold heirlooms come in their original packaging and with their original paperwork, these two factors could increase their value.
Gold and Silver Bullion
Gold and silver bullion come in the form of coins and bars. More, gold and silver bullion are:
- Officially recognized as being at least 99.5% and 99.9% pure, respectively
- Stored as reserves at central banks and governments
Bullion coins that are minted by government entities and sovereign mints have legal tender in the countries they are minted in, though the legal tender is far below the actual value of the coin. Bullion bars don’t have legal tender.
Buying and selling gold and silver bullion is a simple process. When you purchase a piece of gold or silver bullion, you essentially purchase 1 troy ounce of gold or silver, although it’s possible to buy bullion in smaller forms. That’s convenient, as the spot price of gold and silver is priced per ounce. (Some products come measured in grams. 1 troy ounce is 31.1035 grams.)
When buying and selling bullion, the goal is to buy as close to spot price as possible and sell as close to spot price as possible. It’s very rare for anyone to buy bullion exactly at spot price, however, as bullion comes with premiums. Silver premiums are higher than gold premiums.
The Bottom Line
If you own gold or silver jewellery or bullion, consider taking it to a gold or silver dealer. To make your search easier, narrow the possible buyers down to a select few with the best reputations. They’re more likely to provide you with a higher payment and a more professional experience.