Good advice, the price varyies widely from dealer to dealer. Let us not forget that a coin dealer does NOT pay spot for silver or gold unless it is purchased from a distributor ("virgin" such as newly minted Eagles). A lot of people go to coin shops to sell their silver coins. For the most part, people are ignorant of daily spot prices. If you go to a coin shop to sell your metals, the coin shop will make an offer that is a fraction of the spot price. If you are aware of the spot price for silver you can negotiate higher. Having a large quantity or better pieces also will work to your advantage when selling.
The money made in precious metals is made by buying it below spot. Take the "Cash for Gold" company that advertises on TV. The place that sends you a mailer in which you ship them your "unwanted" scrap gold. They have to pay to print the literature they send you, the postage both ways, pay for expensive advertising on TV, and be able to resell the gold for a profit. Don't think for a minute that they are going to pay you anywhere near spot. They pay a fraction of spot or they would be out of business. The same applies to coin shops, the guys who set up shop at the local Holiday Inn, refiners and anyone else who advertises that they buy silver and/or gold. They all have overhead and must make money on the deal. They are providing a "service" to you by liquidating your holdings and must make a profit on the deal or they won't be around long.
The only way to SELL your silver and gold and get spot for it is directly to the "collector" or individual that wants it thus eliminating the middlemen. I did this through Ebay and other contacts. Ebay is dying due to excessive fees and draconian policies towards sellers. After the end of this month, customers will no longer be able to pay sellers with a check or money order. Paypal (that is owned by Ebay and has a 3% fee) has to be used. So why have precious metals for financial protection? Because the higher it goes, the more people want it. Just like stocks, nobody wants it when it is cheap. Knowledge is the key, as with most things. Anyone who decides to invest in physical metals must know how to liquidate their holdings. For our purposes, metals are just one of the tools we have available to battle inflation, hyperinflation, currency recalls and reissues, and possible metals circulation in a "SHTF" scenario. If it is anything like it was when silver ran up to over $50 an ounce, people will be crawling over each other to buy it. Sell it to THEM, not the dealers to get the most .
May go higher..... The main bullet point of this is CALL AROUND and ask how much are rounds today? Oh, dont buy 10oz bars. You dont save any money buying it like that, and if you get hard up and need to sell a few ounces you dont have to waste the whole bar. Especially if the prize you are selling for isnt great, like if it goes down. Also in a SHTF you might need to use some silver to barder with....
