The Survival Podcast Forum

Finance and Economics => The Money Board => Topic started by: Greywolf27 on March 24, 2011, 01:27:54 PM

Title: Best way to liquidate silver
Post by: Greywolf27 on March 24, 2011, 01:27:54 PM
Was wondering what the best way to turn the silver into cash.
Does anyone have a preffered method?

coins, bars, and bulk.
Title: Re: Best way to liquidate silver
Post by: boomer_sooner on March 24, 2011, 01:43:29 PM
I don't know a lot about silver, but those who do would probably ask these questions:

1) How fast do you need the money?

2) How much do you care about getting maximum value vs. convenience and fastest access to cash?

3) How much silver are we talking?
Title: Re: Best way to liquidate silver
Post by: geoffreys7 on March 24, 2011, 02:46:48 PM
Sell it on Ebay!  (or I'll buy it!) 
Title: Re: Best way to liquidate silver
Post by: Greywolf27 on March 24, 2011, 03:29:54 PM
no hurry to sell, just looking for experiences you guys may have had, good/bad.

ebay, local dealer, pawn shop, etc.
Title: Re: Best way to liquidate silver
Post by: endurance on March 24, 2011, 04:10:33 PM
My initial smarta$$ed response was "I'd use an oxyacetelene torch". ::)

I've used a pawn shop and a jewelry store.  Both gave 10% under spot.  If you had the time, e-bay seems the way to go nowadays.
Title: Re: Best way to liquidate silver
Post by: Alpha Mike on March 24, 2011, 04:11:35 PM
Try a Coin shop, not pawn shop.  Particularly for rounds, and ingots.
Ebay works too as do private sales.
Title: Re: Best way to liquidate silver
Post by: Greywolf27 on March 24, 2011, 04:29:37 PM
I like the O/A torch idea.  might have to give it a whirl... if warewolves show up...  ::)
Title: Re: Best way to liquidate silver
Post by: tamo42 on March 24, 2011, 04:40:55 PM
In order, for bullion, I'd say private sales, coin buyers, then eBay. eBay has huge fees
Title: Re: Best way to liquidate silver
Post by: ncjeeper on March 24, 2011, 04:41:22 PM
Ebay. Those bidders are paying stupid money to get their hands on some silver.
Title: Re: Best way to liquidate silver
Post by: excaliber on March 24, 2011, 08:32:01 PM
I agree, I buy a lot on e-bay, and most people pay way to much, yesterday I watched a 2010 Morgan 1 Troy Ounce .999 Fine Silver Round go for $45.49 after you add shipping, nothing special about the coin,

here it is   http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=270722189516&ssPageName=STRK:MEDWX:IT (http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=270722189516&ssPageName=STRK:MEDWX:IT)


I watch for the deals that end at odd hours, and look for sellers that will combine shipping, and buy 3-5 from them, I can afford to pay an extra $2.00 each for 3-5 coins, if I can get them all shipped for $3.50  instead of $2.75 each as most auctions are.

I can usually get the coins for about a $1.50 more than others are willing to pay since I am saving the shipping cost.

but I think E-bay is going to get you top dollar with all the bidders out there.

Title: Re: Best way to liquidate silver
Post by: Greywolf27 on March 25, 2011, 08:39:12 AM
Does ebay handle 1099's?
Title: Re: Best way to liquidate silver
Post by: Alpha Mike on March 25, 2011, 09:59:29 AM
Does ebay handle 1099's?

It wouldn't be Ebay doing a 1099, it would be the one of the two parties if so required.
Title: Re: Best way to liquidate silver
Post by: Greywolf27 on March 25, 2011, 10:13:26 AM
Thanks everyone who replied.  great info
Title: Re: Best way to liquidate silver
Post by: PrepperJim on March 25, 2011, 12:38:30 PM
It wouldn't be Ebay doing a 1099, it would be the one of the two parties if so required.
I am wondering why you would voluntarily claim a gain to the IRS. They would never know if it was a sale between two people.
Title: Re: Best way to liquidate silver
Post by: Greywolf27 on March 25, 2011, 12:51:13 PM
Unless the sale is made in person, I don't want the guerillas with guns knocking on the door asking for back taxes.  If the sale is made online, there is a paper trail.  With the record deficits, the big gov'ment is looking for every last cent they are "owed"
Title: Re: Best way to liquidate silver
Post by: Alpha Mike on March 25, 2011, 03:55:29 PM
Unless the sale is made in person, I don't want the guerillas with guns knocking on the door asking for back taxes.  If the sale is made online, there is a paper trail.  With the record deficits, the big gov'ment is looking for every last cent they are "owed"
But you're already on the list.  I checked.
Title: Re: Best way to liquidate silver
Post by: Crash on March 25, 2011, 07:02:08 PM
It's a safe bet we're ALL on the list due to being Preppers. I know for a fact I am due to connections with my local Prepper Group. The SPLC has us listed in black & white as, are you ready? An "anti-government Patriot group". Even has our city listed under the Group heading.

http://www.splcenter.org/get-informed/intelligence-report/browse-all-issues/2011/spring/active-patriot-groups-in-the-us (http://www.splcenter.org/get-informed/intelligence-report/browse-all-issues/2011/spring/active-patriot-groups-in-the-us)

Anyway, I go to a local coin and silver dealer. He pays me bid price. Right now that is $37.37 on $37.42. Not that I'm selling right now anyway. I just picked up another Silver Eagle and 5 NORFEDs today.
Title: Re: Best way to liquidate silver
Post by: ag2 on April 15, 2011, 09:05:02 PM
Homeland security has listed the white male veteran as a possible threat also.

There seems to be a lot of folks selling on Craigslist these days.  I just saw an add this month of someone selling several rolls of Eagles at spot plus 50 cents.  The seller has bullion rounds and bars too.