Author Topic: Best way to liquidate silver  (Read 8642 times)

Offline Greywolf27

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Best way to liquidate silver
« 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.

Offline boomer_sooner

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Re: Best way to liquidate silver
« Reply #1 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?

Offline geoffreys7

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Re: Best way to liquidate silver
« Reply #2 on: March 24, 2011, 02:46:48 PM »
Sell it on Ebay!  (or I'll buy it!) 

Offline Greywolf27

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Re: Best way to liquidate silver
« Reply #3 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.

endurance

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Re: Best way to liquidate silver
« Reply #4 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.

Offline Alpha Mike

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Re: Best way to liquidate silver
« Reply #5 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.

Offline Greywolf27

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Re: Best way to liquidate silver
« Reply #6 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...  ::)

Offline tamo42

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Re: Best way to liquidate silver
« Reply #7 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

Offline ncjeeper

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Re: Best way to liquidate silver
« Reply #8 on: March 24, 2011, 04:41:22 PM »
Ebay. Those bidders are paying stupid money to get their hands on some silver.

Offline excaliber

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Re: Best way to liquidate silver
« Reply #9 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


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.


Offline Greywolf27

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Re: Best way to liquidate silver
« Reply #10 on: March 25, 2011, 08:39:12 AM »
Does ebay handle 1099's?

Offline Alpha Mike

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Re: Best way to liquidate silver
« Reply #11 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.

Offline Greywolf27

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Re: Best way to liquidate silver
« Reply #12 on: March 25, 2011, 10:13:26 AM »
Thanks everyone who replied.  great info

Offline PrepperJim

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Re: Best way to liquidate silver
« Reply #13 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.

Offline Greywolf27

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Re: Best way to liquidate silver
« Reply #14 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"

Offline Alpha Mike

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Re: Best way to liquidate silver
« Reply #15 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.

Offline Crash

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Re: Best way to liquidate silver
« Reply #16 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

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.

Offline ag2

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Re: Best way to liquidate silver
« Reply #17 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.