Aug31
- Find out what the market value is for silver per once. You can do an online search or look it up in your daily newspaper. Knowing this information will help you when you start to negotiate later.
- Research your local area for silver dealers. Try to find at least two or three within your driving range. Your goal will be to pit their prices against each other eventually siding with the one who gives you the best price. You can also do the same with online stores.
- If you are buying more than just a small amount, like 20oz or more, ask your dealer for a discount on larger volume purchases. If the dealer tries to hold his ground, ask him to at least give you a no tax sale on anything over $500.
- Make use of online auction sites. They are a vary good source for excellent prices. In my opinion, they are hands down the best value per dollar you can spend. I found one site that sold 30oz of pure silver for under $4.00. As I am writing this article, I checked the same auction site. The last sale of 30oz pure silver went for just $26.46 USD. That is about 0.89 cents an oz.
- Try to cut a deal with convenience store clerks. Tell them you will buy any silver coins they come across for cash on the spot. Give them a set price for dimes, quarters, half dollars and dollars. I personally accumulated over $200 USD in US quarters this way not to mention a whole roll of Indian head nickels. You will be surprised at how many silver coins are still in circulation.
- Advertise yourself in local news papers or online as a buyer/seller. This method will require some start up capital. Make sure your price spread between what you are willing to pay and what you willing to sell it for are large enough for profit. Even if you do not sell what you buy right away, you will eventually sell for profit at a later date or trade it for something of equal value.
- Be on the look out for garage sales. You will most likely not find any coins or silver ounces. On the other hand, you may find some sterling silverware that can be sold for cash or more silver.
- Investigate a direct marketing silver business or multilevel marketing business that deals in silver coins. This is an easy way to leverage the cost of paying full price for silver. It can also turn into a full time home based business.
- Last but not the least; ask your dealer about pricing out junk bags of US silver coins. These coins should be at 90% silver content. The discount will not be large yet still it should be under market spot pricing by 1% or so.
- Extra Info
Shopping flea markets for great deals on silver is not a bad idea. Some of the dealers may not be up to date on the spot price of silver per oz. Still you should be vary careful, one of my friends bought a small bag of silver coins from assorted countries. Only half were real silver. The remainder was worthless junk. I’m sure the vendor knew good and well what he was selling.
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