Silver bullion bars usually consist of 92.5 to 99.9 percent silver. They range in size from 1 ounce to 400 ounces. The ones that are most popular with investors are the 10 ounce, 1kilo and 100 ounce sizes. The 5 ounce, 25 ounce and 50 ounce sizes, which were produced in the early 1970s, are hard to find. Nonetheless, diligent collectors can at times find them on popular online auction websites like eBay.
Silver bullion bars are meant to be used as a trading medium and storage means. They are liquid and are mainly purchased as an investment. Same of the benefits of owning silver bullion bars are:
- They are uniform in size. This makes them easy to handle and convenient to store.
- They are an alternative to gold, which means portfolio diversity.
- They are recognizable hallmarks, which makes them readily acceptable for resale and conversion to cash.
When you need to sell silver bullion, it is important to look for the best dealer you can find. Different bullion dealers have different premiums. The premium is the buy back under spot prices. These dealers also pay different prices for the silver bullion they purchase. Therefore, it is essential to review all your options when you want to sell silver bullion. You can sell the bullion to an online bullion dealer or a local bullion dealer who has a proven track record.
Both online and local dealers purchase bullion at almost the same price. Most online dealers claim to pay more for bullion. However, even if this is the case, the cost of insurance and shipping can outweigh the few extra dollars that you can get from online dealers.
A dealer will determine the value of your silver bullion by considering its weight, purity and the price of silver. Typically, when you sell silver bullion to an online dealer, you will be to commit with a price and quantity locking it in either on an online form or over the phone. The dealer may also take a debit or credit card deposit from you as a safeguard in the event that you do not deliver the bullion. If you fail to deliver, the dealer will most likely charge you a cancellation penalty and administrative fee.
As you sell to an online dealer, you will be provided with an order number that will identify the specific transaction, and address to ship the bullion to and a packing slip to print and place inside the parcels. You should then ship the silver bullion to the dealer within a business day. You also need to provide the dealer with tracking information to allow for the monitoring of incoming goods.
After the silver bullion is safely delivered to the mandated address of the dealer, it will be inspected and verified. The dealer will then issue payment that is subject to the payment policy and your payment preference. The most common consumer payment methods are bank transfer.
If you prefer fast cash you should visit a bullion dealer. These bullion dealers are usually located in your local CBD. Bullion dealers offer almost the same price as an online dealer however you can save money by not paying for shipping and insurance. This is a much more convenient way to sell silver bullion and you can learn important market knowledge while transacting with professionals face to face.