Q:

Who buys silver by the ounce?

A:

Quick Answer

Silver may be sold by the ounce to local jewelry stores or online to bulk commodity websites that specialize in precious metal acquisitions and sales. As always, sellers should consult multiple sources and compare prices prior to agreeing to a sale.

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Full Answer

When selling silver, expect to receive less than 70 percent of current market price. Buyers of silver are looking to make the best purchases and maximize their bottom line profits, which often translates into lower offers. These prices range in the 30 to 40 percent range compared to the current market price. In order to ensure that the maximum price is received, sellers should conduct research online at Kitco to determine what current market prices are and translate that to their item's weight and expected price on the market. If a seller can net 70 percent of this price, it is considered excellent.

Perhaps the easiest method to sell silver is online to sellers such as APMEX, Quality Silver Bullion and Metallix. These websites serve as exchanges, working out a price beforehand and sending the seller shipping information. The seller is paid upon receipt of the silver.

For sellers who are uncomfortable with the indirect interactions of online sales, visiting a local jeweler is the best option. Don't be afraid to bargain with them, as the first offer tends to be low. The auction site eBay also be excellent if the item is in demand.

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