If you’re holding on to a collection of silver coins, silver flatware, or other silver heirlooms that you’ve collected, inherited, or been gifted throughout your life, you may be curious to know what you could get for them.
The value of silver belongings is typically determined by the current value of silver in global markets. In some cases, collectibles or antiques can be worth more than the price of the precious metal, but in most cases, you can look at the price at which silver is trading today to get a sense of how much silver might be worth.
So, what do current silver markets tell you about your silver belongings, and is 2023 a good time to sell?
Analyzing Silver Prices in 2023
So far this year, we’ve seen silver prices take a dip before rallying. January kicked off with a slide down to about $20 per ounce that ended mid-February before rallying back to $26 USD per ounce at the end of May.
Where it will go from there is anyone’s guess, but market analysts generally treat the $19 per ounce mark as a low point. Everyday consumers looking to sell silver should aim to time their trades when the market is above that.
Market Factors Impacting Future Prices
Prices for silver in the first half of 2023 have been average to high compared to recent history, but how do they compare to historical highs, and how well could silver perform in the future?
If you aren’t in a rush to sell your silver, you may feel like waiting for higher prices is a good strategy.
The future of silver prices could be impacted by several factors. First, look at the basics of supply and demand. Presently, the world is looking at a significant silver deficit, meaning more of it is being consumed for use as jewellery, bullion, or in industrial applications than is being mined.
Sources of demand continue to climb as automakers are using more silver for the increased number of electronics in their vehicles, and the use of silver in solar panels accounts for roughly 10% of global demand for the metal. Silver prices and the push for green energy are intricately connected.
All of that said, no one has a crystal ball, and it’s impossible to predict silver prices. Waiting can always lead to lower prices, and there have been periods where silver prices have spent years at a certain plateau before recovering.
What You Should Know About Selling Silver
While you’ve been keeping an eye on markets, it’s good to remember that these are not the prices you’re likely to sell silver at yourself. There are costs that go into silver recycling, melting down silver flatware and hollow are to repurpose and turn into bullion, not to mention shipping and insuring the precious metal.
Prices will vary when you shop around your personal silver belongings, but there are some strategies you can use to make sure you get the best price.
Start by going to trusted silver buyers with a great reputation. For example, silver buyers Muzeum have paid over $25 million to the public for their precious metals throughout their history. Most importantly, they post their rates online, so you can get an estimate of what you’ll sell your silver for right away.
Don’t be afraid to shop your silver around and get quotes from several buyers, and pick the one that offers the best price.
The silver market is constantly changing and unpredictable, but there are certain market trends that can indicate where the commodity may be going. The decision to wait or sell now largely depends on your personal situation and how long you can afford to wait.