Reddit Silver Spike Makes Selling Popular for 2021

Gold may be the prize you expect to receive for first place, but very often, its high value can make it tricky to come by. As a result, many of us pour our money into silver. It can be easy to find old family silver, whether it’s in the form of cutlery, jewellery or other items of interest.

In early 2021, an army of Reddit users managed to squeeze hedge funds by pouring into the silver markets, pushing the price up by almost 20 per cent in just three trading days. Few saw the rally coming, but it demonstrates how silver can become ripe for selling opportunities in the blink of an eye this year.

Spot the silver spike

After pouring resources into causing a spike in an ailing game company called GameStop, Reddit users were able to do what few individual buyers of precious metals could ever do on their own. Using the power of free-to-download smartphone trading apps, users of a forum called r/wallstreetbets managed to push prices up significantly in a short space of time.

Anyone who timed a sale during this volatile week for silver prices could have enjoyed something of a Reddit dividend, and the success of this short-lived rally could easily spawn further campaigns to push prices higher.

Cash for Your Gold provides a live silver price tracker, for anyone wishing to monitor silver prices on a regular basis. As we can help facilitate a sale of scrap silver digitally, we have lower overhead costs to our operations than some buyers of scrap precious metals. To give sales with Cash for Your Gold greater transparency, you can value your item of silver for free via our website’s silver scrap calculator.

If you have a silver chain weighing just 40 grams, with a purity of .925, for example, you could sell it for £20.00, based on market silver prices as of 26th February 2021.

Safe, discreet sales of silver

The potential for future spikes in the price of silver make 2021 an ideal time to consider making a sale with Cash for Your Gold. We have many years of experience in working with sellers to ensure a fair price, in line with market valuations. The silver scrap calculator offers you an easy and free way to value your silver, without having to send a single gram of it, while you consider making a sale.

If you are ready to make a sale, please fill out this Seller Form – it simply requires some basic information to facilitate safe dispatch, with SSL encryption protecting your personal information in the process. We recommend making a sale, using Insured and tracked Special Delivery via the Royal Mail’s online collection service

While the UK remains under lockdown restrictions due to COVID-19, it is sensible to avoid risking infection by leaving your home to wait at the Post Office, to send a single package. Online dispatch is easy to track, and limits your risk of exposure, during the ongoing pandemic.

If you have any queries about selling silver or wish to make an immediate sale, don’t hesitate to call us on 01902 623 253 and a member of our team will be available to help you.