Out of all the precious metals, gold often steals the headlines due to its high demand and value. However, in July 2020 there has been a surge in the demand for silver, pushing the metal’s price to its highest level in recent times. So is now the right time for you to sell silver?
Why is there a rise in demand for silver?
As reported by the Wall Street Journal, silver prices have soared 66 per cent since their lowest point in March 2020, priced at $19.50 a troy ounce in New York. Experts believe that the silver market will explode at any minute. So, what has caused this rise in demand?
There are various factors that have contributed to this rise in the silver price. A historically high number of physical silver purchases made through exchange-traded funds (ETFs) have been recorded throughout the last few months. Not only is silver generally seen as a good investment, particularly during an economic downturn, it is also very much in demand as an industrial metal and acts as a vital component in the creation of batteries, thermal and electrical conductors and technology devices.
Following the relaxation of lockdown restrictions, the industrial sector has been able to reopen factories and begin the return to pre-lockdown production levels. It is therefore unsurprising to see the increase in demand in conjunction with the economic downturn and the recent increase in industrial production levels.
A golden opportunity? More like a “silver” opportunity
There is no telling how long this increase in demand will last, so capitalising on this seemingly unique opportunity shouldn’t be missed.
Whilst a collection of old gold watches or jewellery could be sold at a sufficient price (depending on the carat and weight), it is important to note which silver items are most valuable and worth selling. Most pieces of silver jewellery are typically plated, meaning that they would need to be melted down and refined before they could be repurposed as a silver coin, bar or other pieces of jewellery. This added labour has an impact on the resale value, causing it to be substantially lower than solid silver items.
Even those that aren’t plated are in such small volumes that they will not often secure you a worthwhile value when it comes to selling.
However, if you’re in possession of larger silver items, such as silver bars and silver coins, selling your silver does pose an opportunity worthy of being explored.
These larger items can secure you a decent resale price in line with the market silver price.
Selling silver with Cash For Your Gold
Don’t overlook scrap gold companies like us if you are looking to switch up your portfolio and explore new opportunities by selling silver.
With over 25 years’ combined experience in the precious metals industry, Cash For Your Gold offers competitive market rates for silver, gold and other precious metals. Our Silver Scrap Calculator can give you a valuation in minutes; all you need is the weight and purity to determine a price.
For more information about capitalising on your scrap silver, drop us a message or give the Cash For Your Gold team a call on 01902 623 253 today.