With the prices of precious metals reaching thirty year highs, it is not surprising that you can earn money by selling these metals. Earning money by selling scrap silver is fairly simple but requires organization and consistent evaluation of the market for you to maximize your earnings. The first step is understanding how trading or selling silver and other precious metals works.
The price of silver, and other metals, is determined daily by the Commodities Exchange (COMEX). You can easily visit the site, and get the current price of silver. You should then check the prices with the dealers you are interested in to assure you get the highest price for your scrap silver as possible. It is very important to shop around to find the best company to sell your silver to. You should look for a reputable and well established silver buyer. You may be able to find a local dealer but do not rule out the possibility of finding a reputable silver buyer that is out of your local area. Do careful checking on all silver buyers. Checking with the Better Business Bureau can help ease your mind.
Precious metals are often measured in Troy ounces. One pound of silver is twelve troy ounces. A troy ounce is broken down into grams and a troy ounce is 31.10 grams.
When we look at scrap silver, it is not pure silver. Sterling silver has .075 of a base filler, which is usually copper, and .925 of silver. You will, however, not be paid .925 per troy ounce for a couple of reasons. The silver buyer has to earn a profit and some of the silver is lost in the refining process. Additionally, if you sell scrap silver with solder, it will sell for less because it is not considered clean scrap. Clean scrap, such as coins will earn you the highest amount possible.
Separate your scrap silver into clean, dirty and scrap that has other metal attached to it. Use individual bins or storage bags to store your separated silver in, this helps keep the scrap silver free from dust and other debris. As you collect your silver pay close attention to the daily prices. Hoarding your silver is not your goal -- your goal is to sell what you have when prices are highest. Even if you have only accumulated a small amount, you will do better to sell when prices are high than waiting for a large amount and possibly having to sell when prices are down.
WHERE TO FIND SCRAP
Silver can be found in a wide variety of places. Once you get accustomed to where scrap metal can be found, you can obtain it quickly and begin to turn a profit. Some common places you can find scrap metal are:
- Picture frames
- Cigarette lighters
- Money clips
As your eyes are opened to the numerous places you can find scrap silver, you will find it easier to identify. Selling the scrap to a silver buyer offers you the opportunity to make good money depending on how much time and effort you decide to put into the process.