As silver prices continue to climb, many individuals are considering selling their silver items, whether it’s jewellery, flatware, or investment-grade bullion. However, knowing how to evaluate your silver can be the difference between making a tidy profit or underselling. Whether you’re looking to sell silver bullion or part with family heirlooms, here’s a guide to help you maximize your silver’s value.
- Understanding the Value of Silver
The primary driver of silver’s value is the spot price, which refers to the current market price for one ounce of silver. Like other precious metals, silver’s spot price fluctuates daily based on factors like market demand, industrial use, and global economic conditions. As of mid-2023, silver prices have surged significantly, reflecting a growing demand for both investment and industrial purposes. According to a report by The Silver Institute, the global silver market reached an all-time high of 1.1 billion ounces in 2022, with …