If you want to sell silver bullion Melbourne, the first thing you need to do is to compare prices among the various bullion dealers. You don’t have to walk from shop to shop because you can go online to compare prices.
Excellent traders will display the spot price per troy ounce, which should be updated daily to provide the most accurate information. But pricing shouldn’t be your primary consideration because you also want to deal with a trusted dealer full of integrity. Look for reviews, you can search for reviews or feedback from previous satisfied customers online.
Different Bullion Brands and volatility
When you want to sell silver bullion Melbourne, dealers will deal with specific brands accordingly. For example, established brands such as ABC fetch a slightly higher price than a local produced bullion bar. Others dealers prompting a smaller brand promise to buy back that brand at competitive prices. This is all relative to the spot price, what’s known as the buyback price is the present spot price at the time of sale minus a premium.
Ordinarily, the buyback premium doesn’t change, but it could change under very volatile conditions. For example, if the price of gold shoots up suddenly expect the premium for buybacks to decrease slightly as the gold demand has increased becomes more expensive and cash reserves are depleted. However, you will still receive more money when you sell your precious metal during this time.
The Selling Process
Some dealers will make it easy for you to sell silver bullion in Melbourne, all that is required is ID and your precious metal bullion. If you have the Bullion Dealer’s website available, you should know in advance approximately what you will be paid. Most dealers offer all forms of payment such as Cash, Cash cheque and EFT. Some dealers for a fee will offer RTGS (Real time Gross Settlement) payments, these payments can appear in your bank account within minutes. However, there is one bank in Australia which this form of payment does not work, and that bank is ANZ.
No Appointment Necessary
While some Bullion dealers will ask you to contact them first, some allow no appointment when you want to sell silver bullion in Melbourne. However, these dealers you may have to wait to sell during peak time. Peak times are during high volatility and lunch time, this is when the people leave work to sell metal.
Know When to Sell
Before you decide to sell silver bullion in Melbourne, you should know do some online research when the price is highest. Being an investment, expect to hold onto your precious metal for a few years. You can sell your gold when the financial markets are crashing as usually this is when prices are high. Some market traders will then re-purchase their gold bullion back several months later at a lower rate once the market stabilises.
Gold is an excellent investment because it retains its intrinsic value unlike fiat currency and its resilience continues to attract large and small investors.