Personal Finance & Money Asked on September 3, 2021
According to https://www.cnn.com/2021/02/01/investing/gamestop-robinhood-stocks-explained/index.html the people who made GameStop shares surge in value may be moving onto silver. So let’s say the value of silver surged 1600% for a few hours. What would be the best way to sell, say, 1,000oz of silver in the form of coins (which I’ve been buying over the years) for that inflated price?
Sure, I could sell it on eBay but the price of silver could change through out the course of that auction.
I’m sure "cash for gold" stores under pay people but if there was a 1600% surge (bringing the value from ~$30 to ~$480) I’d be up for selling it to a "cash for gold" place for, say, $30 an oz idk. But is that realistic to expect?
Anyway, those are the only two options I can come up. Am I missing other options?
I bought Krugerrands 20 years ago and sold a few at a time over the course of a few weeks for about $400 short of the 2011 peak. I got a triple from them so no complaints.
My exit was a local guy who owned a stationery store in town and his cut was $25 off of spot price which I verified before going to the store. Perhaps I could have saved $5 or $10 by chasing around for a lower commission but $25 seemed quite reasonable to me for the convenience and the peal off in green. So I'd suggest that you check out the local "cash for gold" stores. Maybe you'll find something reasonable.
In the situation where say the value of silver surges 1600% for a few hours, AFAIC, possibly paying a few dollars more is well worth it when stability of price is tenuous.
Answered by Bob Baerker on September 3, 2021
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