So you’ve decided it's time to sell silver bars in Toronto or elsewhere in Canada, and you want to know how you can get the highest price possible.
The option that always gets your more money when you sell silver bars is always to sell it privately, and the best places to advertise include:
The downside to selling it privately, is that you have to meet the buyer at your home, some car park outside a police station or in a mall. All of which are terrible for both you and the buyer, as you both end up with safety issues and further, how does your buyer know your silver bar is real?
You are welcome to use our facilities in Toronto, and meet your buyer at our store in a safe and secure location. We will gladly test your bar in front of your buyer, and we will even check their cash in our counting machines to make sure it's not counterfeit money. And we provide this service free of charge. All we ask is that you:
You can sell your silver bar to any bullion dealer in Canada, and you can expect to be paid an amount lower than spot. Customers in Toronto can sell their silver bars at our store, or you can have them shipped to us from anywhere in Canada. Please follow this link to see how much we pay for silver bars in Canada
Let me explain why bullion dealers buy-back payouts aren't as high as you would want them to be.
Silver Bugs and silver stackers like to buy their silver when the spot price is low, and sell like crazy when the spot price is high. And this of course makes sense, but what this means to a bullion dealer is that you want us to sell you our silver products to you when they are cheap, and you want us to buy from you when your silver bar is expensive. This is obviously a problem for bullion dealers, and a simple system needs to be followed to make everything work.
Bullion dealers like 401Gold buy bullion all day and every day, and many times we get so much bullion that we have to offload it to other bullion dealers or certain precious metals refineries.
The harsh truth is that most refineries in Canada pay bullion dealers a rate lower than spot, and that is the number we need to work with when buying bullion for you, our wonderful customers. So to always make the math work, we have to offer a spot price lower than the refineries to make sure we always make a small profit.
This of course only applies to generic silver bars, and does not apply to collectible silver bars or vintage silver bars that generally have a higher resale value.
Does Size Matter?
Not at all. Silver is silver, and it's all good. Some folks like 10z bars, and others like to go big. Real big. To me, I've always recommended 10 oz Royal Canadian Mint Silver bars, as we buy and sell more of these than any other silver bar product by far.
What mints are better?
Why are old poured bars worth more?
Because silver bugs love the old vintage stuff, and they typically pay more to add them to their collections.
Article written by Daniel Hicks
December 15, 2023