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Sell Your Precious Metals

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With the market so high (and volatile), what's one to do with their gold and silver? Lazy sellers are becoming the default which guarantees an immediate reduction in the final price. They are especially prevalent on the online selling venues. I don't feel a pang of guilt when I benefit from such a listing. They'd make so much more money if they contacted me directly! I've given up trying to get them to deal with me directly for future sales - just not worth my effort as no one had ever followed up.

Anyway, here are some options:

1. Send it off to the refinery. The problem is, strangely, there's too much silver being sent in right now. Some refineries have stopped accepting silver and others have reduced their payout. You have to wait a while (up to 10 weeks for some), submit your SSN or equivalent, and whatnot. They have a long history of screwing people so choose wisely. I know I haven't on several occasions so it is my advice to avoid Hauser and Miller, Pease and Curren, and Elemetal. The payout is often determined by the quantity and purity of the lot. For small batches, which are the norm unless you're a dealer of some sort, it is not much better than some of the other options.

2. Go to a pawn shop, antique dealer, or place that specifically purchases scrap metal. One problem is the payout. I have seen some give as little as 5% of the value...because they don't care and if you're stupid enough to bite, they just made out like a bandit.

3. Sell it on the open market. Several auction or selling formats are available from prestigious Christie-style premier auction events to local fakebook or community forums. If you aren't willing to ship it then you have just shot yourself in the foot. Some online marketplaces charge no commission. Others can be as high as 50%. Then you have to do everything to ensure you get the best possible price. So many idiots list items poorly; they've lost the battle already. Same with bad pictures, not answering questions, bad packing, poor customer service. Never mind all the questions, hassles, packing, shipping, returns, difficult buyers trying to scam you, etc.

4. Selling it in person is often the best, provided the buyer is legit, professional, and ethical (a hard sell in the precious metals market, whether pawn shop, coin store, antiques dealer, or scrap buyer). It may be worth more than scrap value...you might never know if you go it alone without any direction.

5. Send it away to one of those heavily advertised "Sell Your Gold!" companies. They will often give you free shipping and a hassle-free experience. That comes at a cost - just ask the thousands of people who have filed lawsuits against these unscrupulous companies. Convenience has a price, a very hefty one.

Posted by M: December 12, 2025

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