Finding someone to buy your silver items can take some time, so you need to make sure that you look around and find the best silver dealers Grand Rapids has to offer. This way, you can make sure that you get the best price possible for all of your valuables.

A good buyer will carefully assess all of your things to give you an accurate understanding of how much they are worth. You can then use this information to decide what to do. Selling your silver can earn you quite a bit from the right dealer.

Wyoming Outlet

3261 Division Ave S, Grand Rapids, MI 49548

(616) 241-4336

West Michigan Jewelry Exchange

4364 Division Ave S, Grand Rapids, MI 49548

(616) 818-0150

Gold & Diamond Zone

865 28th St SE, Grand Rapids, MI 49508

(616) 245-7115

Diemer'S Coins Jewelry & Collectibles

4982 Plainfield Ave NE, Grand Rapids, MI 49525

(616) 288-2291

Bachert's J Inc

3758 Division Ave S, Grand Rapids, MI 49548

(616) 247-1311

Michigan Gold & Diamond Exchange

1656 44th St SE, Grand Rapids, MI 49508

(616) 827-2222

Great Lakes Gold Rush

3081 28th St SE, Grand Rapids, MI 49512

(616) 805-4355

Atlantic Gold Exchange

3081 28th St SE, Grand Rapids, MI 49512

(616) 805-4355

Grand Valley Gold & Silver

4378 Lake Michigan Dr NW, Grand Rapids, MI 49534

(616) 735-4653

Division Gold & Silver LLC

5253 Division Ave S, Grand Rapids, MI 49548

(616) 443-0622

Baribeau & Sons

953 Fulton St E, Grand Rapids, MI 49503

(616) 541-2452

Jeweler's Workshop Ltd

1624 Leonard St NW, Grand Rapids, MI 49504

(616) 791-6500

Baribeau & Sons

953 Fulton St E, Grand Rapids, MI 49503

(616) 451-4159

Instant Cash Advance

3890 Lake Michigan Dr NW, Grand Rapids, MI 49534

(616) 453-0001

Tactics That Successful Silver Dealers Use

Silver is a commodity. That means that any single ounce of silver is worth the same as any other ounce of silver at the same purity level. It's been used as money in a variety of cultures and silver dealers use tactics to buy and sell silver and make a profit. Here is how they do it.

Wholesale Markup

Silver dealers are in business to make money and they often do it by buying silver coins or bullion at wholesale prices. Perhaps they were able to buy a silver coin for the rock bottom price of $15. When these coins become scarce in the market, the dealer may choose to offer them to a collector. Collectors pay a higher price and remove the coins from circulation. The dealer makes a profit on the markup over the wholesale price that he paid.

Replacement Cost Price

A dealer should never sell anything for less than the cost of what it would take to replace it. That's the philosophy of most successful dealers in metals. They take the long view and buy silver when it reaches a low. Let's use the same number we used above. Say they bought an ounce for $15.

That's a good buy because the price of silver typically goes for more than that. To gain a profit, the dealer will have to hold onto the bullion until the price rises. At that point, he must sell it at a price no lower than what it would cost him to replace it. If silver has risen to $30 an ounce, he's made a tidy profit when he sells.

The first tactic requires finding the right kind of buyer in order to make a profit. The second one requires patience while waiting for the market to change. Both can be very lucrative.