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 Watertown 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.

EZ Payday Advance

400 9th Ave SE, Watertown, SD 57201

(605) 886-2500

Zales

1300 9th Ave SE, Watertown, SD 57201

(605) 886-6205

Fashions Plus

1300 9th Ave SE Ste 53, Watertown, SD 57201

(605) 886-3576

Outlet Center

101 10th St SW, Watertown, SD 57201

(605) 884-0201

Charlie's Pawn

101 10th St SW, Watertown, SD 57201

(605) 884-0201

Riddle's Jewelry

1300 9th Ave SE Ste 39, Watertown, SD 57201

(605) 882-2200

National Pawn Co-South Dakota - CLOSED

208 9th Ave SE, Watertown, SD 57201

(605) 882-1600

Prairie Coins

45788 US Highway 212, Watertown, SD 57201

(605) 882-1145

Gypsies Gold Gallery

120 1st Ave E, Clark, SD 57225

(605) 532-6565

Long's Jewelry

620 Main St, Webster, SD 57274

(605) 345-4131

Wink's Fine Jewelry Inc

322 5th St, Brookings, SD 57006

(605) 692-4623

Edie Edwards Designs

308 4th St, Brookings, SD 57006

(605) 692-4367

Let It Bead

315 Main Ave Ste 4, Brookings, SD 57006

(605) 692-2323

Brookings Coin Shop

316 5th St, Brookings, SD 57006

(605) 692-4441

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.