Discussion Forum Forums Investments Precious Metals How to sell silver bullion and coins in Singapore?

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    A friend was interested to buy some silver coins but was concerned about how he could sell them in Singapore. It was a very good question and I had difficulty answering. I struggled to suggest buyers for physical silver. We have plenty of companies wanting to sell silver to us. But who would buy them back?

    Lack of Buyers

    Physical silver is not traded over the exchange unlike other paper assets such as stocks (except futures markets but most brokers settle in cash and no delivery of physical items). This makes selling silver difficult and not transparent. A seller will have to look for buyers on his own and I would not be surprised if the offer price can vary significantly.

    Also, do not expect to sell physical silver to the local banks because none of them will take it. Even UOB does not sell silver coins. UOB only offers silver savings accounts which are ‘paper’ silver.

    The Singapore Mint produces silver coins but they do not buy back the coins.

    I have found alternatives to sell silver bullion and coins, and I have grouped them into 3 categories.

    Category 1: Buying back physical silver sold by other companies

    Some companies are willing to buy back silver not sold by them. They are:

    Category 2: Buying back physical silver sold by own company

    Some companies will only buy back the silver that they have sold:

    Category 3: Individual buyers

    There are online platforms where individuals can put up physical silver for sale. These websites are not responsible for any unfair transactions or frauds:

    Disclaimer

    I have researched the buy back scheme based on statements on their websites. I urge you to verify buy back policies of these companies. They may have terms and conditions not stated on the website. Neither BigFatPurse nor me have any dealings with the above mentioned companies. This post serves as a starting point to explore how you can sell your physical silver. This post is not an endorsement for the services offered by the companies.

     

    Source: http://www.bigfatpurse.com/2013/09/how-to-sell-silver-bullion-and-coins-in-singapore/

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