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Anyone Buy / Sell Sterling Silver?
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Bling Blang Blaow
 
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Anyone Buy / Sell Sterling Silver? - April 5, 2011, 01:04 PM

I just started getting into trying to buy silver from flea markets and off craigslist / ebay however, whenever I try to sell the silver back to stores, they keep telling me that I need a dealers license... anyone in Maryland have any tips / places I can go to sell silver? Its not a lot, just a few OZ but I'm looking to upgrade my truck


2003 Honda VTX 1800R - Modded to the MAX
2005 Ducati M800 - RIP

'You live more in 5 minutes on a motorcycle than most people do in life time' --Burt Munro

RIP Wayne Thomas (AKA Godson) ...ride on my brother, ride on.

CheapMotorcycleDeals.com - My blog where I search for the best deals on Motorcycles for sale in the DC Metro Area (Updated daily).
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April 5, 2011, 01:07 PM

Put it in an envelope and send it to me - I'll have my experts take a look at it and send you a check for $5.42....



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April 5, 2011, 01:11 PM

I'll put something in an envelope...


2003 Honda VTX 1800R - Modded to the MAX
2005 Ducati M800 - RIP

'You live more in 5 minutes on a motorcycle than most people do in life time' --Burt Munro

RIP Wayne Thomas (AKA Godson) ...ride on my brother, ride on.

CheapMotorcycleDeals.com - My blog where I search for the best deals on Motorcycles for sale in the DC Metro Area (Updated daily).
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April 5, 2011, 02:24 PM

Find the local refineries and go to them directly. You'll get the most money and they have purchasing licenses.

You're not the one that needs a license. The store is the one that needs a license to buy from the public. Because the stores don't have that license the only way they can buy is from another company/vendor, which is why they are asking you for a license.

You can keep going into different stores until one of them has a license. Gold buying places have the license to buy. You can also go to Pawn Shops and SELL rather than pawn, they'll give you more money.

Three heads up.... 1. Not every store will give you the same amount. The refiner will buy it from them at a certain price and they will buy it from you at a lower price so the difference is their profit. The companies that do this as a secondary profit source will give you the most. 2. You can also try antique dealers since they buy items from people's estates. And 3. Try to find a refiner if you want to get the best possible price.

FYI...expect to get approximately 40% of the regular store retail value.

P.S. If you're gonna continue this as a business, establish an agreement with a refiner where he will give you a set percentage of the day's market value per weight. Then when you buy from other people you have a predefined idea of how much you can offer them while still being able to achieve a profit.

You can go here to get the daily market values per weight and purity...
Live Gold, Silver, Platinum, Palladium Quote Spot Price Chart - Kitco

P.S.S. GET TESTERS AND LEARN HOW TO IDENTIFY FAKE JEWELRY!

Last edited by nootherids; April 5, 2011 at 02:29 PM..
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