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.
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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 Dr Wealth 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.
If you are in Singapore, you can go to GoldClubAsia forum which is based locally for precious metals collector, investor, speculator to discuss about precious metals…there is a buying and selling sub-forum and members would occasionally conduct group buy for precious metals…Panda America had an account in the forum and giving out like daily promotion…
I have some gold coins bought from I think Chartered Industries or Singapore Mint some 30 odd years ago. How and where can I sell them? Thanks and have a nice day!
Hi James, you can try those local bullion shops like bullionstar and ask them.
hi, Alvin, not so long ago i made a purchase of two 1kg .999 Perth minted silver bars each costing S.$1421.60 plus gst. 3% ,from GoldSilver Central.pte ltd. And only yesterday (28/7/15) i went back to sell and the sale lady did a research and calculation on the laptop and came out with a figure of S.$667.80 for each bar. Hence i don’t whether she was honest with me as she did not even tell about the current sil. rate or any other or guidance i need to know. Anyway how do i go about shall i wait , or can you give your opinions regarding my case… Many many Thanks to you.
you can refer to the Perth Mint website: https://www.perthmint.com/invest/information-for-investors/metal-prices
Hi
I have pure gold so I have several dificult to sell. Please healp me sir
If the bullion traders are not willing to take in your gold, you can consider pawnshops, but it means you will get a much lower price.
hihi from what you’ve listed below, can advice which of these companies give better rates in silver? what about credibility? It seems like bullion star has been most popular..
Bullion Star Singapore
Coins.sg
1Silver1
Singapore Gold Coins Investment
Silver Bullion
I think most of the companies publish their prices on their websites. It is better to compare real time as prices may change over time.
Hi Alvin
May i ask any venue for me to sell off the silver maple coins. Thanks.
Thanks for the information shared. Benefitted from it greatly before I make a decision on which of the precious metal to purchase. Good job!
I bought a silver bar (1 kg) about 14 years back. It doesn’t come with any certificate. Can I still sell it ?
Go to the shops and ask? I think if they can test if the bar is genuine should be fine.