We are used to seeing gold steal the headlines as one of the most in demand and valuable precious metals, while silver often falls to the side-lines.
However, there has recently been a shift in the market which has seen the demand for silver rise significantly. As thing stand in July 2020, silver could be one of the few ‘silver linings’ of 2020 with prices approaching their highest in recent years.
What’s driving the silver price increase?
Silver prices have shot up 66 per cent since their lowest point recorded in March 2020, as reported by the Wall Street Journal. In fact, some investors are getting quite excited as they say that the silver market could explode at any point, with a troy ounce now hitting $19.50 in New York. This begs the question, what is driving the silver price increase?
Silver has many qualities which makes it a worthy investment as a precious metal. It is a reflective metal and is thermally and electrically conductive, meaning that it is sought after as an industrial metal. Indeed, silver is often used as a component in many technology devices and batteries.
One likely factor behind the price increase is the reopening of some factories following the COVID-19 lockdown. As the lockdown measures are slowly lifted, production levels have begun to return back to normal. This increase in productivity creates an increased demand for materials including silver.
Grab the silver lining
How long this burst in demand for silver will last, no one can confidently say – so how can you make the most out of this unique situation?
Knowing which silver items will sell for the highest value is of utmost importance. Small items made from silver, like jewellery and watches, will not fetch the same price as they would if they were made with gold.
This is partly due to the fact that many of these items will be plated, which makes selling for scrap very difficult. But the size of these items is also a factor; gold is a very valuable metal and so even small amounts of it are worthwhile selling as scrap gold.
Silver, on the other hand, doesn’t demand the same level of value so volumes need to be larger before it’s worth making a sale.
But do not despair – you can still capitalise on this opportunity and sell silver! Silver bullion bars and silver coins contain more pure metal and are not plated, meaning that these items have a higher resale value.
Selling silver with UK Scrap Gold
Now is the time to act if you are looking to get a strong return on your silver portfolio of bars and coins.
But have you considered selling to scrap gold companies? With over 20 years’ experience and knowledge in the industry, UK Scrap Gold offers competitive prices for scrap silver, gold and other precious metals.
Our online Scrap Silver Calculator can help you determine how much your portfolio is worth; all we need to know is the purity and total weight of the metal in grams. We will calculate the rest!
To get in touch with the team at UK Scrap Gold to discuss your silver portfolio, simply send us a message or give the team a call on 01902 623 254.