As the world adjusts to the geopolitical uncertainty, those with silver jewelry might wonder if their precious metals would sell for a good price in 2023.
Since silver isn’t as valuable as gold, most owners prefer parting with silver jewelry before selling gold to overcome a liquidity crisis. Although silver is the more volatile metal, it is still a decent hedge against inflation. Therefore, you are likely to have bought the jewelry at a rate much lower than its current market price.
Click here to sell your silver jewelry. Keep reading to know where the precious metal stands in 2023.
Has Silver Fared Well in the Past Year?
Selling silver jewelry is subjective to when you bought it. We will limit silver’s market performance to the past 12 months for brevity’s sake. The precious metal peaked on May 4, 2023, when it hit $26.065. Its lowest point came on September 1, 2022, when it hit $17.9.
We’re not saying silver isn’t volatile; that became obvious from the high and low mentioned above. However, we will say this: Silver has always returned with equal enthusiasm despite the brief dips. It has hardly fallen below the $20 mark since November last year and is unlikely to do so in the foreseeable future.
On another note, silver crossed the $25 barrier (again) in May 2023; it has remained under that limit at the time of writing this (June 2, 2023). Silver has continuously skyrocketed after a downward trend, so it might be preparing for another hike.
Here’s what we can say for sure: If the inflation continues to rise at this rate—it very well may—all precious metals, including silver, shall continue to reign supreme. If you bought yours when it hit a dip, the coming months might be the ideal time to sell your jewelry online.
Selling Silver: The Factors Affecting Prices
Overall, the market rate of silver hinges on two factors:
- Large-scale geopolitical events (e.g., the Russia-Ukraine conflict)
- US Federal Reserve’s interest rate changes.
The Silver Output
The supply-to-demand relationship may play a teeny-tiny part in the increasing prices of silver. We don’t have access to this year’s World Silver Survey, but we can review the 2022 World Silver Survey report in the meantime. It indicates a five percent increase in global silver supply in 2021 and predicts a further three percent rise in silver mining in 2022. Thanks to the US Geological Survey’s mine supply report, we know this to be true.
The Demand for Silver
Like gold, silver is a precious metal. Unlike its yellow counterpart, it also has industrial uses, due to which it saw a downward trend during the pandemic while gold reached new heights.
The Silver Institute reports an increase in the demand for this metal. Following a solid recovery after the pandemic, the silver demand reached new highs in nearly all fabrication sectors. The significant growth in green economy applications created a demand for photovoltaics that, in turn, created a renewed demand for silver. The application alone used 140.3 Moz of silver in 2022.
So, yes, the demand for physical, industrial, practical, and wearable silver recovered in 2021 and increased in 2022. The increasing output is just a response to this growing demand. As you saw during the pandemic, the market rate of silver hinges on these applications.
If the silver mining sector wants to stay profitable, it must maintain or increase this output in the long run. At the same time, the fabrication, industrial, and jewelry sectors must not succumb to another lockdown when geopolitical events like the pandemic arise.
The When and How of Selling Silver Jewelry
Although silver jewelry isn’t the same as physical or industrial silver, it has experienced a noticeable increase in demand. When some started selling gold for quick cash, others sought an alternative to the increasingly expensive metal. They found it in silver and are the primary reason behind the rising demand—and value—for silver jewelry.
Now is as good a time as the near future to sell your silver jewelry. Here is how to get your metal’s worth.
Apply for a Free Appraisal Kit
If you have silver jewelry in decent condition that will sell for a decent amount, apply for a free appraisal kit. The kit contains a free shipping label; you can print it at home or at your nearest FedEx location. Once in transit, your items are 100% insured against loss or theft.
Receive a Detailed Offer
Once Gold to Cash receives your precious items, its experts will examine the silver jewelry for the following:
- Condition of your jewelry
- Purity of the underlying silver
- Precious metal content
- Precious metal weight
- Total weight of all precious metals
- We shall then send you a detailed offer online, containing a comprehensive breakdown of every aspect of your jewelry.
Take the Offer (Or Don’t)
If you accept the offer, you will have to select an option through which you’d like to get paid. We pay our sellers via card, direct deposit, Venmo, Zelle, Cash App, and PayPal.
If you reject the offer, we will return your items without charging you for shipping. Your items, like the initial shipping, will remain safe and insured during transit.
We also have a price match guarantee. We shall match the offer if you neither accept nor reject our offer but show us a written offer by a verified competitive offering more for your jewelry.
Sell Your Jewelry Online and Get Paid within 24 Hours
Sell your silver, platinum, or gold jewelry online at Gold to Cash. Once you accept our offer and choose a payment option, we shall send the funds within 24 hours. Don’t take our word for it. Listen to those who have collectively given us 4.8 stars on Trustpilot because we offer them up to 95% of the market price for their silver and gold jewelry.
Get in touch with our online gold buyers for feedback and concerns.