At Rocky Mountain Coin, we’ve made buying and selling gold, silver, and platinum bullion easy for more than 40 years. Here, we cover the basics of buying and selling bullion. Whether you’re new to buying silver or have been doing so for years, there are several products to choose from, and it can be both overwhelming and confusing.
How much does gold, silver, and platinum cost?
Like stocks, the prices of commodities like silver change constantly throughout the day. You will often hear the term Spot price, which is the simply is the price at which one ounce of silver can be bought or sold immediately. The spot price consists of two prices, the Bid price (the price at which you sell), and the Ask price (the price at which you buy).
An important caveat here is that the spot price is rarely the price paid. When buying, there is a premium (or mark-up) paid over the spot price of silver that varies from dealer to dealer. For instance, if the spot price of silver is $16.50 per ounce, there may be a premium of $2.50 or 15% (premiums may change due to market volatility), which means that the price per ounce in this case is actually $19.00.
Additionally, the premiums vary based on what type of bullion you choose to buy, which leads us to your product options.
What are my options?
When buying bullion, you can choose from bars, rounds, and coins.
Bullion bars are produced by a variety of private mints and feature many different designs. Silver bars typically are available in one, five, ten and one-hundred ounce varieties, while gold bars are typically available in one and ten ounce varieties. Bars have the lowest premium over the spot price.
Bullion rounds are produced by a variety of private mints and feature many different designs. Rounds are most often available in one-ounce varieties, but also come in sizes ranging from 1/10 oz. to 10-oz. Like bars, they have a low premium.
Bullion coins are produced by government mints and feature several different designs. They can be spent as legal tender at a face value that is often considerably less than the bullion value of the coin, and are available in sizes ranging from 1/20 oz. to 1 oz. They have a higher premium than bars or rounds.
Whether you have bullion rounds, bars, or coins, at Rocky Mountain Coin we pay competitive prices for your precious metals.
If you have just a few items to sell, stop by either of our locations during business hours, and one of our appraisers will evaluate the condition of your bullion and make an offer. Otherwise, please call ahead to see if you need to make an appointment. If the price is agreeable, we require a valid government-issued ID to fill out a Declaration of Ownership form, which is used to identify you if the items are reported as stolen.
Depending on the amount, we may be able to pay you in cash for your items. Otherwise, payment will be with a check.
Visit one of our stores or give us a call at (303) 777-4653