Do you have a set of silver flatware or a silver tea set taking up valuable space in your kitchen cabinets? Do you own old silver jewellery you haven’t worn in years, if not ever, that spends most of its time getting tangled up and in the way?
Decluttering silver jewellery, flatware, and other heirlooms is not only a great way to clear up space in your home, but it can also give you a significant amount of money to play around with.
Now may be the perfect time to sell silver in Toronto for those looking to get the best possible price. Let’s take a look at the reasons why.
#1 Prices Could Be Headed Downward
Silver prices are remarkably volatile, and it can be difficult to predict them. However, silver prices have had a tough year in 2022, as several factors appear to have brought prices down:
- Rising interest rates have put downward pressure on silver, as interest-generating assets have taken the edge over commodities.
- The U.S. dollar has risen over the course of the year, which often competes with the price of bullion.
- Slowing growth has already impacted silver prices.
That said, prices could always turn around, especially as demand for electronics and photovoltaics keeps up, as silver is a key component. Reading the market is always a challenge, and it may be better to sell when the time is right for you.
#2 Recessions and Silver: Why It’s Not the Same as Gold
Gold is often touted as a recession-proof asset that has a good deal of resiliency compared to stocks. It’s true that there is little correlation between gold and equities, and during past recessions, gold has seen remarkable price growth. Gold outperformed stocks by far during the long drawn-out recovery that followed 2008’s Great Recession.
However, silver price growth is much more tied-up with manufacturing than gold, with over half of global silver demand going to industrial uses. A recession and slowdown in energy, electronics, and other consumer goods could hit silver prices hard.
#3 Delays to Green Transitioning
Silver is a key element in the transition to a green economy, as it’s used in everything from solar panels to EVs. But that transition has been slowed by economic uncertainty and has faced social opposition. There are also signs that China and India have both increased cheap oil and gas imports from Russia to fill the void left by the West’s embargoes, delaying their own shift to green energy and suppressing silver demand.
Now Is the Time to Sell Silver in Toronto
These broad market factors all have an impact on the price you get when you sell silver jewellery and heirlooms to silver buyers in Toronto. They base their prices first and foremost on market rates for bullion which can change day by day as markets evolve.
If you’ve got silver jewellery, flatware, tea sets, coins, or heirlooms that you no longer want, make the most of it now. You can use that money to donate to a charitable cause, add to your savings, or treat yourself.
Get more from your silver jewellery by taking advantage of relatively high silver prices when you have the opportunity. The silver market can be a highly unpredictable one.