During the days when I worked on the trading floor at ITM, things were a bit different than they are now. For instance, there was an economic meltdown happening in 2008. My desk, phone, and computer were the only tools that I had to use order to explain fiat currency risks to clients and potential clients. The ITM Trading website was live, but it was an informational source only. At the time, you could not place an order with ITM Trading online, if you wanted to buy used silver, or ask about how to buy used silver, you had to talk to a real person like me.
There were other differences, too. For instance, back then the minimum order for bullion items, gold or silver, was $10,000. You see, there is a very small markup in bullion pieces, so a sizable order was necessary to produce even the slightest profit. Companies cannot exist unless they make a profit. Today, with the dominance of the internet, ITM Trading is able and proud to offer a new website that offers online precious metal bullion sales with a low $500 minimum purchase.
Oftentimes, back in those days, people would call ITM Trading to begin purchasing precious metals, and we simply could not help them. At the time, ITM Trading did not take credit (or debit) cards. ITM Trading does not believe that precious metals and rare coins should be purchased and financed on credit. As you might imagine, however, accepting credit cards and other forms of payment is now a necessary part of operating a commercial website. ITM Trading accepts personal checks, credit and debit cards, and wire transfers. ITM Trading does not accept cash or money orders.
How To Buy Used Silver : Ask Lynette.
Lynette Zang is the Chief Market Strategist at ITM Trading. Lynette has been with ITM Trading since the ‘90s. She has long-time clients and wealthy clients. But, I noticed that Lynette would try to help everyone, regardless of their financial position, who called her desk.
Sometimes, people call ITM Trading knowing that they need to acquire physical gold and silver, but they have very limited funds available and low incomes. Lesser firms and analysts shun these callers, but not Lynette. I can’t recall how many times I heard Lynette tell people how to buy used silver. Lynette truly believes that everyone needs to protect themselves financially with physical precious metals, be they rich or poor.
And because Lynette is Lynette, she collects data and develops strategies. Even if you have more time than money, Lynette can suggest a reasonable and achievable precious metals strategy for you. Following are a few things I heard Lynette say many times about how to buy used silver, as well as a few other keen pointers on the subject.
By the way, just as ITM Trading has changed with the times, so has Lynette Zang’s approach. In addition to still speaking one-on-one by telephone, Lynette now produces a webinar series to reach a larger audience. Her past webinars are available here.
How To Buy Used Silver : Where And How.
Lynette might sometimes suggest to a caller that they go to estate sales or yard sales and keep an eye open for silver items. Silver items such as flatware and candlestick holders were quite common in American households. Items such as these were once seen as displays of wealth and success, and many people had them. Today, these items are perhaps more prized for their silver content than their role as a status symbol.
All that glitters is not silver, however. Lynette would offer the basics in order to keep her caller on the right track. I have to confess, to this day, whenever I come across an old piece of silver flatware, I check the marks to see if the piece may be under-priced.
How To Buy Used Silver : Types Of Silver.
Sterling silver is good. German silver is bad. Fine silver is the best, but you will almost never see it in the dining room. Mexican silver is better than coin silver, and Britannia silver is better yet. Alpaca silver sounds cute, but you probably don’t want to invest in it. I’ll explain.
Silver, somewhat like gold, is too soft to use for coins and flatware in it’s pure (.999) state. In order to make the silver stronger and more durable, a percentage of other metals, often copper, are added to the silver.
Coin silver is 90% silver, and 10% other metals. Sterling silver is at least 92.5% silver. True Mexican silver is 95% silver and 5% other metals. Britannia silver is measured by a slightly different scale. Britannia silver is 958.4 parts silver and 41.6 parts per thousand copper. Fine silver or pure silver is the highest grade of silver.
Sterling silver is marked “Sterling”. Mexico has had variations of silver marking systems, so a little studying on the subject and a reference guide may in order. Britannia silver may be marked as .958 silver, which denotes it’s purity. Fine silver is marked .999.
How To Buy Used Silver : Caveat Emptor.
Caveat emptor is a Latin phrase. The phrase basically means that it is the buyer’s responsibility to check the quality and authenticity of the merchandise before the purchase transaction takes place.The buyer assumes the responsibility.
In the cases of alpaca silver and German silver, caveat emptor applies. In the 1800’s, two German chemists created a silver impostor out of copper, nickel, zinc, and tin. The alloy is similar to silver but somewhat dull and listless. This alloy may also be called nickel silver, Paktong, or “New” silver. In any event and under any name, this “silver” is not silver and should not be purchased as such.
In conclusion, I must mention silver plate. Silver plating is a thin coat of silver over another base metal. Silver plate is also not a worthwhile investment choice.
How To Buy Used Silver : ITM Trading Sells Used Silver.
Most silver is “used”. with the exception of newly minted silver bullion coins pressed from newly mined silver, all silver coins, and bullion items have some “use” or age associated with them. ITM Trading sells rare US silver coins. ITM Trading also sells “junk” silver coins pressed before 1964. ITM Trading deals in silver bullion items and silver bars that have been circulating for decades. Whatever your silver needs are, give ITM Trading a call. We are here to be of service.