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Scrap Gold Blog

2021 Reddit Silver Spike Poses Selling Opportunity

Published Monday 1st March 2021

With a much greater degree of affordability relative to gold, silver is often a more accessible precious metal for the average person. Perhaps you have a bit of family silver stowed away - cutlery sets, jewellery or other items of silver which have been steadily appreciating in value over the decades.

If you’re wondering when is the right time to sell silver, 2021 could prove to be a perfect time to do so. That’s because internet forums and smartphone apps are allowing a new generation of investors to bid prices higher, in sudden and unexpected price rallies.

That could pose the perfect opportunity to facilitate a sale of scrap silver with Scrap Gold UK.

Reddit strikes silver

It started with an ailing video game vendor in the United States called GameStop – and a group of Reddit users who contributed to a forum on the site called r/wallstreetbets. Users began to spur a sudden flurry of demand for GameStop shares to squeeze hedge funds which held short positions in the company. Before long, the forum turned its attention to physical silver and its paper silver derivatives.

The resulting surge in demand for silver items caused prices to spike by almost 20 per cent in just three trading days. If you held silver and timed a sale at the right time in February 2021, you could have cashed in on this unforeseen silver rush.

Making a sale requires that understanding of which direction markets are going - that’s why Scrap Gold UK includes a live silver price tracker. Use it to catch the twists and turns in silver prices, to help you time a sale with maximum impact, as the price gets caught in its next upswing.

As Scrap Gold UK is able to help you make a sale in the digital space, we have less overheads than many leading scrap silver buyers. That means we can offer a more favourable price for scrap silver items. Check out our Scrap Silver calculator, to see what your items could be worth, allowing you to make a free valuation.

As of February 2021, an item such as a silver chain weighing 45 grams with purity of .925 could sell for over £22.

Discreet silver sales online

When making a sale of scrap silver through Scrap Gold UK, it’s important to be mindful of the restrictions still in place, during the ongoing pandemic. Standing in line at the Post Office to post your package might seem like the obvious thing to do, but to limit the spread of COVID-19 and ensure your own safety, it is far more convenient to book online for collection by Royal Mail from your home.

The process is quick and easy to set up, and the Royal Mail insured Special Delivery service allows you to track your parcel on its journey to our headquarters. Upon its arrival, we can assess your item and offer a final valuation for you. To initiate a sale, fill in this Seller Form here.

If you have any queries about making sales, feel free to give us a call on 01902 828 400, and a member of our team will be available to assist you.

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