Please, before you write me a nasty email or sell all of your precious metals – read this entire letter. It’s not long. It will take you less than 5 minutes.
I’m selling a small amount of silver to a local bullion vendor who recently opened up shop. More importantly, I’m buying much more silver than I’m selling.
Why am I selling then?
Well, this vendor is about a mile from my house. If I can build a relationship with this vendor now, and go through the process of buying and selling precious metals to and from him – I’ll be better prepared when the time comes to unload the bulk of my holdings. And if I need to unload those holdings in a hurry, it’s likely that I’ll do so at this vendor.
But if I don’t have a good experience, I’ll learn the lesson with a tiny portion of my bullion – instead of being forced to learn a much more expensive lesson.
Today, I’ll be selling 2 (two) coins from my personal silver bullion hoard – in addition to buying a much larger portion of silver.
I’ll also be publishing this entire process over the next week or so. If you’ve never bought gold or silver bullion from a vendor, or perhaps more importantly, if you’ve never sold any gold or silver – then you’ll want to stay tuned.
To be clear- I don’t think now is the time to sell your gold or silver! On balance today, I’ll be buying much more silver than I’m selling. I’m buying because silver has been hammered for the past 6 months, and right now it’s at the bottom of a strong support range:
I hope that this exercise will be informative to you – and that you’ll be encouraged to take similar steps to reach out to a local bullion vendor so that you have a Hail-Mary lifeline if you need to unload bullion in a hurry.
Build the relationship now. Know your vendor by name, face and disposition. Shake his or her hand. Look them in the eye, and let them get to know you.
Odds are, when you want to sell in a hurry, you won’t be the only person rushing to your local vendor. If you take the time to know your vendor, you’ll increase your odds of making the top of his list when and if the time comes to sell the bulk of your bullion. You want to be selling to a friend, not a stranger.
You’ll also be at the top of his list if he gets a new compelling bullion product or he comes upon a bulk order that he can pass to you at a cheap price.
Don’t be shy. Most of the bullion vendors I’ve dealt with are very courteous, friendly and at least as excited and knowledgeable about gold and silver as me. And if you don’t have a good experience with your local vendor, find another one.