The price of silver has been depressed for several years, but people who have unwanted sterling silver jewelry or a set of real silverware can always find a business that wants to Buy Silver in Chicago. Selling the items at a pawn shop, for instance, generates some extra cash and helps with decluttering a home. As long as the person never uses these items and has no sentimental attachment to them, it can be pointless to leave them lying around in drawers and cabinets.
About Silver Prices
Silver prices reached relatively high market levels in 2011 and 2012, but have dropped sharply since then. It’s impossible to predict when prices will return to those previous levels, and many people ready to sell their silver don’t want to wait.
Many websites provide a daily market price for silver; potential sellers may want to watch one of these sites for a while to get a sense of the fluctuations. When they are comfortable with the current price, they can seek out a business that offers to Buy Silver in Chicago. If the piece includes precious gems, especially diamonds, it will be worth more.
The Loan Option
If someone really needs a bit of extra money because of a financial emergency, getting a loan at a shop such as Clark Pawners & Jewelers is another option. This may be a good choice when the person isn’t totally sure he or she is ready to unload that sterling silver high school ring or an I.D. bracelet that was a gift from a long-ago romantic interest.
Pawnbrokers also buy and make loans on other silver items, such as watches and older coins with a high silver content. Visit us online to learn more.
The Relation of Interest Rate to Actual Fee
Annual percentage rate interest is a bit steep at pawn shops, but the actual fees are generally affordable since the loan balance is typically expected to be paid within 30 to 60 days. If the borrower decides not to redeem the loan at the end of the term, there are no repercussions other than forfeiting the item. No finance charge is owed in that case.
