BuyBack is not an Issue.

Week 17.1 BuyBack is not an Issue.

One of the common questions customer ask me are

1.       Do you buy back the silver you sold? Answer = Generally No, however if I got +ve cash flow and it’s cheaper than my replacement cost then I will buy lor.

2.      How do I sell of my silver?

Answer: If you brought it from me previously, email me the details and the pricing. I will help you to forward (email) to all my customers or read my suggestion below

Generally, disposal is not an issue but price is the issue.

Track Record

One buyer brought about 100+ oz from me in 2009-2010 at around RM70+, 6 month later he email me asking me how much I can offer him to buy back the silver. I told me I cannot offer him a good price, however if he is willing to disclose his email and h/p number, I will forward his email to all my customers. Those who interested will contact him directly. Well, to his happiness he sold off all the silver his wanted to sell around RM20+/oz profit each. Those who contacted him late were unlucky because it was sold out. Well, he brought it when the spot is low and held it for quite sometimes 6 months.

I wish I just brought that 1000oz and keep for 6 months.  Less work/less cost more profit. The problem is you just don’t know what will happen tomorrow.

How to Sell

First you can list in many online trading site. Personally, I will recommend you

1.      www.ebay.com.my  you get the max coverage as there lot of buyers there. However, since I am there also, your pricing and offering much be as competitive as mine. FYI, many of my buyer who brought from me later sold back some of their product to other buyer from ebay. All my potential customer who view my listing will also view your listing mah. Equal chance.

2.      www.mudah.my mainly malay buyer.

3.      Start participating in forum.lowyat.net

4.      www.lelong.com.my this one not so much buyer for silver.

5.      owndomain.lot.my too specific

6.      Write your own blog and start advertising. Well this one a bit difficult for a start because traffic is very low.

The next thing is the price lor. As I already told you, you have to keep your silver for a while. It also depends on your cost and volume. If you have brought silver from an expensive source just like buying other gold than UOB gold and kijang emas, then your holding time will be much longer. From time to time maybe you may sell off some 1- 10 oz every week etc. just to build up your reputation and trust in the network e.g. (ebay feedback point).

Silver will be in great demand in the future, I have seen the statistic. Disposal is not a problem in the future. The question is always price.