I've been thinking of a silver exit plan for a while now. I don't plan to completely exit, but I do want to take some profits and possibly convert some of that into gold. The tricky part is what, where and when.
What to Sell
I'm strongly opposed to selling bullion whenever possible. It's the most liquid part of any stack, so in my mind it should be the last thing you sell unless you need to sell quickly. That leaves collectibles. While I can understand many of us don't want to part with them, these are the next logical items to sell. When we originally bought them we knew we were paying far over spot. With spot getting up to almost $100/ounce now, we're in a unique position to sell at a decent profit.
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Where to Sell
Since these are collectible pieces, you'll get the most money for them selling privately. You can do this through Reddit, Facebook Marketplace, Whatnot, eBay, etc. You could sell to your local coin shop, although they will likely give you less than spot per ounce. The last option would be selling to a pawn shop, but they will likely try to lowball you far worse than any coin shop would.
When to Sell
This will be very subjective and depend on your goals. If you're not in a hurry, it may not be a bad idea to stagger your sales and average your profits as spot price increases. You may not catch the peak, but you also won't end up holding it longer and miss opportunities to sell.
I think most people know there will eventually be a downward price correction, but nobody knows when that will happen. This is a rare opportunity to take profits. If you've been considering buying some gold, doing it while silver prices are high is the best time to make your move. Whatever you decide, just don't miss the chance because you didn't plan ahead for the right moment.
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