Given that we actually can't buy metamagic rods yet, I'd much rather not sell it. Especially since selling something gives us half its value. The wand of false life isn't a big deal and the money is money, but metamagic rods are extraordinarily useful and you only get half value for selling stuff, so we are just shooting ourselves in the foot if we keep selling shit rather than figuring out actual stuff to do with it. Given the number of arcane casters in our party, even if it's just silence, it's fairly useful. Or rather, we should not be selling anything that could be reasonably useful. Getting gold just halves the collective rewards.