With the steady rise in silver prices over the past decade and anticipated price rises in the near future, investors are scrambling to make the most of the ‘silver rush’. Investors are switching from stocks to silver, which has enjoyed a dream run especially in the past year. If you are wondering where to buy silver from, here are a few options you can consider.
Where do you go when you want to invest in silver?
Dealers: One of the easiest ways to own and trade silver bullion coins and bars is by visiting a reputed dealer at his shop or signing up with a reliable one online. The latter option is especially convenient, given the fact that it saves you time and you can have your order shipped to your doorstep.
When you decide to buy an American Silver Eagle or a one-ounce silver bar from a dealer, do your math. Check the dealer mark-up price and additional charges like shipping and insurance. The final price the dealer quotes should be reasonable enough to merit a buy. As premiums charged can vary considerably across dealers, you should compare prices before taking any action. We highly recommend JM Bullion, a very popular online silver dealer.
Mints: Another answer to your ‘where to buy silver’ question is a mint. You can buy proof silver coins and bars from a mint, but keep in mind that the premium you will have to pay will be substantial. These coins make good collector’s items and bullion investments. They are minted in limited numbers through a careful and meticulous process that ensures a high grade.
Proof silver coins are mostly preferred by investors who are creating precious metal Investment Retirement Accounts (IRAs). In this case, there are also some tax advantages for the investor. The price appreciation in proof silver coins is quick, which is another reason why many investors prefer to go in this direction.
Auctions: Though not very common, you can find online auctions of silver coins, though it is important that you verify the authenticity of the coin or bullion in question before making the investment. Demand will determine the price, and you can expect to pay a premium of anywhere between 10% to 50% and more.
Most people prefer buying silver from an online dealer as this is the safest method of investing. As dealers purchase coins and bars in bulk from the bullion agencies certified and authorized by the government, you can be assured of the quality and purity. A bona fide online dealer like JM Bullion is a good bet when you are looking to invest in physical silver.
Important elements to consider before purchasing silver
When purchasing silver there are several elements to think about. Purchasing and investing in silver can be profitable if it is done in the right way. A key point to consider is the price of the silver and how much you’re willing to pay for a specific quantity. The quantity of silver you buy should be pure in content and weight.
If you are planning to buy silver in the form of jewelry from a known store, ask the seller to provide you with a silver certificate. This ensures credibility of the store and the silver that is purchased. A certificate also makes it easy for you to sell the silver jewelry to another outlet. However, the best way to own this precious metal for investment purchases is to buy it in the form of rounds, coins and bars from a recognized dealer.
Before you decide where to buy silver online, make sure you understand all the risks as well as the profit potential involved in the investment. Take the advice of a few experts before putting your money at stake. Check market trends and keep a tab on silver prices to decide the best time to take the plunge. As gold and silver are safe heavens and recommended regardless of the economic climate, you don’t have to break a sweat in researching, as you would do for a company stock. Importantly, once you make the purchase, make sure you store the silver bars or coins in a safe deposit box at your home or bank.