Did you know that 11.6% of the American population owns silver? Some people own precious metals as keepsakes while others buy silver to turn a profit.
If you want to learn how to buy and store silver bars, this is the guide for you. Keep reading to learn more.
1. Online Dealers
The best place to buy silver bars is through a reputable online dealer. Dealers that are educated on investing in silver can help you avoid pitfalls and only sell high-quality products.
You’ll know you are dealing with a reputable seller if they have:
- Strong independent reviews
- Education on silver bars
- Multiple forms of payment
- An online store
If you are new to buying silver, compare at least three dealers using the above criteria.
2. Auction Sites
Online auction sites are also common places to buy silver bars. If you want to invest in silver, you have to ensure you are buying from a reputable seller. Figuring out this information through an auction site isn’t that simple.
First-time buyers can buy from two different sellers to compare cost, delivery, and overall services. You can vet these sources to decide if you want to make future purchases through an auction site.
3. Dealer Shops
You can find coins, bullion, or silver bar shops near you to buy silver in person. It’s best that the shop you find has a strong volume of silver to buy from. These large dealers are better than small ones with limited product selections.
If you want to order a large number of silver bars, you might not find what you are looking for at a small local dealer shop.
A lot of reputable online dealers will allow you to buy silver bars in bulk at discounted prices.
How to Store Silver Bars
Silver tarnishes over time and scratches easily. For this reason, it’s important to care for your silver bars by storing them properly. Caring for silver bars is simple and inexpensive.
Store silver bars in a cool and dry place away from humidity and heat. Don’t place silver bars in the attic or basement where it is notoriously humid. Avoid wrapping silver bars in newspapers or anything with ink on it.
Store your silver bars in an enclosed container that can minimize air exposure and won’t scratch your bars. Storing silver in a soft cloth can slow down the tarnishing process.
If your silver bars eventually tarnish, you can use a cleaner to restore them. Make sure the cleaner that you use is designed specifically for silver.
As a general rule of thumb, the more silver you accumulate over time, the more diversified your storage solutions should become. Don’t place silver bars in one place in case something bad happens to your stash.
Buying and Storing Silver Bars
Investing in silver bars is a great option for those looking to up their bankroll. As your silver bars increase in price, you can sell them to make a profit.
Now that you know where to buy silver bars and how to store them, you are ready to make a purchase.
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