How to Get the Best Deal When Buying Silver

buying silver

During economic lapses, like the one we are currently experiencing, precious metals act as a safety net. This is why buying silver and gold is so popular right now. Precious metal is an alternative investment to stocks that are almost guaranteed to increase in value or at least hold their weight. 

It’s important to buy silver from reputable sources. But how do you know if you’re getting the best deal?

In this comprehensive guide, we’ll share three tips on how to get the best deal when buying silver. Keep reading.

1. Purchase Wholesale Silver

The best way to get a good deal when buying silver is to purchase it in bulk. This is known as wholesale silver. Because you buy a large quantity, the price per piece is reduced. 

You get more silver for a lower cost. Not only that, but wholesale silver cuts out any middlemen. 

There is a misconception that department store or fashion jewelry silver holds the same value because it is so expensive. The reality is, fashion silver is worthless. What you are paying for is the labor, marketing, and manufacturing costs- not the pure silver.

Pure silver can be purchased online or sometimes from a local jeweler. If you want to know how to buy coins, you can start with junk silver.

Junk silver is anything but junk. It’s US silver coins pre-1965 that can have a $1,000 face value in bulk.  

2. Pay Attention to Weight and Purity

There are different grades of silver. Just like 24 karat gold holds more value than 14 karat, silver has different concentrations that impact its value. 

The higher the percentage of silver in a metal, the greater the value. For example, silver can be found in 99.9% purity, 90%, 50%, 40%, or 30%. A lot of jewelry is only about 50% sterling silver, the rest are alloys of cheaper metals like copper or brass.

Silver is also sold by weight, so the heavier your piece, the more value it has. That is why coins, rounds, and bars are the most valuable. 

3. Building Your Own Portfolio

Owning physical bullion is the best way to get the most value with the least risk. This is because its value stays pretty consistent or usually increases during economic downturns. 

However, there are other ways to partake in buying silver without physically owning it. You can look into silver mutual funds, ETFs or stocks. These however have a higher risk and are volatile.

Is Buying Silver a Smart Move?

Investing in precious metals has been a swift financial decision for centuries. The way you invest in silver will just depend upon your budget, risk aversion, and market predictions. 

If you want to have more flexibility, invest in physical bullions. If you need to make a lot of money quickly, you might want to try a stock-based investment in silver, although you could risk losing more than what you contribute. 

Contact us today to learn how to buy silver online and why now is the best time for buying silver!