Warning: Division by zero in /home/infobarrel.com/m/includes/article.class.php on line 3729
How to Buy Silver - InfoBarrel
Login
Password

Forgot your password?

How to Buy Silver

By Edited Jun 11, 2016 0 0

As the old saying goes, silver is a girl's best friend. Okay, maybe not, but still – if you know how to buy silver then you'll enjoy this excellent investment vehicle. Silver historically has been viewed as a safe long term investment, and even in tough economic times the demand for silver has not dropped.

No, silver isn't defying all of the odds, you just need to know how to buy silver to get in on the action. Surprisingly, silver is more than just jewelry – in fact, less than one third of the silver you see today is used for jewelry.

Read on to learn how to buy silver.

Things You Will Need

Cash

Step 1

Don't purchase through online television ads. One of the biggest mistakes that people who don't know how to buy silver make is that they see an ad on television, gawk at the fancy sales techniques that are used, and make a call to buy some silver. This is not what you want to do. The silver you see on television ads is overpriced, unaudited, and often made in a factory. This is definitely not how to buy silver.

Step 2

Find a local coin shop. The most popular way that people buy silver is by purchasing coins from their local coin shops. There are a lot of ways to find local coin shops – you can ask your friends, look it up in the phone book, or hop online. Google Maps is a great place to start, or just do a local search.

Step 3

Get cash from your local bank. The most effective and successful way to buy silver is by arriving to the store with "cash on the barrel." Store owners appreciate this much more and your negotiating power will be much greater if you have cash. You'll need to go to your bank for this, and depending on how much you take out you should let them know about a week in advance (for anything over $5,000). If it's over $10,000 you'll also need to fill out a federal form.

Step 4

Arrive at the dealer ready to negotiate. Bring quotes you received on the internet with you and negotiate as much as you can. Silver is a great commodity, but everything has its price. These store owners work hard to make sales, so as long as you're realistic you should settle on a price that you are happy with.

Step 5

Purchase silver online. If you don't want to purchase silver locally or there isn't a store near you, your best option is to purchase silver online. There are many websites that sell silver, but you'll want to stick to the ones with the best reputation. Johnson Matthey and Amark are two of the biggest silver suppliers in the United States, so they're good places to start.

Step 6

Be wary of long shipping times. Silver shops are prone to going out of business, so if shipping times from a website are extremely long, you run the risk of that shop going out of business. Yes, that means you won't be receiving your silver. Be extremely cautious with these sorts of places.

By following these steps and being cautious, you should have no problems finding a silver dealer that is credible and that you are pleased with. It may be a big investment where the risk is high, but historical trends have all shown that silver's rewards more than cover its risks. Its integral place in industry should make it a precious commodity for some time.

Make sure while you're here to take a look around for more great tips and information.

Tips & Warnings

Advertisement

Comments

Add a new comment - No HTML
You must be logged in and verified to post a comment. Please log in or sign up to comment.

Explore InfoBarrel

Auto Business & Money Entertainment Environment Health History Home & Garden InfoBarrel University Lifestyle Sports Technology Travel & Places
© Copyright 2008 - 2016 by Hinzie Media Inc. Terms of Service Privacy Policy XML Sitemap

Follow IB Lifestyle