There are many different ways to buy silver that will not break the bank, which often times comes as a surprise to first time buyers. The key to getting a low price on silver is not paying high markups on anything you order. You might wonder how this is even possible, but it is actually extremely easy to do.
One of the easiest ways to accomplish this is to know what types of silver deliver the best bang for your buck. Beyond this, knowing where, when and how to negotiate deals can also pay off with significant dividends. Below is an outline of the many different ways that you can add silver to your investments without breaking the bank.
Low Cost Coins
Low cost coins are generally the toughest form of silver to come across at a cheap or discounted price. This is because every dealer knows that they are highly sought after and they will sell very quickly more often than not. With that being said, however, there are some tricks that will allow you to achieve a slight mark off from what would otherwise be fairly sizable premiums paid for by the ounce.
Buying in bulk is the first thing that you can do to find cheaper coins. With coins, a bulk purchase does not need to be nearly as large as what be with bullion in order to get a slight % of the final sale price. The way to buy coins cheaply is either via tubes or monster boxes. Tubes contain 20 items, whereas monster boxes hold several hundred.
Another way to buy cheap coins is to look for backdated issues. There is little reason to go after the current year’s edition of a coin, especially when you consider that next year it will have lost much of its appeal. Backdated coins are any item that were released prior to the newest version. For example, in 2011, anything from 1986-2010 would be considered backdated. These can be obtained at a cheaper price because they do not carry quite the same demand as the latest and greatest coins on the market. In the end, though, you are only paying for how new the item is when you buy current year coins, they are not actually any better than their cheaper, backdated counterparts.
Low Cost Bullion
Low cost bullion is a bit more tricky than it is with coins. You will generally need to be spending a lot of money if you want to find any raw silver at a cheap price. The primary reason for this is that dealers make such a small margin of profit on the items to begin with, that they have next to no room to take anything off.
Though getting a further discount off normal prices is not easy to do, the good thing about bullion is that it is naturally cheaper than other types of silver. You won’t need to pay any premium for a collectible markup, and you are receiving pure silver for every dollar that you spend. If you do only want raw silver, in any form, and are OK with not having pure items, there is a solution…
Junk silver is the cheapest way to buy silver. Any coin, round, or item that is not pure silver or nearly pure silver is considered a “junk” piece. These will almost always be available at a price that is actually below silver. This low cost can be attributed to the fact that they really only have melt down value, and that they are difficult to sell otherwise. You might need 3x as many junk silver coins to equal the amount of silver in just one pure silver coin. Junk silver can be found in large lots, many times in sacks or bags, and is a great way to accumulate cheap silver.
Where to Buy Cheap Silver
Without somewhere to buy low cost silver, it doesn't much matter what is available. Like most all silver products, the internet will provide the absolute best and most dynamic selection of items to choose from. Not only will you have a more comprehensive catalog to shop from, but you will also find naturally lower prices.
Because the online silver websites have lower overhead, they are able to offer better prices than you will find at most brick and mortar silver dealers. It is always in your best interest to shop around at a few different sites before buying, though, because you never know what deals you may end up finding.
Junk silver in particular is known for its varied pricing. If there is one type of silver that you could buy cheaply due to a promotion or a blowout sale, it would definitely be junk silver. No matter what you are after, you are going to be able to find it for sale online and you will not need to take out a loan in the process. Silver can be affordable and will only be as expensive as you allow it to be.