Buying silver is not nearly as complicated as you might think. One of the first presumptions that people have about buying silver is that it is akin to buying stocks or other commonly traded forms of investment. The truth is that buying silver is not all that different than buying a TV. You can buy silver in a store, you can buy it online, you can buy different types, and so on and so forth.
In this article we are going to explain the different ways that you can buy silver and exactly what is involved with each process. The most important thing that you can ever do is to get started, and by reading this article you are taking the first step.
Buy Silver in a Store
Depending on where you live, the chances are that there are several stores near you that sell silver bullion. Most of the time these shops will be referenced as coin stores, but they will usually have general silver available as well. Now, the difference between bullion and coins is simple. For the most part, bullion encompasses those types of silver that are not highly collected. Included in this is silver bars, rounds, and low end coins. If you are collecting silver, you will not generally be going after what is considered bullion.
To buy silver in a brick and mortar store, there isn't much more that you need other than some cash. Before you make any purchasing decisions, however, you should know what types of silver you are most interested in buying. For a closer look at what silver is available on the market and the attributes of each, we suggest reading this article.
Silver stores that are offline will have different ranges of prices than what you will typically find online. Because of the overhead, brick and mortar silver dealers will almost always charge more for their products than what you will find online. The general pricing for silver shops is usually around the following…
Rounds and bars…$3-$10 over spot per ounce
General coins…$5-$15 over spot per ounce
While this is a very broad range, it is something to keep in mind. The overall competition levels and supply availability will be the main factors in just how much your local dealers will normally charge. Also note that even prices at a particular dealer are very much subject to change.
How To Buy Silver Online
Buying silver online is even more straightforward than it is in a store. The first thing that you need to do is to find a place to make your order. For tips on this, take a look at our article on the top places to buy silver online.
Online silver websites will tend to have even more of a selection available than your local dealers. Another benefit to shopping online is found in the lower prices. Just as higher costs lead to greater prices in stores, you will normally notice lower prices at the online dealers.
The only thing that you need to purchase silver online is a credit card or other form of payment. While using a card is typically the most popular option, it is not the only way that you can pay. Other common payment methods include bank wires and checks. If you are spending several thousand dollars on silver, checks and bank wires might actually be the best choice because they will come along with lower charges at checkout time.
So long as you are buying from a reputable dealer with a good selection and great customer service, you shouldn't have a tough time when buying silver bullion online. If you run into any issues or have any other questions about the general process or what else might be involved, be sure to take a look at the rest of our articles.