When looking to buy silver bars, there are many options on where to purchase this valuable investment, but even more options on how. There are countless online dealers, auctions, and other online retail outlets for precious metals like silver bars.
Silver Bars Online or Locally
Many factors effect where and how you buy silver bars. Online dealers typically charge a much lower premium on silver bars and delivery of your items takes not much longer than buying locally. There are also shipping charges and insurance, but oftentimes if you buy enough, say, $2,500+ at a time, shipping and insurance are free.
Local dealers are more expensive when purchasing silver bars, as they have higher overhead and limited market reach. Prices can be negotiated and there is no shipping to pay, immediate possession, and you can visually inspect the silver bar for quality and authenticity.
Work with precious metal dealers who are certified members of the American Numismatic Association. This requires them to adhere to a strict code of ethics.
Choosing a Dealer
Buying silver bars as an investment takes some research, so when you choose a dealer you know you’re getting the best quality, best price, and not buying counterfeit silver.
This dealer needs to have a trustworthy reputation and it’s better to purchase from a well-established precious metal dealer whether they’re an online or a local retail shop.
There are new precious metal dealers emerging with the intense popularity of precious metal investments, especially silver, so giving them a chance could result in lower prices.
When inspecting silver bars for purchase, you’ll want to be sure the dealer has a reputation for excellent service, good business practices, and good reviews from third party groups.
Be sure online dealers have a physical address and phone number with a return policy and available representatives to speak to. It’s good to check with other people you know who have purchased silver bars and find out what dealer they used and if they were satisfied with them.
If you purchase from a local dealer, apply the same investigative process as you do with an online dealer. See that they are certified in a numismatic organization, have a great reputation, and will provide a guarantee for their silver products.
These local dealers don’t have to be huge companies or be located in professional building with a large staff. Your local precious metal dealer may have silver bars from another transaction, but will offer them at a higher price than online dealers. Even jewelers carry silver bars, although they are typically the highest priced option.
Types of Silver Bars
Keep in mind that it’s more solvent if you buy silver bars in smaller ounces, so if you need to liquidate the silver bars, you can piece them out if necessary. It’s safer to buy silver bars from several dealers and you can shop prices.
Privately minted bars from companies such as A-Mark, Engelhard, or Sunshine Minting Company are much less expensive than bars from the US Mint that dealers bought and now charge a premium for so they can make a profit.
When you purchase your silver bars, many dealers online offer to send your items directly to an offsite storage facility. This is a good service for a minimal cost, but it may be safer to take delivery of the bars yourself.
When you look for places to buy silver bullion, be sure the company is 100% up front about all their options and investigate thoroughly any storage facilities they may have.