With the economy being unstable, precious metals are some of the best and most reliable investments to make. Silver, the ‘other’ gold, is usually underestimated as an investment. Gold costs more and silver actually rises in value at a faster rate. Silver bullion never loses popularity as it’s used in major industries such as jewelry, photography, electricity, food packaging, musical instruments, and auto parts production.
Buying Silver Safely
When you decide to purchase silver bullion, you need to find a trustworthy precious metal dealer either locally or online and then investigate the safest way to make your purchases. Online purchases are easier, convenient, and you can choose to have your investment stored securely. The prices are different from dealer to dealer online, but do not let excited advertising sway you to make a rash purchase when the deal is unbelievable. It probably is unreliable.
Especially online, you have to do some reading and be careful in choosing a dealer. Be sure the company is reputable and search for them on the Better Business Bureau website to check their rating. The BBB ratings are based on many factors including years in business. There may be some customer complaints, but read them to see if they were minor and resolved agreeably. Many opinions can circulate about a precious metal dealer—good and bad, and they are usually based on customer’s perception rather than facts.
Avoiding Scams
Do not trust or do business with an online precious metal dealer if they do not provide adequate contact information including their name, address, and contact phone number visibly on their site. Be sure there is an easy way to contact them such as a contact form or email. Do not work with a dealer who does not provide secure checkout services such as Authorize.net, Trustwave, and that they are certified with all the credit card companies.
Look for a section with customer feedback and FAQ’s that answer most questions new buyers may have. Be sure they offer a money back guarantee of some kinds in writing on the website and that your shipment will be insured. Online dealers should provide written assurance of the purity of their silver bullion.
There are also many third party websites offering reviews and recommendations of online precious metal dealers. You can find out if there are any serious problems with the company or if they are in litigation with a customer. Also, it is important the dealer is part of at least two numismatic organizations like the American Numismatic Association and coin grading services such as the PCGS, the Professional Coin Grading Service.
If you can buy silver bullion locally, it offers an advantage as you can inspect the silver and ask many questions of the dealer. Do your research online and then shop at a local dealer in your area. If you’re not located close to a dealer, it may be worth the trip to take a drive to visit that dealer. Armed with knowledge, you can negotiate prices, ask for proof they are certified in grading, and inquire about their return policies.
Another great resource to either buy silver bullion online or locally are coin collecting clubs. Ask members and find out who they buy from and if they’ve had any bad experiences. All this research will make your silver bullion purchase safe and rewarding.