Historically silver investors bought silver to protect them in economic upheaval and turmoil. Some people bought silver as a short-term investment riding waves of highs and lows in the marketplace. Other people bought silver for the long haul as a storage of wealth.
Future Silver owners need to know where to buy their silver from when looking to preserve their wealth.
You will need to do a little research and familiarise yourself with the spot price and the premiems the dealers charge over spot when you buy silver bullion. If you have lots of time and do not have to buy your silver immediately, you may consider selling on peer-to-peer platforms or forums and asking where other silver owners bought their silver from. There are many peer-to-peer platforms and forums where people trade silver.
Please bear in mind that the drawback of these platforms is that you may have to wait a long time to buy your bullion and the market spot price may change. It might be a better to option to talk to your local bullion dealer immediately for advice.
When investing in silver bullion It is recommended not to buy too many silver coins, your bullion dealer should advise you accordingly on the high premiums involved with buying silver coins. For better value it is recommended that you buy silver bullion bars which attract lower premiums.
In some towns, there is only one bullion dealer which limits your ability to shop around for the best offer. As this bullion dealer will be aware that they have a monopoly and may use it to their benefit make sure you compare online dealers before you buy silver bullion from them.
In major cities gold and silver bullions dealers are plentiful. You can verify the dealers online and compare the price that dealers charge by comparing their websites. Buyers must bear in mind that the dealers will offer them a price for the purchase over the spot price of silver. However, they should not also charge a fee or commission for doing the transaction.
One of the best ways to buy silver bullion is to buy it back to the dealer you feel most comfortable with and has the most product knowledge. Most bullion dealers prefer cash and this is a good sign as it proves that the bullion dealer has stock for instant possession rather than waiting for a drop ship.
Since you already know and trust the dealer where you bought the silver bullion, it is a hassle-free option to sell your bullion back to them when the time is right. You can enquire about payment methods such as will the bullion dealer pay you back in cash when you go to sell.
Buying from private refiners is also another way to get your hands on some silver bullion. The downside is that you usually have to buy in bulk or the refinery won’t want to deal with you and usually refineries don’t offer consultation services such as a dealer.
A final word of advice, if you are not happy with the price or the terms of the sale, walk away. Buying silver bullion is the same as buying any other product, and you must not succumb to pressure sales techniques.