Best Place to Buy Silver Bars
Silver bars are also known as ‘silver bullion.’ The best and most well-known silver bars are Maple Leafs, American Silver Eagles, Britannias and Australian Silver Kookaburras. To make an educated purchase, you should consider the differences because all silver bullion.
Purchasing a silver bullion in the form of silver rounds and bars is the cheapest way. Additionally, many investors choose silver rounds over silver bars since they are issued in the form of coin and provide great flexibility upon selling. For instance, if you prefer to purchase two hundred ounces of silver bars, you are restricted to selling the entire amount at one time, whereas if you buy two hundred ounces of coins, there is better flexibility of selling any number of coins at any time.
Where to Buy Silver Bars?
Purchasing silver bars is a wise investment decision because they are easier to store, provide lower premium than coins, and can rise with a great percentage in price as compared to gold bars. Considering the size and weight of bars is essential as they come in various options from 1 ounce to 100 oz silver bars. Silver bars are also produced in 1000 ounces, but purchasing 10 to 50 ounces can provide a higher pool of customers, so you can sell them more easily.
Silver bars can be purchased from numerous places such as:
- Auction sites such as eBay
- Online vendors such as GoldSilver.com and Moneymetals.com
- Bullion or coin shops located near you
According to research, the best place to buy silver bars is from a trustworthy vendor because a reliable dealer will help you avoid obstacles, provide sound knowledge and, most significantly, help you sell silver bars. In order to find a trustworthy bullion seller, you must consider the following factors...
High Trustpilot or Better Business Bureau Rating
Check and give preference to the most experienced seller because customers wouldn’t have come back if they had a negative experience. Search for legitimate websites with the Trustpilot or Better Business Bureau logo. Once you see the logo, examine it carefully as logos can be easily copied. Better yet, you can search the rater’s website for the company.
Educational Website or Dealer
Trust your gut instinct. If the dealer promotes only expensive products and forces you to buy rare coins with high mark-ups instead of silver bars, steer clear. GoldSilver is a good example of a helpful dealer since it educates people through its YouTube series, ‘The Hidden Secrets of Money.’
Consider larger dealers with strong volumes as they provide greater flexibility. In contrast, small dealers are unable to cater to large buy or sell orders and their product selection is limited.
Also inquire about the delivery timings. A shipment of silver bars should not take more than 1 to 2 days after payment clearance.
Multiple Payment Methods
Most dealers accept cash, cheque or money order, while some prefer credit cards and bank wires. Some sellers offer other digital means as well such as Bitcoin and PayPal. Irrespective of the payment method, you must remember that online sellers wait for the payment to be cleared before they dispatch your order.
Westminster Mint provides a wide variety of well-known silver bars including privately minted, government issued, and branded products. Its items are globally recognized. Privately minted silver bars by Westminster Mint start as silver grain, directly bought from a refinery. These silver grains are delivered in a sealed bucket, and each bucket is verified by assay certification which attests its purity.
Silver received by Westminster Mint is 0.999 percent pure. Additionally, its industrial silver bars are bought from refiners where the individual bar is trademarked and stamped as per its purity and weight.
Money Metal Exchange
Another best place to buy silver bars is Money Metal Exchange because it makes it easy to invest by offering different packages and products of silver coins, bars and rounds, which ultimately allows you to buy cheap silver.
Buying silver coins and bars from Money Metal Exchange is a great way to participate in the precious metal market because it offers a close spot price according to silver bar size. For instance, if you purchase 5 ounces of silver from its bargain bin, you can stock up as you will get a great deal. If you want to purchase only silver coins, you can go through the sale of old silver coins to get a good price.
Silver storage is another way of buying silver bars. With this approach, you can save on shipping costs and reduce premiums because silver is acquired on your behalf and deposited in a bank vault. However, it has a drawback: the silver is not in your possession and fraudulent warehouses might sell your silver to other customers.
Hence, this silver storage system is not recommended, but if you are interested in silver storage, some reputable places offering this facility are as follows:
These places facilitate you in purchasing silver in any quantity and store it in a remote bank. It is reviewed and audited by a third party regularly to ensure that the exact amount of silver bar is present in the vault. Some brokers even allow you to collect silver bars physically if you wish to do so.
Silver Exchange-Traded Funds (ETFs)
ETFs are exchange-traded funds similar to mutual funds as they allow you to invest in a bunch of bonds, stocks, or underlying assets such as physical possessions. A silver ETF tracks silver prices, so the purchase of silver ETF shares will grant you an estimated amount of silver. This system might be the best place to buy silver bars because of its flexibility since you can trade at market value at any time. ETFs are more tax efficient and offer a more economical cost than mutual funds, so investors attain bigger gains.