Purchasing silver bars is a great way to invest in a precious metal and increase your wealth.You will want to make sure that you purchase silver from a trusted vendor.You will be able to buy silver in a reliable way if you research the market thoroughly.
Step 1: If you are planning on buying silver as an investment, speak with an advisor.
How much silver is right for your portfolio is the first thing you will want to think about when buying silver bars.Sometimes being difficult to sell is one of the risks of silver.A professional financial or investment advisor can help you figure out how much silver to buy.
Step 2: Choose between bullion and art bars.
There are two types of silver bars.Art bars are inscribed with artistic designs and are simply unadorned pieces of silver.You may have to pay a premium for the art bars if they are above their value in silver.
Step 3: To buy a bar, you need to choose a size.
There are different sizes of silver bars, ranging from 1 ounce to 5,000 ounces.The most common sizes are 10 ounce and 100 ounce.Larger sizes of silver bars, such as the 100 ounce bar, have lower prices than smaller bars.If you want to be able to sell your silver bars quickly, you should buy smaller bars.
Step 4: Find out about the brands of silver bars.
Some brands of silver bars hold their value better than others.Credit Suisse, Engelhard, and Johnson Matthey are some of the popular manufacturers of silver bars.Search online for different brands before buying silver bars.You don't have to buy one brand over another.You can get a trusted product for your money if you know the brands.
Step 5: Ask about silver dealers in your area.
You can begin your search for a dealer by visiting your local bank.Banks often sell their silver at a lower price than other dealers.Even if your bank doesn't sell silver, they will still be able to give you reliable advice.You can use the internet to find reliable information about silver dealers in your area.You need to make sure you get your information from a site that you can trust.If you are interested in a dealer but have reservations, you should contact your local consumer protection bureau or state attorney general to see if any complaints have been filed against the dealer.
Step 6: Shopping for silver online is not advisable.
There are many dishonest dealers of silver online.Adding to the cost of purchasing the bars themselves is the fact that it can be very expensive to ship silver bars.
Step 7: It is advisable to research the spot price of silver before making a deal.
The price of silver on the market is the spot price.Silver bars are usually more expensive than this price.You can be sure that you are getting a good deal if you know the current price of silver.If the dealer is asking a lot over the spot price, be very careful when making a purchase.
Step 8: Don't be fooled by false claims from the dealers.
Disreputable dealers will make false claims about the value of their bars.A sign that a dealer is unreliable is if they make claims about the value of their bars that are out of line with the current silver market.Do not do business with dealers who tell you that your research is false.
Step 9: You should be cautious of offers to store silver.
Some dealers will store your silver for you.Many dealers reduce your equity in the bars over time to cover the cost of storage and this sounds like an easy solution to storing your new bars.You will no longer own the bars you bought.
Step 10: You can keep your silver bars in a safe.
Each silver bar has a uniform shape, making it easy to store.You can stack your silver bars inside of a large safe.It's a good idea to put your safe in a dark place to protect it from the heat and humidity.Place the packets of gel inside the safe.
Step 11: If you don't want your silver bars in your house, store them in a bank.
You can store your silver bars in a safety deposit box at your bank for a low annual fee.You can access your bars more easily if you choose a bank that is close to your home.
Step 12: Gloves are needed to handle the silver bars.
You will need to keep your silver in good condition to maintain its value.When touching silver, use cotton jeweler's gloves to prevent tarnishing it.You should only clean your silver with soft cotton cloths.If you don't have enough cloths, buy a special sterling silver one.
Step 13: To make sure your silver is insured, contact your insurer.
If you lose your silver from accidents or theft, insurance policies can help protect you.You should contact the insurance company to see if you can get a discount.
Step 14: If you no longer want the bars, you can sell them to a trusted dealer.
You have to be as careful when selling silver bars as you were when buying them.If you want to be sure that you will be paid, you should do business with a trusted dealer.If you want to get more money, dealers will usually buy silver for less than the spot price.Sell to anyone other than an established dealer with extreme caution.