Where to Buy Silver Bars: Selecting the Right Dealer

Charlie Stevens, president of GMRgoldCharlie Stevens, president, GMRgold

Silver is one of the most popular precious metals and is more affordable than gold.

Obtaining silver in the form of bars is a great way to acquire silver and avoid the higher premiums that are normally placed on legal tender bullion coins. However, there are some very important facts to consider before you decide where to buy silver bars, and who to buy them from.

Market Price

 This price fluctuates constantly, just like all commodities on the market. As an investor, you want to make your purchase at a rate that is as close to the Silver spot price as possible. A premium is the amount a dealer charges over the spot price, so you want to find a dealer that keeps a close eye on the spot price and adjusts their prices accordingly. The most popular size of silver bars is 1 ounce, 10 ounces and 100 ounces, and buying in these amounts makes the bars more affordable. This is because the mint has less fabrication costs when producing the larger bars. These bars typically sell at or just above the current spot price of silver and then sell slightly below the spot price.

Reputable Silver Dealers

A good way to decide on where to buy silver bars is to find a dealer that will keep a sharp eye on the spot price of silver. They will give you up to the minute reports so you can make your purchase at the most opportune moment. This type of transparency is key to building a trust. Also, reputable dealers will not add on extravagant shipping charges. Shipping charges are an important item to include in the price of silver bars when you are comparing dealers.

Another way to save on the cost of silver bars is to buy secondhand bars as opposed to the bars that are newly minted and sealed in their original protective plastic. Dealers are often able to purchase The value of silver bars lies exclusively in their silver content, not in how bright and shiny they look. The purity of most silver bars is the same, yet some brands will cost more simply because of the company’s reputation. Like buying a diamond from Tiffany’s as opposed to buying from your local jeweler. Packaging does not increase the market value, and is usually only important to collectors who value the art aspect of the bars. Each dealer will charge a certain percentage over the spot price, so shopping around for the best price is worth the time and effort.

Silver bars are an excellent investment and a smart way to promote long-term wealth. Purchasing silver bars is not difficult, and you don’t need to be an expert investor or collector to make precious metals part of your investment portfolio. Owning silver bars is an astute way to preserve wealth, especially in times of economic instability and upward inflation. When you are ready to add silver bars to your collection of assets, Global Monetary Reserve offers a large selection of coins and bullion for both keepsake and investment purposes, and is devoted to guiding clients into long term financial security.