Have you ever heard the term “hard cold cash”? What you might not know is that this term doesn’t refer to paper money. It is a reference to when gold and silver were our primary forms of money.
Today, the term “hard money” still refers to physical forms of money that it are backed by something tangible and have a limited supply. In contrast, government issued (fiat) money is not backed by anything, which is what allows governments to continuously issue more of it.
With this in mind, all investors should learn the basics of gold and silver investing, whether or not you choose to invest in these precious metals or other asset classes instead.
So, how do you buy silver for sale online? Is it really as complicated as it seems?
Silver vs. Gold
There are a number of reasons to invest in silver, including that it can diversify your portfolio, serve as a hedge against inflation, and tends to perform well when interest rates are low.
Did you also know that silver outperformed gold by 51% in 2020? Analysts predict that the price for silver will reach a 6 year high during 2022 as well. It’s no wonder so many people are seeking silver for sale.
Have you considered investing in silver? It might seem intimidating at first, but it’s easy to buy and sell silver once you know the basics. The following steps will explain the different types of silver for sale online and how to trade them.
The good news is, it’s easier to buy silver online than you might think, because your online shopping skills will come in handy.
How To Buy Silver For Sale Online
The process of buying silver online is very straightforward. The first step is to find a reputable silver dealer. If you need a good place to start, here’s a list of 10 established silver dealers.
Once you choose a dealer, simply browse their website and inventory of silver items. Add the silver items you want to buy to your cart as you would for other online shopping. You’ll pay for the entire silver order once you’re ready to checkout.
The prices will get locked in once you commit to your purchase. Choose a payment method such as credit, check, cryptocurrency, or bank wire.
Typically, there’s an extra security authorization step when buying silver online in the form of a 5% credit charge that will apply no matter which payment method you choose. The good news is, this charge will get refunded back to you after your payment is verified.
You can pick up your silver purchase in person or have it shipped to your home address. Most dealers use discreet packaging and insure all shipments. Vault storage is another option after making your purchase.
These online silver dealers often offer safe ways to sell your silver as well, but you can sell silver in person too through pawn shops, auctions, or to a private buyer.
What Is Silver Bullion?
Silver bullion is an item that consists of highly concentrated silver. Typically, silver bullion must be 99.9% pure.
Bullion is usually intended for silver investment, so it is most often provided as bars or coins.
Silver Coins
Government mints create silver coins and sell them to investors. Today’s silver coins offer 99.9% purity or better. Most pure silver bullion coins weigh about one troy ounce or 1.097 standard ounces.
Weight standards make it easier to track your silver holdings. Overall silver value depends on the total weight and not the number of coins.
The American Silver Eagle is currently the most popular silver coin. The US Mint has been creating them since 1986. Over a half-billion Silver Eagles have been sold.
Silver Bars
Silver bullion bars also have a 99.9% purity just like silver coins. Bars come in sizes that range from 1 gram to 5,000 grams or more. Almost all the silver bars on the market get produced by private refineries.
Silver bars come in either poured or minted forms. Poured silver bars are created by pouring molten silver into special molds. Minted bars get cut from bar stock and stamped with a design.
Minted bars take less time to make than poured bars, but both values depend on weight. You can learn more here about silver bars and their prices.
Ready To Invest in Silver?
Now you know how to find and buy silver for sale online. You also know shipping and storage options. Remember, silver ounces represent value no matter whether you own coins, bars, or other items.
If you feel like you can now make your first silver purchase with confidence, let me know in comments below.