There are a couple of ways to get physical silver in hand.
1) Walk into a local coin dealer shop and make your purchase.
If you already have a relationship with a coin dealer, it can be a great way to get educated on silver or any other precious metal for that matter. The dealer can also possibly introduce you to the latest and greatest items coming out. And while there is also the advantage of being able to examine a potential purchase in person before buying, I’m not particularly thrilled by this option because you will have your limitations on what is available to buy in the shop, when to find the time to get into the shop while it’s open, and there won’t really be time to do any research. Anything you buy there will probably have a price markup on top of the markup the shop paid to get ahold of the merchandise. I’m not saying good deals aren’t possible, but come on, this is the 21st century! Don’t haggle with a used car salesman, you’ll probably lose. Likewise, getting deals from the dealer of a silver shop who has to pay rent and the electric bill might be a tall order. Just know that the house always wins here.
2) So go online and take your picks among the largest and most reputable internet silver bullion dealers. Here is a list of just a few of them:
Silver Gold Bull
eBay is also a great resource to see what the current market is dictating prices to be on silver items between buyers and sellers. eBay is the modern day version of a swap meet, but you can find virtually anything on there. You can negotiate and haggle prices as a buyer, browse other popular silver bullion items (or pretty much any item for that matter), and get an idea of what your specific silver items are currently selling for.
Advantages of Physical Silver
1) It is more difficult to buy and then turn around and sell the physical silver you hold, which could possibly prevent you from making a quick decision to sell at a potential loss if silver were to drop in value.
2) The markup above the spot price could potentially be very low depending on the type of physical silver you buy, but you now have full possession of the physical metal, which cannot be directly manipulated in the paper markets.
3) Holding and storing physical metals in your possession could be a nice insurance policy of having a form of “cash on hand” in the event of an economic meltdown a la Venezuela in 2016 (often referred to as a SHTF scenario)
4) You appreciate the art value of silver, it brings you that intangible joy, and through experience you can possibly make money in a relatively liquid market. It won’t matter whether the price of silver were to go up or down because the artistic value will carry a hefty premium that others may be willing to pay
Ultimately, the decision you make will come down to your preference and your circumstance. Always stay educated in the decision making process. Some may find it easier to buy a lot of paper silver and may not want to store any physical silver or have the space to do so. Others might not feel comfortable buying in a brokerage account and watching the daily up and down movements and would prefer to hold a tangible asset. Or if you can’t decide, you can always do both.
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