There are a number of ways to invest in any sort of precious metal. An investor could start by going to a coin shop or by using a bullion dealer. However, coin shops are often the more expensive route in that they include all sorts of overhead charges while bullion dealers directly buy and ship from metal distributors. Once you have decided which of the following ways to invest in silver is right for you, a bullion dealer will be able to assist from there.
When investing, you must first decide what you would like to purchase. There are bullion metals which are bought and sold priced by the content of the metal rather than charging extra for historical value, aesthetic purposes, rarity, et cetera, which is the case with numismatic coins. These are usually more expensive due to some other special value. For investors, bullion is usually the more logical option. Numismatics are going to be priced much higher than their actual market value and you will need a significant increase in the market price of the metal just to break even.
You could then invest in either bars or coins. Small coins are a popular choice for new investors as it can be a hobby along with an investment. Thus, it may be wise to purchase American Silver eagles, one-ounce generic silver coins, and the like. When looking to make a significant purchase, bars are generally considered the best option as they are easier to store, or can be stored by your dealer for a small fee.
Eventually, most will sell their metals in order to make a profit off them. Generally, locations are easy to find, especially in big cities. Most areas have local pawnshops or coin shops that will purchase precious metals. However, this is likely to be the more expensive option, as these shops will only offer pennies on the dollar concerning the actual value of the precious metal. Therefore, they may have high prices on what they sell and offer less on what they buy.
The more economical option for making a profit off silver or gold is to sell to a bullion dealer. Since there are minimal costs for these operations, this is likely to be your best bet. Without the overhead costs, dealers are able to give very competitive prices. You will know going in what their commission is, therefore, you will already know your profit before ever making the transaction.
Prices on precious metals are constantly fluctuating and depending on what form they come in, there are sometimes other things that factor into the price. Going directly through a bullion dealer, though, offers the best price as overhead costs are minimal. Once you have chosen where you will buy your silver and in what form, there are many ways to invest in silver to make a profit.
When investing, you must first decide what you would like to purchase. There are bullion metals which are bought and sold priced by the content of the metal rather than charging extra for historical value, aesthetic purposes, rarity, et cetera, which is the case with numismatic coins. These are usually more expensive due to some other special value. For investors, bullion is usually the more logical option. Numismatics are going to be priced much higher than their actual market value and you will need a significant increase in the market price of the metal just to break even.
You could then invest in either bars or coins. Small coins are a popular choice for new investors as it can be a hobby along with an investment. Thus, it may be wise to purchase American Silver eagles, one-ounce generic silver coins, and the like. When looking to make a significant purchase, bars are generally considered the best option as they are easier to store, or can be stored by your dealer for a small fee.
Eventually, most will sell their metals in order to make a profit off them. Generally, locations are easy to find, especially in big cities. Most areas have local pawnshops or coin shops that will purchase precious metals. However, this is likely to be the more expensive option, as these shops will only offer pennies on the dollar concerning the actual value of the precious metal. Therefore, they may have high prices on what they sell and offer less on what they buy.
The more economical option for making a profit off silver or gold is to sell to a bullion dealer. Since there are minimal costs for these operations, this is likely to be your best bet. Without the overhead costs, dealers are able to give very competitive prices. You will know going in what their commission is, therefore, you will already know your profit before ever making the transaction.
Prices on precious metals are constantly fluctuating and depending on what form they come in, there are sometimes other things that factor into the price. Going directly through a bullion dealer, though, offers the best price as overhead costs are minimal. Once you have chosen where you will buy your silver and in what form, there are many ways to invest in silver to make a profit.
Source...