Tips for Buying Silver Bars

​Precious-metals investing is popular among those wishing to keep their money safe without storing it in banks or investing in risky stocks. Silver can hold a lot of value, but first you have to figure out how to buy silver bars.

First watch the video below:


Now check out our more detailed tips on how to buy silver bars:

Determining Silver’s Quality
You’ll want to determine the fineness of the silver bar to make sure that it’s investment grade. Investment-grade silver bars are made of 99.9% silver, and they’re often stamped with the decimal equivalent, .999. Higher grades of silver go all the way up to .9999, which is 99.99% silver, the finest available. Bars are also usually stamped with the name of the company that manufactured it. This helps you trace the silver bar back to its maker and ensures the authenticity of the bar.

Know Your Prices
On the day you decide to buy your silver, you’ll want to check the spot price of silver. The spot price is the cost of silver on that day, as set by the prices in the markets. Markets influencing the price of silver include the London Fix and the New York Stock Exchange. As with other types of investments, you’ll want to buy silver bars when the price is low. When you decide to sell your silver, you’ll want to sell when the price is higher than what you paid. Since silver is an in-demand commodity, chances are the price will be higher when you sell.​

​Figuring Out How Much Silver to Buy
Silver bars range in size from one ounce to 1,000 ounces. So, you’ll need to figure out the size and amount of bars you’d like to buy. Silver sellers will usually add a little extra to the spot price, and this is called a premium. There’s often a premium added to each bar, so you may want to buy larger bars if you can afford it. That way, you’ll save money on premiums. Keep in mind the fact that larger bars will be very heavy and hard to handle. You might want to choose a size that balances price and practicality. Buy your bars from a local or online dealer, a bank, or a market.

Storing Your Silver
Once you buy your bars, you’ll need to figure out how and where to store them. You can’t leave silver bars around your home in plain view; it will make you a target for thieves.  If you keep your silver at home, put it in a hidden box or in a safe. Reduce your risk of loss by having at least two storage locations. Consider keeping some silver in storage at a brokerage firm or in a bank vault.



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