How Much Over Spot Should I Pay for Silver?

How much over spot should I pay for silver? Before ensuring the spot price of silver, you need to know more about this precious metal. Besides gold, silver is another popular metal to invest in. Even though the value is not as high as gold could be, there are tons of benefits when it comes to investing in silver. In this article, we will show you anything you need to know about silver as well as the buyer’s guide before you start the journey of investing in silver.

1. Facts about silver

When it comes to investing in precious metals, you need to figure out the form that you will buy. Commonly, people will pick bars, coins, and jewelry for investment. Silver bars, on the other hand, are more low-cost compared to silver coins.

How can it happen? Silvers bars are less expensive because the design is not as intricate as coins. Other than that, coins involve greater machining and labor costs, which also affect the resale value of the commodity. Silver bars usually trade for between 5 and 8 percent above the spot price. On the other hand, you can get up to 20 percent above the spot with silver coins.

2. Saving silver in the storage

After figuring out how much over spot should I pay for silver, you should know that silver bars are easier to store compared to coins. Bars take less space in the storage. Meanwhile, to get 500-oz silver coins, can you imagine how many coins you should own? Still, this is not the main concern of investing in silver. Picking silver for investment is always a good idea.

3. Best places to buy silver

Just like buying other goods, there are several places you can head to when it comes to buying silver bars. Of course, reputable dealers are the first place you should go over. Other than that, some factors are worth noting.

You can check the reputation of a dealer by reading the rating in the Trustpilot or Better Business Bureau. There you can find ratings and reviews of precious metal dealers. The rating is one of the best identifiers when it comes to reputation.

The next place you can head to buy silver bars is an educational dealer or website. Some dealers only promote expensive products while they are not necessarily the best ones or what you are looking for. If you have no good feeling about a dealer, feel free to shop elsewhere. Your gut tells a lot.

Buying silver bars online is also a good idea. This way, you can get a safer transaction since everything is anonymous. You can directly send the metals to your depository, and everything is done. If you are willing to do the work, you will find online dealers that sell silver bars at lower prices compared to local silver shops.

If this is your first-time buying silver, feel free to shop from different dealers. Comparing services, costs, delivery, and other factors will help you find out more about how much over spot should I pay for silver.