There are several factors to consider before investing in silver and other precious metals. Listed below are some general guidelines to follow.
Contact your local coin dealer. Do an online search and see if the shops have both silver and gold coins. If they do, take note of their dealership since you may do business with them in the future. Talk to the dealer on the phone and get as much information as possible. Establish a good business relationship with the person you’re speaking with.
Know the price of silver and gold before attempting to buy. Silver and gold prices generally fluctuate every day so know when to go in. You can do this by studying the prices of silver and gold before buying.
To determine which method of silver purchase is best for you, know the size of the investment you wish to make. If a small quantity is needed like a few thousand ounces or less, find a secure means of storage. Use a safe deposit box. If you plan to invest more than the secure storage will store or you can’t find a secure storage, buy silver from a general silver pool.
There are different kinds of silver. Which type is best to own? Silver bullion can be found in either bars or rounds. The bars come in 1 ounce (oz.), 10 oz., 100 oz., and 1,000 oz. weights. The bars are individually weighed and their actual weight is stamped on the top and side.
Remember that 1,000 oz. bars must be redeemed in entirety. When dealing with a few thousand ounces or less, a mixture of 1, 10, and 100 oz. bars are probably best. Only when storing a huge amount of wealth should 1,000 oz. bars be considered.