When it comes to expanding or starting your investment portfolio, silver is a great option. It's cheaper and more widely available than gold, which can make it a better choice for people with limited money to invest. However, like gold, it retains its value well and if you choose to resell later, you could make a significant profit. With some basic knowledge, a little legwork, and these tips on where you can purchase silver, investing is easy and enjoyable.
Online Auctions
It seems that you can buy nearly anything through an online auction these days, so why not silver? These venues can provide you with many choices for silver, including jewelry, coins, and even bars of varying purity. Another benefit of searching online auctions for silver is that you can sometimes find excellent deals. Unfortunately, you have to be careful. When you're not buying in person, you may be more likely to fall victim to a scam. There's no real way to be 100 percent certain that you're getting what's in the picture and description, although most sites have measures in place to discourage scammers and protect buyers.
Online Precious Metal Dealers
Auction sites aren't your only option for buying silver online. Aside from the U.S. Mint, there are also a number of online bullion dealers you can purchase your silver from. Depending on the seller, you can get your silver as coins or bars. The only downfall with buying from an online dealer is that there are some dishonest ones out there. Before you buy anything from dealers, be sure to thoroughly research their reputations. Reviews from previous customers will reveal whether a seller is dependable.
Antique Shops
Visiting an antique shop is like hunting for treasure. You never know what you'll find, and it's not uncommon for people to find truly valuable items for shockingly low prices. It's possible to find rare silver items like silverware, tea kettles, and coins. Before you buy, be sure to do your research and know what to look for in silver items. To the untrained eye, it can be easy to mistake less valuable metals for real silver. You have to rely on your own senses here because the shop owner may be unaware or deceptive about the item's authenticity.
Pawn Shops
Pawn shops are great places to visit for all things valuable and shiny. People sell their belongings to these businesses when they need cash, and the pawn shop sells those items to the public. These shops are some of your best bets for buying silver, especially coins and jewelry. However, it's recommended to become familiar with accepted pricing in your area to make sure you're not overspending and thus reducing your potential profit.
Second-Hand Stores and Garage Sales
Like antique shops, you never know what you'll find at second-hand stores or garage sales. There may be valuable pieces of silver hidden amongst all that junk simply because nobody else knew what it is or how much it's really worth. Of course, this carries the same cautionary note as browsing at antique stores, so shop carefully.
