Where Do You Buy Silver?
Where Do You Buy Silver
Where do you buy silver? This is the first question I encounter when I introduce someone to the truth of this historically undervalued precious metal called silver. I had the very same question when starting and unfortunately resorted to eBay. Not knowing any better I paid too much and took unnecessary risks. A sidenote about buying silver is that where you purchase silver is very important if for no other reason when the time comes to sell.
Chinese Counterfeit Silver
When looking to gather some silver there is always the fear of acquiring fake Chinese silver. That fear of getting conned buying silver vanishes when you purchase from a reputable bullion dealer. When you buy from an online bullion dealer they have too much at risk for them to ship a fake chunk of silver. All online bullion dealers verify it is in fact silver WHEN THEY PURCHASE IT. There is no way it could end up in your mailbox. They would never have fallen for the age-old deception of manufacturing counterfeit silver. (Rabbit Hole Detour)
Choosing Where To Buy Silver Bullion
When you are approaching your initial purchase of silver the first question you should ask is what is the long-term goal? This should be asked because buying real physical silver to hold is a big deal for most citizens. Some readers may be looking to get a bunch of it while others just want a few ounces. An important question is whether you are looking for a one-time purchase or looking to accumulate silver over an period of time.
If you are scooping up a few hundred ounces and then you are done the absolute best price is a valid concern. If you are looking to buy a small bit every month an important issue will be the history and tracking of all your orders. If you plan on making additional purchases it can become confusing buying silver here there and everywhere chasing cents.
Over the long haul, the ‘pennies’ saved are usually not much, if any at all. Over the long term, it will become important to know about all of your orders with a single mouse click or two. It will be much easier than checking a bunch of accounts on different websites.
Local Coin Store (LCS)
A term that many silver stackers use is “LCS”. When I first started I had to Google the definition of LCS. LCS is merely an acronym for three words. Those three words are Local Coin Store. The issue I have had from dealing with an LCS is that the first one I went to treated me poorly like I was in need of quick cash. (Maybe it was my very casual clothing?) I was offered a stupidly low price on me selling some coins and much higher than the spot price when I asked about purchasing silver. The man was an ass actually and I just ended up walking out with no transactions at all.
A couple of weeks later I went to another LCS. As I walked up to the door to ask about making a purchase I noticed a huge sign on the door. It proclaimed that if I did not have a mask on (China Virus) I was not welcome. There was something about walking into a store to get silver wearing a mask that made me feel all ‘criminally’…? So… I turned around and left.
I continue this day dealing with two online companies. It would be worth checking out your LCS but be careful if it is your virgin purchase. You will never recognize the intent of the dealer until you are knowledgeable about the subject of silver. This knowledge goes well beyond coin collecting.
How Do I Get Best Price?
Although getting the best price when purchasing silver is important it should not be the driving force of all your orders if you are going to purchase regularly. You can look all over the Internet and flip back and forth between sites and save a cent or so on an ounce but I have learned it is not worth the effort for my long-term goals.
The spot price is the current price of silver. The spot price is essentially the worldwide price to buy one ounce of precious metal at that moment in time. The second cost will be the premium.
The premium is the price markup you pay for the privilege to purchase silver at the spot price. You will see advertisements that say….’ as low as $2.99 over spot‘. This means that is the premium dollar amount you will be charged for EACH ounce when you place an order of that particular item in that particular quantity.
I have learned that physically taking possession of the silver and storing it should be part of your initial purchasing decision. The best price is not always the most important thing when purchasing online, especially if you are dealing with an eBay situation. To find the best price for your silver purchase you need to decide if it is a one-off purchase or will be a monthly ‘thing’ you are starting? Be wary of chasing the best price, especially when dealing online. Not all websites are equal despite how legitimate they may look.
Safest Place To Buy Silver
The safest place to buy silver actually is online. I know that is a crazy statement to make but if you use a reputable bullion company it is a hassle-free purchase. What you can expect is a prompt shipment of your order, as long as there is not a footnote that the product within the order is on back-order until a certain date. All orders ship complete and in-stock items will be held until ALL out-of-stock items are available to be shipped.
Your silver order will ship AFTER your payment is fully cleared. No bullion dealer will ship your order until your payment has completely settled into their bank account. It is very similar to the three-day clearing time when selling an equities stock. If you mail in a check the wait time will be considerably longer than a bank debit or an ACH. It often takes about a week to ten days for your silver to show up at your door after your payment has cleared.
Reputable Bullion Dealers
I cannot speak for the entire market of bullion dealers but I have had very positive results with two. Between the two dealers, I have had over 25+ individual purchases. I did have one screw-up that was a comedy of errors that I started but it was quickly corrected on both ends.
The two dealers I have had VERY positive results from are Silver Gold Bull and Money Metals Exchange. Whichever one you choose I have had great results with. I see no reason why you too would not have a great experience. I am not a big-spender customer. My orders are much less than I have seen some people display on Reddit silver sites. (Wall Street Silver) My 25+ orders were not much individually and yet I was treated like my purchases were much more than the dollar value.
Just Start Stacking
In my humble opinion, the greatest wealth transfer in HUMAN HISTORY will be here in the not too distant future. If it is today or tomorrow, or next year does not really matter. When the market collapses and/or the U.S. dollar is reset my family will be ready.
Will yours be?
It is all about choices and in the current silver pricing environment of the WORLD you are making a long-term choice. Silver has been around much longer than since Jesus threw it to the ground in the temple. It is the oldest form of money in human history.
Compared to the few years of glory the currency of the U.S.A. has enjoyed the life span of the U.S. dollar is the blink of an eye. Americans have been deceived for so long they no longer recognize or even believe that silver is literally… money. This loss of concept proves that The Federal Reserve Act of 1913 worked. The citizens of the entire world are cluelessly chasing paper while the wealthy stack silver, and of course gold. Inflation is what keeps the wealthy in their position of power and yet the masses accept inflation as something that is natural. (Rabbit Hole Detour)
Listen To Your Inner Voice
I am not a financial advisor. The truth is I may be that person you walked by at the store yesterday. I am just an average citizen trying to get through each month. Having worked my tail off for years and always have to be chasing after the ever cheapening dollar has grown wearisome. I have little wealth because I have listened to the ‘experts‘ for decades. I have realized it is time to run against the wind and do what I know is true. Bookmark this article and come back, at least, in a few months. I hope you jump on board the silver train. There is no counter-party risk with buying silver and it really is a no-brainer… when you use your brain to see what is really going on.
Semper Fi!
A video review and a written review of Money Metals Exchange.
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