How to Buy Silver
Silver Bullion and Storage
The advantage of buying gold is that $10 000 worth of gold can fit in your pocket. $10000 worth of silver would weigh over 30lbs and you would need a suitcase to store it in.
Some companies - most notably GoldMoney will buy silver bullion on behalf of clients and arrange storage in London or Zurich (Switzerland has no history of gold or silver confiscation - see Risks section for more details) Clients open an account online that can be funded from anywhere in th world. You do not need a fortune to open an account and you can buy as little or as much as you want. Commission are as low as 1% and the annual storage fee is very low.
Yes it is true that in the event of a financial meltdown having silver or gold tucked away in Switzerland wont help you barter for your loaf of bread but for those people looking to preserve the value of their wealth this is a great option alongside having physical metal in your posession.
GoldMoney is regulated by the Financial Services Authority in the UK and independently audited and the Gold is insured by Lloyds of London.
Silver Bullion Coins
Most national mints issue one ounce silver coins. The US Mint issues American Silver Eagles and the Canadian Mint Silver Maple Leafs. These tow are considered two of the most in demand silver bullion coins and tend to demand a higher premium.
Junk Silver Coins
One of the best ways to invest in silver is to buy in what is referred to as junk silver coins. These are not damaged coins but the term refers to old coins that contain silver that were used in the past as money. Examples would be Morgan Silver Dollars or Mercury Dimes in the USA, Florins from the UK , Old Francs from France etc) For a complete list visit the Coin,Bullion & Scrap Gold Calculator or the Metals & Coin Info Page.
Why Junk Silver Coins
- Junk Silver Coins will always reflect the current price of silver - their value will change up or down with the price of silver just like any other silver product.
- They contain small amounts of silver making them cheaper than buying 1 ounce coins - a silver dime will cost you under $2
- In the event of a financial crisis these coins can be used more easily to barter with. A Silver Ounce will get you a loaf of bread but that is an expensive loaf!!!! Better to have some mercury dimes, and Kennedy Half Dollars.
- It is easy to store - a roll of halves fits in your palm and is the equivalent of around $150
One drawback with Junk Silver Coins is that they have odd amounts of silver in them - for example a Mercury Dime has 0.07234 ounces of silver in it making it difficult to work out the value.
How to Buy Junk Silver Coins
If you look on the internet you may find dealers selling junk silver coins in "$1000 bags" this means that the total face value of the coins is $1000 which would be 2000 Kennedy Half Dollars or 10000 mercury dimes!!!. At the current silver price this bag could then set you back over $14 000.
Your local coin shop will likely sell you individual junk silver coins or at least in smaller quantities. Another good place is Ebay - many dealers will sell individual junk silver coins or smaller amounts and you may snap up some bargains!!!