When silver prices are low there may be opportunities in such a price decline. In fact, if you take the “buy low, sell high” approach, there could be some serious opportunities in lower silver prices.
If you’re thinking about getting into the precious metals market but don’t have the funding available to buy gold, here are some options to consider when it comes to gold’s little brother, silver.
Coins might be one of the best options when it comes to buying silver. Not only are there are variety of options – nickels, quarters, half dollars, dollars, Silver Eagles, bulk buys, individual buys – but silver coins can be worth more than just their silver value. These coins’ numismatic (collector) value might actually be higher (sometimes significantly so) than that of their silver content. This is one of the great things about buying silver coins. Even if the price of silver declines the value of a coin might still go up. Plus, with sites like eBay, Etsy, and many more, even if your area doesn’t have a local coin or pawn shop, there are still plenty of buying (and selling) options available online. Silver coins also over a wide range for buy-in opportunities, ranging from a few dollar to thousands of dollars or more.
Like coins, bars can provide multiple buying options as well. There are bars that are just a gram and bars that are hundreds of ounces. There are bars that are polished and have decorative images pressed into them, and just plain old silver bars. The downside to bars it that in many cases, unlike coins, the less decorative or commemorative bar options won’t carry much value other than that of their silver content.
Then of course there is the option of buying silver in a more functional form than coins and bars. From actual silverware, tea sets and serving trays, to picture frames, candle sticks, jewelry, jewelry boxes, and much more, there are any number of usable wares that you might find crafted out of silver and that can act as useful precious metal investments in and around your home and in daily life.
Stocks and ETFs
Personally, I prefer the physical buying options to paper, but if you’re looking for something to add to your retirement portfolio that doesn’t have to be stored somewhere other than your retirement plans’ electronic records or you’re looking to trade silver regularly on the exchanges, then stocks and ETFs might be the right options for you.
Mining stocks and silver ETFs can present buying opportunities that you can get into and out of quickly. Rather than having to haul your silver to the nearest coin shop, pawn broker or putting it on eBay or a similar site to sell – and having to pay the commission associated with such sales in the process – you might prefer a few button punches on your laptop or computer keyboard to complete the sale of your interest in silver.
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The author is not a licensed financial, commodities or precious metals professional. This article is for informational purposes only and does not constitute advice of any kind. Any action taken by the reader due to the information provided in this article is solely at the reader’s discretion.