Silver is valued all over the world for its investment value as well as for its industrial value. With silver prices currently at less than $18 per ounce, it might make sense to consider adding some physical silver to your portfolio. Unlike gold or platinum, you don’t have to break the bank either just getting started. In fact, spending just $20 per week will eventually turn into a significant holding of silver at current prices.
Here is how to get the most silver for your dollar, and acquire more total ounces of this key precious metal over time:
- Keep it simple: Silver rounds are often the least expensive physical silver that may be purchased. Silver rounds are produced by both governments as well as private mints. Silver rounds carry no face value and are not considered real legal tender. Because of this, they carry relatively small premiums over the spot price of silver and may be more cost effective than silver coins. Silver bars may also offer some of the same potential benefits. While coins do have their place in your portfolio, rounds and bars will usually offer smaller premiums thus allowing you to acquire more physical silver per dollar.
- Make one monthly purchase rather than multiple purchases: If you have budgeted $20 per week to buy physical silver, it doesn’t mean you have to buy silver each week. By saving that $20 each week and buying silver once a month, you can potentially buy multiple rounds or bars at current prices. You will, however, save money on shipping and insurance costs. These cost savings can translate into more total silver acquired for your investment dollars.
- Look for dealer sales: Dealers will often have overstock on specific items or may want to turn over their inventory quickly. These sales can potentially turn into substantial cost savings. For example, if you were to buy four silver bars which are normally priced at $19.50 each, but have been marked down to $17.75 each, you would save $7. That $7 savings is enough to buy even more physical silver, such as a 1/10 ounce round or 5-gram silver bar.
Over time, a little money can turn into a lot of money. Get the most silver for your investment dollars today by paying attention to what you buy and when you buy it.
