Whether you already own precious metals and have decided to add to your holdings, or you have decided to start building a precious metals portfolio, getting the best deals on silver coins is a great way to maximize your wealth generating strategy.
Want to know how? Here are 5 simple ways to do so:
- Buy only highly liquid coins: Coins that are produced regularly and in vast quantities will carry lower deal premiums. Think American silver eagles, Canadian silver maple leafs and Chinese silver pandas.
- Buy in bulk: What’s the reason you get such a great deal on toilet paper at Costco? Because you have to buy it by the case, and buying silver coins is no different. Precious metals dealers will offer discounts based on quantity. Some silver coins, for example, can be purchased in 20 coin rolls. Buying 20 at once instead of 2 will lower the dealer premium attached to the coins and can allow you to get more ounces of silver coinage for your money.
- Buy online: Online precious metals dealers do not have the overhead associated with running a brick and mortar store. This lower cost of doing business can translate to lower dealer premiums, and more savings for you.
- Shop around: It has never been easier to compare multiple dealers from the comfort of your own home. Spend a little time “shopping” around and comparing dealer prices. Make sure that you are comparing the same products when looking at different dealers. For example, if you want to see who offers the best deal on Canadian silver maple leaf coins; make sure to compare the exact same coin (including mint year or condition etc.).
- Don’t forget shipping: Shipping and insurance costs for precious metals can add up. Just because dealer A has a lower coin price than dealer B doesn’t necessarily mean dealer A is cheaper. You must also factor in any shipping and insurance costs to determine where you are getting the best overall deal.
