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7 Tips for Choosing a Silver Dealer

May 21, 2022

Investing is always a good idea – it ensures stability and a better future. Unfortunately, there’s always a chance of risk. But the best way to mitigate that risk is by increasing and diversifying your investment portfolio.

How do you do that, you may ask? Simple. By investing in precious metals like silver coins or silver bullion. Before you go off and buy some silver, however, you need to find a trusted silver dealer.

But how on earth do you choose?

Keep reading to find out how you can find a trusted silver dealer to help build your investment portfolio.

Choose Between an Online and Local Silver Dealer 

Choosing the right silver dealer can be hard. When looking for the right one for you, you’ll be left choosing between online and local dealers.

Online dealers have their appeal, with many opting for them over local dealers. With good reason. Online dealers are sometimes much more affordable than local coin shops. They also often have a wider diversity of products, as they have access to the broader national and international markets.

Local shops, however, have their appeal too. Despite their higher prices, they offer instant gratification and quick cash (which is always a big plus). Local silver dealers also offer a sense of security and privacy, which online shopping often lacks. Additionally, you can view their product range, whether they’re silver coins or bullions, firsthand.

Check Reviews 

No matter which you choose, it’s always best to check your potential dealer’s reviews. Overall customer satisfaction could stop you from losing thousands of dollars.  

Compare Prices 

As a seasoned, or new investor, one of the most important things you can do is compare dealer prices.

While you should never choose your dealer on price alone, it’s always good to know that you’re not being swindled. Sometimes though, prices can seem too good to be true, and it’s best to keep up with current precious metal prices.

Do They Have A Wide Selection? 

A diverse product range is always a big bonus. It allows you to choose the type of silver you’d like to invest in. 

However, be on the look for so-called rare coin offers, especially if you’re a new investor. Additionally, don’t be wary of junk silver coins. They can be a great buy for first-time investors. 

Check Delivery and Shipping Fees

If you opt to buy silver online, go for dealers who are transparent about their delivery and shipping fees. Untrustworthy dealers are often vague or don’t offer up any information in this regard. 

Even better, compare different online dealers’ fees to ensure you’re getting a fair price. 

Avoid Glamourous Sales Pitches 

When buying silver and choosing the right dealer, you may come across stores that are riddled with great deals that play on your emotions. If a deal seems way too good to be true – it probably is. 

Avoid Dealers Who Offer Storage Solutions

It goes without saying that once you buy your silver, you’ll need a safe place to store it, so it can grow in value. While it might be convenient to keep your silver in the same place you bought it, it’s far more secure to opt for other methods. 

Home storage is a great option, along with specialized precious metal storage facilities. 

Remember, you’ll want to hang on to your silver for at least 3 years before looking for a return on your investment. 

In the End… 

Finding a good, trustworthy silver dealer is the first step in your precious metal investment journey.

If you’re looking for a guide to help you achieve your investment goals, you’ve come to the right place. Feel free to contact us for any questions, or to start investing. 

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