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How to Buy Silver Bars the Right Way

May 7, 2022

There’s something satisfying about owning a physical, tangible silver bar, so it’s no wonder that 11.6% of Americans own some form of silver.

A silver bar investment can be part of a well-rounded and diverse portfolio. It can act as protection against inflation and market uncertainty, but only if you do it correctly. 

Investing in silver isn’t complicated, but there are a few things you should know. Here’s how to buy silver bars the right way.

Know What to Look For

Silver bars are only one form of bullion. Silver coins are a popular choice too. So why do some investors opt for silver bars over silver coins? 

For one, silver bars have lower sell prices than silver coins. This makes silver bars an easier purchase for the beginning investor. They also come in a larger range of weights, from a few grams or ounces to tens or hundreds of ounces. 

The range of bar sizes available makes silver bars appealing for retirement since investors can purchase 100 or 1,000-ounce bars. Silver bars are one of the few approved precious metals available for IRAs. 

The only silver coin approved for IRAs is Silver Eagles. Other collectible coins and junk silver are not eligible.

Find a Trustworthy Seller

It can be tempting to hop on an online auction site and purchase silver bars there. Or maybe there’s a local pawn shop that sells silver, and you’re thinking about purchasing from them. Either scenario is an easy way to get scammed. 

For one, you may be paying more than you should. A reputable seller won’t charge exorbitant sell prices. However, your decision in choosing a seller shouldn’t be based solely on their prices. 

Ask yourself, how much do you really know about the seller? Have they been in business a long time? 

Are they trustworthy? A fraudulent seller may try to entice you with persuasion tactics, such as faking their credentials, enticing you with wealth, or creating a false sense of urgency.

Is their contact information readily available, and do they actually respond to customer inquiries?

How much does the seller know about the product? Can they attest to its purity?

Long-time silver investors are already familiar with the Tulving Company scandal, in which a precious metals dealer defrauded hundreds of customers out of millions of dollars. 

Unfortunately, there have also been more recent incidents. Rust Rare Coin owner Gaylen Rust plead guilty to wire fraud, money laundering, and securities fraud in what prosecutors called a $200 million Ponzi scheme.

Only Buy Silver Bars From a Reputable Source

The best way to buy silver is through our sister site CMI Gold & Silver. CMI has an A+ rating with the Better Business Bureau and has decades of experience in the precious metals industry. Check out their full list of silver products.

If you’re not ready to buy silver bars but would like more information, check out our guides. We even have a complete guide to silver

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