Preliminary Steps To Buy Silver



1.Consider what kind of silver you’d like to buy. You can either buy physical silver, including scrap silver and bullion, paper silver, which buys you the rights to physical silver that you won’t actually store yourself, and silver futures, which are a way of investing on what you think silver will be worth in the future.

2.Find a reputable dealer. To avoid scams and other unfavorable buying situations, find a reputable dealer. Probably the most surefire way of connecting with a reputable dealer is finding the list of recommended dealers from the US Mint’s website. Type in “coin dealer database US Mint” into your favorite search engine and that should connect you to a page on the US Mint’s website where you can search for national and local dealers that have been vetted by the Mint

3.Assess the market value per ounce. In financial markets, there’s something called a troy ounce that shows the price of a precious metal per raw ounce. Look up the current value to make sure the seller is not charging you much more than market price for silver.

4.Get cost-basis information for tax filing. Another important step in buying silver or any other precious metal is to get documentation of your sale and the cost of the silver. This is so that you can declare your cost basis when you sell the silver in the future for gain.