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Last Updated on December 12, 2023

In an increasingly digital world, precious metals like silver are not left out. They can be purchased online from various reputable sources.

One of the major considerations for investors, collectors, or those seeking to diversify their wealth, however, is cost.

Where can one find the cheapest place to buy silver online?

This article aims to help answer that question while providing insights into fair prices for silver, the advantages of investing through precious metals IRAs, and the merits and demerits of buying silver online versus in-person.

How to Buy Silver Online

Buying silver online is a straightforward process, made easy by the number of online dealers available today. The steps generally involve:

  1. Research: Identify reputable online dealers. Look for professional websites, excellent customer service, secure transaction processes, and favorable customer reviews.
  2. Selection: Choose the silver products you want to purchase. This can range from silver bullion bars, coins, or rounds, to numismatic coins and more.
  3. Purchase: Add items to your cart, provide required personal details, and make payment. The common payment methods are bank wire transfer, credit/debit card, and sometimes cryptocurrencies.
  4. Delivery: The silver is shipped to your address or a designated secure storage location.

a pile of silver coins from Goldco

Where Are The Cheapest and Best Places to Buy Silver Online?

While numerous online dealers offer silver, a few stand out for their low prices, high-quality products, and superior customer service. Here are the top platforms where you can buy silver online at cost-effective prices:

  1. Goldco: Our top recommendation for buying silver online is Goldco. They have established a strong reputation for their reasonable pricing structure, transparency, and stellar customer service. Goldco offers a broad selection of silver products, including bullion bars, coins, and rounds. Their prices are consistently competitive with the market, with modest premiums above the spot price. Goldco also emphasizes education, providing a wealth of resources for new and experienced investors alike.
  2. Augusta Precious Metals: Close on the heels of Goldco is Augusta Precious Metals. Known for its competitive prices, excellent customer support, and a wide array of silver products, Augusta stands out as a leading choice for buying silver online. They offer transparent pricing with no hidden charges and also provide robust educational resources to help investors make informed decisions.
  3. SD Bullion: SD Bullion is a great option for those seeking low prices and a vast range of silver products. Their pricing is transparent, with free shipping available for orders over $99.
  4. JM Bullion: JM Bullion also offers a large inventory and competitive prices. One of the standout features of JM Bullion is their free shipping policy on all orders, regardless of size.
  5. Money Metals Exchange: Money Metals is recognized for its low prices, high-quality customer service, and an extensive array of educational resources, particularly useful for novice investors.
  6. APMEX: APMEX is known for their wide variety of products and consistent quality. They are an excellent choice for those looking for specialty or numismatic coins.

Each of these dealers provides a solid balance of competitive pricing, high-quality products, and top-notch customer service.

However, Goldco and Augusta Precious Metals come out ahead due to their comprehensive service offerings, transparency, and commitment to customer education. While cost is a crucial factor when buying silver online, remember also to consider aspects such as shipping policies, product variety, and the overall reputation of the dealer.

Determining What a Fair Price for Silver is

several silver bars for sale

Understanding what a fair price for silver is requires a basic comprehension of how silver is priced in the market.

The first important concept to grasp is the ‘spot price’ of silver, which is the raw market value of one ounce of silver at any given time.

This price fluctuates throughout the trading day based on supply and demand dynamics in the global market, as well as macroeconomic factors.

However, when buying silver, whether in the form of bars, coins, or rounds, you are not expected to pay precisely the spot price. This is because the silver needs to be mined, refined, minted, and finally distributed to you, the end consumer. All these stages of production and distribution incur costs that get added to the spot price. This addition is often referred to as the ‘premium.’

So, the total price you will pay for your silver product is the spot price plus the premium. A fair premium for silver bullion bars and rounds typically ranges from 5% to 20% over the spot price.

However, premiums can vary widely depending on a few factors:

  1. Product Type: Different silver products command different premiums. Silver bars generally have the lowest premiums because they are simpler to produce. Silver coins, especially those minted by renowned national mints like the U.S. Mint or Royal Canadian Mint, usually have higher premiums due to their brand recognition, design, and often, their legal tender status. Numismatic or collectible coins may carry even higher premiums due to their historical or aesthetic value.
  2. Product Size: Smaller silver products (like 1 oz bars or coins) often have higher premiums per ounce than larger ones (like 100 oz bars) because the production costs per ounce decrease with size.
  3. Market Conditions: In times of high demand and tight supply, premiums can increase. This can occur during economic crises or when there are production constraints at the mints.

To ensure you are paying a fair price, it’s advisable to compare prices and premiums among various reputable dealers. Online dealers typically offer lower premiums than physical shops due to lower overhead costs. And while you should aim to pay the lowest premium possible, don’t compromise on the reputation and reliability of the dealer.

Also, beware of prices that seem too good to be true. If a dealer is selling silver significantly below the average premium, they may be selling counterfeit products, or there may be hidden fees involved. Always buy from trustworthy dealers and do your due diligence.

Finally, remember that when you sell your silver, dealers will usually pay you only the spot price, or slightly below it, not the premium you paid. Therefore, the lower the premium you pay when buying, the better your potential return on investment.

In summary, determining a fair price for silver involves understanding the spot price, the concept of premiums, and the factors that influence these premiums. Comparing prices among different reputable dealers and being aware of market conditions will also aid in ensuring that you’re paying a fair price for your silver.

Why We Recommend Goldco for Buying Silver at a Fair Price

an offer of free silver from Goldco

Finding a reliable dealer who offers fair prices on silver can be a challenging task. But among the various options available, Goldco consistently emerges as a top choice. Here’s why we recommend Goldco for buying silver at a fair price:

  1. Competitive Pricing: Goldco offers some of the most competitive prices on silver bullion in the market. They achieve this by maintaining strong relationships with mints and wholesale suppliers. Goldco’s premiums over the spot price are reasonable, ensuring customers get a fair deal on their silver purchases.
  2. Transparency: Goldco upholds the utmost transparency in their pricing. There are no hidden fees that could surprise you during checkout, and they provide detailed invoices outlining each cost associated with your purchase. This clear approach empowers investors to know exactly what they’re paying for.
  3. Quality and Variety: Goldco offers a wide selection of high-quality silver products, from standard bullion bars and coins to specialty items. They ensure their silver products meet the industry standard of .999 fine silver, guaranteeing the purity and value of your investment.
  4. Stellar Customer Service: From the first point of contact, Goldco provides top-tier customer service. Their team of knowledgeable specialists guide customers through the buying process, answer questions, and provide detailed information about each product. This makes purchasing silver, whether you’re a seasoned investor or a beginner, a straightforward and pleasant experience.
  5. Educational Resources: Goldco doesn’t just sell silver; they aim to educate their customers. They provide a wealth of resources that help you understand the silver market, the importance of precious metals in a diversified portfolio, and the steps involved in buying and selling silver.
  6. Reputation and Trustworthiness: Goldco has established a strong reputation in the precious metals industry. Their numerous positive reviews and ratings from customers and industry experts speak volumes about their dedication to customer satisfaction and their commitment to providing high-quality products.
  7. Secure and Insured Deliveries: Goldco ensures that all purchases are securely delivered to your doorstep. Each order is fully insured, providing protection and peace of mind to buyers.

When all these factors are considered, it’s clear why we recommend Goldco for buying silver online at a fair price. Their balance of competitive pricing, transparency, exceptional customer service, and commitment to quality truly set them apart in the precious metals marketplace.

Gold and Silver IRAs Offer Tax Advantages for Those Looking to Save

Investing in a gold or silver IRA (Individual Retirement Account) allows one to diversify their retirement savings with precious metals, offering a hedge against economic uncertainty. Importantly, precious metals IRAs offer substantial tax benefits, similar to regular IRAs. The growth in value of your silver remains tax-deferred until you start taking distributions. This allows your investment to grow more rapidly than if you were to pay taxes on gains yearly.

Augusta Precious Metals is our top choice for gold IRAs – learn more and get their free investing kit

Should You Buy Silver Online or in Person?

The choice between buying silver online or in-person boils down to personal preference. Buying online provides convenience, a vast selection, and often better prices due to lower overhead costs. However, in-person purchases offer the benefit of instant possession and potentially avoiding shipping fees. It also provides an opportunity for personal examination before purchase.

Final Tips for Buying Silver Online

  1. Research thoroughly before choosing an online dealer.
  2. Know the current spot price of silver to ensure you’re getting a fair deal.
  3. Check the dealer’s shipping and return policies.
  4. Consider storage options – will you store at home, use a safe deposit box, or use a third-party depository?

Summary

Buying silver online can be an easy and cost-effective way to invest in precious metals. Numerous platforms offer competitive prices; however, cost shouldn’t be your only consideration. Remember to check the reputation of the dealer, shipping costs, and customer service. Keep in mind the spot price and fair premiums when making a purchase. We recommend Goldco for its reasonable pricing and excellent service. Lastly, consider the advantages of investing through a silver IRA for tax benefits. Whether buying online or in-person, ensure you have a secure storage plan. Happy investing!