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What are the Best Tips for Buying Silver Bullion?

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  • Written By: K. Gierok
  • Edited By: John Allen
  • Last Modified Date: 21 September 2016
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Though silver is often seen as a great investment, buying silver bullion can, at times, be quite intimidating. In order optimize profits when buying silver bullion, it is important that customers start by understanding the basics of silver. In addition, finding a reputable dealer and evaluating how the silver will be used are also important steps when buying silver bullion. It is important to remember that buying silver is a big purchase, and should be treated as such. Customers should be sure to take their time and do plenty of research before making a final purchase.

Those who are interested in buying silver bullion should first start by understanding a bit about how silver bullion is sold. Typically, silver bullion is sold in pieces known as silver rounds, which typically are around 1.5 inches (44 millimeters) in diameter. In addition, silver bullions usually weigh around 1 ounce (31.1 grams) and should contain approximately 99.99% silver. These measurable statistics are a means for identifying pure silver bullion, and should be kept in mind when making a purchase.

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Those who are interested in buying silver bullion should be sure to work only with a reputable dealer in order to achieve the best results. Buyers should talk with friends, coworkers, and other acquaintances who have recently purchased silver bullion in order to find a seller. Individuals who are unable to find a recommendation in their circle of acquaintances should purchase only small amounts of silver bullion from a particular seller until he or she has that the seller is reputable.

In some cases, silver bullion can be purchased through online retailers. The cost of these pieces, however, is often substantially higher than silver bullion purchased in person, especially if shipping and handling costs are included. Typically, these pieces of silver should only be purchased as a last resort by those who do not have access to direct retailers.

When buying silver bullion, it is also important to consider how the bullion will be used. Those who are interested in giving the pieces as gifts might consider purchasing silver bullion that is marked with images of animals, sports stars, moments in time, or celebrities. Those who simply wish to collect the coin as a form of investment typically don't need to put much consideration into sentimental value. Typically, silver bullion that is stamped with a particular image is slightly more expensive than that in its natural form.

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