Investing in silver bullion is a great way to protect your wealth. But before you buy, there are a few things you should know.
You might not know what makes one piece of silver more valuable than another. You also need to understand the difference between the two types of silver that are available for purchase: bullion and coins. Bullion is more common and cheaper; coins are rarer and often considered collectables. Here’s what you need to know before you buy silver bullion in Melbourne.
Silver bullion vs. silver coins
The price of silver is determined by how much it can be bought or sold on the open market. That means that over time, prices will fluctuate.
Bullion is a form of physical silver that has little value other than being able to be used as a store of wealth. Coins are also made from silver but these have more value because they are collectables and often have a history attached to them as well.
Now you know what kinds of products you should buy, let’s talk about how do you choose which one is right for you.
The 5 things you should know before buying silver bullion
1. Bullion vs. coins
Bullion is more common and cheaper; coins are rarer and often considered collectables.
2. Good to know before buying silver bullion
The silver bullion value is based on the spot price of silver, not its weight or purity, so it will vary depending on where you buy your silver.
3. What you should expect when buying your first piece of silver bullion
You can have a coin minted in-house at a cost of around $15-$20 per piece, while a comparable amount of pure gold would be $500-$600 per coin from a private mint.
4. Buying one piece of silver bullion vs buying multiple pieces
A single 10oz bar costs about $60 for an individual piece; however, if you buy three 10oz bars together, you’ll pay less than $200 for all three pieces of silver bullion and get an extra 10% off your purchase!
5. The three types of silver in the market: copper-nickel clad, pure copper and pure nickel
Both copper-nickel clad and pure copper are worth less than pure nickel because they’re made with lower quality materials that could tarnish
Where to buy and how to buy
The first step in buying silver bullion is to decide if you want to buy in Melbourne or elsewhere. There are many international locations that are home to reputable dealers of precious metals like gold and silver. Buying silver bullion from a dealer outside of Australia can often be more affordable and convenient for you.
That being said, it’s important to note that there are some benefits to buying locally—such as the customer service offered by local dealers and the ability for local sellers to provide more information about their products. However, there might be limits on the types of coins that are available at local dealerships.
When purchasing from a dealer within your own country, it’s important to know what kind of product you’re getting before making the purchase. This ensures that you’re not wasting your money or receiving an inferior product than expected.
If you want coins rather than bullion, do some research on the coin’s value so you don’t spend too much on something less valuable than anticipated.
When it comes to actually selling your silver items in Melbourne, however, that’s not so easy. Because there are two types of silver: coins and bullion, you’ll need to decide between which type you want to sell your items as—either by going with coins (which will cost more) or bullion (which will be cheaper).
Buying silver bullion is a great way to protect your wealth. However, before you do, it’s important to understand the difference between bullion and coins. Bullion is more common and cheaper; coins are rarer and often considered collectables. Here’s what you need to know before you buy silver bullion in Melbourne.