It was December 2009 when I decided to buy silver coins. I had done months of research and thinking, and spoke to family and friends about the idea. They agreed about transferring some wealth into the real value of silver coins and 10 oz Silver Bars.
Understanding that Silver and Gold have been the worlds currencies and stores of wealth for 3000 years made it easy. Then I discovered that every paper fiat currency (money that has value only because of government regulation or law), that has existed has ended in devaluation and/or eventual collapse. Not only the currency collapsed, but the economy that housed the fiat currency as well.
Rome - The Denarius - 244 AD
China - Flying Money (Feiqian) and Chao - 1200 and 1287
France - Assignats and Francs - 1795 and 1945
Weimar Germany - Mark - 1923
Argentina - Peso - 1992
Mexico - Peso - 1994
Zimbabwe - Dollar - 2009
Learning this made buying some silver coins and bars even easier. History shows us the value of silver coins remains relatively stable. And in this precious metals bull market, (a market with increasing investor confidence and rising prices) you may not only preserve your wealth if you buy silver coins, you could make some profits.
Yes I'm stoked. And I am still buying at current silver prices. I believe silver is still undervalued and a great way to save for the future.
It is difficult to buy silver coins or bars at spot value. Spot value (current silver prices) is the price you see quoted in the news and online charts. For example the spot price today is:
This is already beginning to happen as premiums have been increasing over the past couple months.
For example note the spot price above and then check out how much these
10 oz Silver Bars
are selling for.
Buying physical silver comes with a premium. A 5-10% premium over spot price is reasonable. So if the spot price is 43.00 USD / troy ounce, add 10% premium and you will be paying 47.30 USD for one troy ounce of 99.999% pure silver.
For investment purposes it is recommended to buy 99.999%, pure silver, (also symbolized as .999) such as the American Silver Eagle. Or even better are the Canadian Silver Coins such as the Canadian Silver Maples which are 99.9999% pure silver, (also symbolized as .9999) the purest coin you can buy in the world.
These coins are dubbed "investment quality" or "industrial grade" and you will get the best returns for them when it is time to sell.
If you are buying silver to use as trade or barter, or if you find a great deal, buying 80% to 90% pure "junk silver" they call it is also a solid purchase.
Sterling silver is 92.5% pure silver, also symbolized as .925.
One Ounce equals 28.3 grams. One Troy Ounce equals 31.1 grams.
Make sure you understand the difference when you are weighing your silver before buying from a coin shop. The price of silver is quoted at One Troy Ounce, although on charts and prices quoted it usually says oz or OZ. Understanding the purity and mass of the silver coins is vital to ensuring a quality, fair purchase.
Click here to check out Spotmex.
What Anybody Taking Part In Silver Investing Should Know.
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