How To Buy Silver Online
You will be glad to learn that buying silver coins, rounds, and bars online is relatively simple and extremely safe. You may even save money doing so! You can indeed save the time and effort of having to physically visit a coin dealer or bullion broker to purchase your precious metal products.
Gainesville Coins is one of most trusted names in the precious metals industry. Our commitment to customer service helps make the process of buying silver online safe and easy.
Silver coins can conveniently (or playfully) be stacked end-on-end.
How to Buy Silver: Simple Steps
The online silver buying process is pretty straightforward.
- Browse a dealer's inventory on their website. The silver items for sale will usually be broken up into categories (bars, coins, etc.)
- Add the items you want to buy to your cart. You will pay for the entire order at the end.
- Once you have committed to purchase the items, your prices will be locked in.
- Choose your payment method, whether credit card, check, bank wire, or cryptocurrency.
- One of the potential differences when buying over the internet is the credit card authorization step. No matter what payment method a customer chooses, a 5% authorization to your credit card is required for KYC (Know Your Customer) and AML (anti-money laundering) protections. This is not a charge, and will be refunded to your credit card once your payment has been verified.
- You can either pick up your silver in person or have your metals delivered to your address. Gainesville Coins uses discreet packaging and all of our shipments are fully insured. You can also choose vault storage for safekeeping your metals.
Other Options for Buying Silver
Many people purchase silver coins and silver bars through online auction sites. For the most part, these are collectible items. Silver bullion may also be available. The added fees of bidding on silver at auction mean you will ultimately pay a higher price, unfortunately.
Aside from the price, an even bigger downside with this option is the added level of trust required. It's more difficult to guarantee the authenticity of a silver product purchased in peer-to-peer transactions. Who is held accountable if something goes wrong?
Another method for buying silver online are silver ETFs (exchange-traded funds). This is basically like buying silver on the stock market or stock exchanges. Rather than purchasing any actual metal, you receive shares from the fund. The shares are backed by a stockpile of silver. You can't redeem your shares for physical silver, but the value of the ETF shares tracks the silver price and can be redeemed for cash settlement.
Silver ETFs are sometimes the cheapest way to buy silver, and certainly the most convenient. They do come with the drawbacks mentioned above, however. For this reason, purchasing physical silver (such as bars, coins, or rounds) is still the best way to buy silver online.
The Benefits of Buying Silver Online
Buying silver from an online silver dealer is something that countless investors and collectors do every day. In this age of internet shopping, one may be as likely to buy their precious metal products from an online supplier as they are to purchase their next set of earbuds or kitchen appliance.
Online shopping continues to grow as a sector of the world economy.
But why? Because buying silver online is simple, it’s easy, and it’s secure. And, in many cases, it can be the most cost-effective way to buy silver.
Let’s look at some of the benefits of buying silver online in greater detail.
Let’s face it: buying online is easier than going to a brick-and-mortar retailer to do the same thing. This doesn’t mean there’s no longer a place for brick-and-mortar retail. Sometimes it’s better to physically visit a store. You can inspect the product you wish to buy, or speak with a professional in-person who can help you better understand the product you’re hoping to purchase.
But with reputable silver products from trustworthy dealers (more on that in a moment!), that guesswork is removed. When you buy a 1-ounce American Gold Eagle, you know what you’re getting. And with customer service options available on a virtual basis, any help you may want is only the click of a keyboard or tap on a smartphone away!
Knowing your bullion products will be delivered securely and discreetly is a significant benefit when buying your silver online. Avoiding the trip to and from your bullion supplier is yet another boon. This eliminates the risk of someone harmful following you home from the silver dealer is yet another boon.
Anything one can do to make their silver acquisitions safer is a plus. Mitigating your physical transit to and from the point of purchase only behooves you. It further ensures the safety of both you and the silver you buy.
Even before the most recent pandemic, anybody shopping in a brick-and-mortar store risked contracting a virus while there, especially during cold and flu season. You can avoid exposing yourself to such health risks when you buy silver online.
Sick but still want to invest in silver? You’re only a click away from buying silver coins, rounds, and bullion—even if you’ve got the sniffles and need to stay home. With the internet, you’ll never again need to dress up to buy silver. Of course, if you do decide to step into a brick-and-mortar bullion dealer, don’t forget the ol’ retail motto: no shirt, no shoes (and no pants!), no service…
Many online silver retailers offer various discounts and perks—benefits they may not provide their in-store customers. Why is this? It could be for a variety of reasons. In some cases, selling products online is easier for the dealer.
Shopping online can help save you money.
It may also be cheaper for the silver dealer. The greater amount of sales volume that is handled by way of online sales or mail order can reduce their overhead operating expenses. And, as buying silver online is for you, selling bullion products over the internet is generally safer for the dealer, too.
In many cases, buying silver on the internet provides advantages over in-person transactions in a brick-and-mortar setting. Thus, online bullion transactions are often incentivized by silver dealers and precious metals brokers through discounts for bulk purchases.
What Silver Products Are Available Online?
You’re often likely to find more silver options online than you are at the storefront of a brick-and-mortar dealer. This is because shipments may be fulfilled from secure, offsite bullion depositories. These are places you’d probably never be able to walk into as a customer anyway.
With the internet, you can view, at a glance, the full gamut of a dealer’s inventory. That includes the products he or she may have access to through trusted partners or network dealers.
Perusing your favorite bullion dealer's website is likely to yield a bevy of options. They may range from Canadian Silver Maple Leafs to vintage United States silver coins and American Silver Eagles, to bullion products from world government mints and private mints.
Don’t see what you’re looking for? Drop a line and ask. Some dealers don’t list everything in their inventory or simply can’t due to time and logistics but may still have exactly what you’re looking for.
Stacks of American Silver Eagle coins.
Who Do You Buy Silver From?
It seems the vast internet marketplace is full of silver dealers, so who is the right one for you? A little research will provide you with all the answers you need to know. Indeed, choosing a dealer whose inventory includes the silver products you want is essential.
And beyond that, price? Well, there’s so much more than just looking for the cheapest deals. Unfortunately, you may end up paying much more than you bargained for if “cheap” is the only other criteria considered in shopping around for a bullion dealer.
A small but concerning minority of silver dealers—or at least those posing as bullion brokers—may never deliver the goods. It’s not a situation unique to the bullion industry. Sadly, every business sector has its scammers. So, a little common consumer sense should help drive your decision as to where you should be buying silver online. Here are a few tips:
- Shop silver dealers who offer return policies. Be wary of "free shipping" promotions, which are usually used to mask higher prices.
- Be sure the broker lists an address and other contact information, including their phone number and email address.
- Place your confidence in precious metals retailers who are members of or partnered with major organizations. Examples include the Industry Council for Tangible Assets, American Numismatic Association, Professional Coin Grading Service, and Numismatic Guaranty Corporation.
- Be sure the dealer has a good track record with the Better Business Bureau and boasts an A+ rating from the longtime consumer advocacy organization.
Do a little homework, and you’ll be rewarded by finding a bullion dealer who could become your trusted supplier for the bullion products you want. As you can see, there is no trick to buy silver online—it’s easy, safe, and may be the best solution for your precious metals needs.
Ready to Buy Silver?
View a selection of the most popular silver products available at Gainesville Coins below.
Joshua McMorrow-Hernandez is a journalist, editor, and blogger who has won multiple awards from the Numismatic Literary Guild. He has also authored numerous books, including works profiling the history of the United States Mint and United States coinage.
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