Where (& How) to Buy the Best Silver Bars: 2024 Buying Guide (2024)

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Co-authored bySteven Kibbel

Last Updated: January 15, 2024References

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   Speak with an advisor if you’re planning to buy silver as an investment. The first thing you’ll want to decide when buying silver bars as an investment is how much silver is right for your portfolio. Silver can hold its value well, but it does have risks, such as sometimes being difficult to sell.^[1]

   • A professional financial or investment advisor can give you specific advice about acquiring silver bars and help you determine how much silver to purchase.^[2]
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   Choose between art bars and bullion bars. Both types of silver bars are generally 99.9% silver. Bullion bars, though, are simply unadorned pieces of silver while art bars are inscribed with artistic designs. While the art bars can be more pleasing to look at, you may have to pay a premium for them that is above their value in silver.^[3]

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   Choose a size of bar to buy. Silver bars come in a variety of sizes, ranging between 1 ounce and 5,000 ounces. The 10 ounce and 100 ounce sizes, though, are the most common. If you’re looking for the best value when buying a silver bar, purchase larger sizes, such as the 100 ounce bar, as these usually have lower markups.^[4]

   • If you want to be able to liquidate your silver bars as easily as possible, however, buy smaller size bars as these tend to sell more quickly.^[5]
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   Learn about brands of silver bars. Some brands of silver bars are more reputable and hold their value better than others. For instance, Credit Suisse, Engelhard, and Johnson Matthey are all popular and trusted manufacturers of silver bars. Familiarize yourself with different brands by searching online before buying silver bars.^[6]

   • You don’t need to prioritize buying one brand over another. But by knowing brands before you buy you can ensure that you’re getting a trusted product for your money.

   See Also

   The Best Silver Bars to Buy for Investors in 2024What Will Silver Be Worth in 10 Years?A Silver Price Forecast For 2024How Much Silver Should I Own?

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   Ask your bank about trusted silver dealers near you. Many banks sell silver, so you can start your search for a dealer by visiting your local branch. While you should feel free to compare prices, banks often sell their silver at less of a markup than other dealers. Even if your bank does not sell silver, they will likely be able to give you reliable advice on trusted dealers in your community.^[7]

   • You can also search online to see if you can find reliable information about silver dealers in your area. Make sure you’re getting your information from a site you can trust, like that of a known news organization in your area.
   • If you’ve found a dealer you’re interested in but have reservations, contact your local consumer protection bureau or your state’s attorney general to see if any complaints have been filed against the dealer.^[8]
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   Avoid shopping for silver online. There are many disreputable dealers of silver online and many scams. Additionally, it can be very expensive to ship silver bars, which greatly adds to the cost of purchasing the bars themselves.^[9]

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   Research the spot price of silver before making a deal. The spot price of silver is the current price of the metal on the market. Silver bars are usually sold a little over this price. The more you know about the current price of silver, the surer you can be that you’re getting a good deal for the money you’re paying.^[10]

   • If the dealer is asking well over the spot price, be extremely cautious when deciding whether or not to make the purchase.^[11]
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   Watch out for false claims from dealers. Disreputable dealers will try to make false claims about how valuable their bars are. A typical sign that a dealer is unreliable is that they make claims about the value of their bars that is very out of line with the current silver market. Do not do business with dealers who tell you information that your research proves to be false.^[12]

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   Be cautious of offers to store your silver. Some dealers will say that they will store your silver for you. While this sounds like an easy solution to storing your new bars, beware that many of these dealers reduce your equity in the bars over time to cover the cost of storage. Eventually, you will no longer own the bars you purchased. ^[13]

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   Store your silver bars in a safe at home. Silver bars are relatively easy to store, since each size comes in a uniform shape. Purchase a safe that is large enough for your needs and stack your silver bars inside of it. Put your safe in a cool, dark area to protect your silver from heat and humidity, which can tarnish silver. Place packets of silica gel inside the safe to help reduce moisture inside of it.^[14]

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   Store your silver bars in a bank if you don’t want them in your home. Your bank should have a safe or a safety deposit box that you can store your silver bars in for a low annual fee. Try choosing a bank that is close to your home so you can access your bars more easily.^[15]

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   Handle your silver bars with gloves. To maintain the value of your silver you will need to keep it in good condition. Using cotton jeweler’s gloves when touching your silver helps you to prevent from tarnishing it. Also make sure to clean your silver only with soft cotton cloths. Purchase special sterling silver cloths if you don’t have adequate cloths already.^[16]

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   Contact your insurance company to insure your silver. Insurance policies can help protect you if you lose your silver from theft or accidents to your home. Contact the insurance company you already use to see if you can get a discount by bundling policies.

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   Sell your silver bars to a trusted dealer if you no longer want them. You need to be just as careful when selling silver bars as you were when buying them. It is always best to do business with a trusted dealer to ensure that you will be paid.

   • Dealers do usually buy silver for slightly under the spot price, so you can explore other options if you’d like to get more money. But remember to exercise extreme caution when selling to anyone other than an established dealer.

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