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Find out the daily spot price for silver.
The base price for metals is called "spot" and changes daily just like the stock market. Some web sites give you the daily price plus the prices from the previous day, week, month, and year. Follow the prices for a few days and plan to make your silver buy investment during a lull. See Resources for a website to tell you spot prices. - 2
Choose your coin.
The terms "Silver Round" or "Bullion" simply means the silver is in the form of a coin rather than a bar. The coins come in many different sizes ranging from less than one ounce to one kilo. Your best silver buy choice is a 1 oz. round that is .999 pure silver and printed in English. Popular coins are the Canadian Maple leaf, US Eagle, and Englehardt. But these coins cost a bit more than generic silver coins. You can save premiums, and invest in more silver, if you don't care about the picture or dates on your rounds. - 3
Avoid collector coins
Collector coins, also called numismatics, are risky investments in any economy, but even more so in recession. - 4). Locate coin dealers near you. Use the internet or yellow pages to look for local dealers so that you can save on shipping and insurance costs. Call different coin shops for the best price. Each shop sells coins at "spot" plus their commission. Shop around.
- 5). Buy with cash. If you buy with cash, there is no record of transaction. If you buy $1,000 or more in metals at one time, you avoid sales tax. It is better to buy more metals with that money than to give it in sales tax.
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