Silver is generally considered more prevalent and less costly than its gold counterpart. For this reason, collecting silver can seem less daunting than stockpiling gold. Nevertheless, arming yourself with the proper foundation may help enhance your approach to buying silver bullion.
People buy silver bullion for a wide variety of reasons.
Some silver buyers just want to store their wealth in alternate means. Unlike dollars, which only have value because they can be exchanged for goods, physical silver has “intrinsic value,” meaning that the metal itself is generally considered valuable and desirable (and ALWAYS subject to change).
Some people buy physical silver for potential survival situations. In the event of banks closing or other forms of economic collapse, such as the rapid devaluation of the dollar, silver could potentially be used to purchase anything from fuel to food. Even many who do not expect such an event to happen appreciate the security that comes with having physical silver that they can immediately access and touch in their possession either instead of or in addition to paper assets, such as stocks.
In addition to the financial reasons for buying silver bullion, many collectors love the beauty of silver bullion. Collectible coins, such as proofs, low mintage issues, antiqued pieces, etc., often carry higher premiums than silver bullion. Since silver bullion is produced in higher volumes, it often lacks many of these distinct features, but does provide an affordable option for those who wish to appreciate the beauty of a diverse range of silver coins, rounds, and bars at much more affordable prices than those available for numismatic pieces.
Silver bullion is available in three types of pieces: coins, rounds, and bars. Fore more information on the differences between the three, read this Info-Vault article. Coins are issued by governments. Nearly all of them have nominal face values, with the Mexican Libertad being the most notable exception. Coins are typically small and circular, with one ounce being by far the most common size.
As the name suggests, silver rounds are round. They are struck by private mints and do not have face values. One ounce is the most common size for rounds, but smaller and larger pieces are sometimes struck. Silver rounds tend to have much lower premiums than silver bullion coins.
Silver Bars may be either struck or cast. They do not have face values. Bars often have the lowest premiums of all bullion options. They are available in large sizes and can easily be found up to 1,000 oz, which is one of the reasons for their relatively low premiums. Many collectors like bars because they like their heft.
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