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Best Place to Buy Gold and Silver Online: Top 16 Dealers to Choose

Investing in gold, silver, and precious metals have been around for ages. The gold rush is not new, indeed, as it dates back to the 19th century.

Fast-forward to the 21st century and precious metals come in wide varieties: gold and silver coins, gold bars, silver bullion bars, and more.

Investing in precious metals is one of the best alternatives for those who want to put their money on a known asset. If gold and silver spark your “gold rush era” interest, keep reading, as we will show you the best places to buy gold and silver, as well as other precious metals.

Quick Guide Where to Purchase Silver Dollars

16 Best Places to Buy Silver Online

The truth is, there is no single place to buy silver, but investors who, like you, want to enter this market, have dozens of options available.

Buy Gold And Silver Coins: Otherwise known as BGASC, it offers very competitive prices for silver dollars and other precious metals. You can buy as little as you want, and get a discount if you pay by bank transfer.

Silver Gold Bull:  This is a site that offers several precious metals including gold, silver, and platinum bullions, coupled with a worldwide storage service and a buyback plan. It puts you in contact with expert precious metals traders. Shipping is cost-free for orders above $99.

Golden Eagle Coins: The biggest online dealer of coin and gold bullion in the Washington DC area, this site also offers silver, palladium, and platinum. Besides, it gives you the chance to buy coins in case you want to sell.

SD Bullion: This retailer is said to have the lowest prices in both gold and silver bullions, while it also offers an attractive buyback program. As a plus, SD Bullion even has a newsletter so people keep themselves updated with the latest in precious metals trading.

Gold Silver LLC: This site shines for offering several pluses for their customers. Gold and silver bought to this company can be stored in private vault locations anywhere in the world. On top of the app with which you can follow your precious metals investment values, Gold Silver LLC offers a myriad of learning resources.

Texas Precious Metals: With no order minimums, this Shrine-based company sells gold and silver bullions at a great price with the possibility of limited orders and short-term and long-term storage. Shipping is with UPS Next Day Air, but if you happen to live close to Shrine, you can pick up your order in person.

Westminster Mint: This company offers gold and silver bullions, as well as silver bars and rounds. A top-trained team can assist you with everything from the purchase process to finding the coin you’re looking for. Products are fully insured when shipping, and you can use their mobile app to buy anywhere.

Gainesville Coins: “A full-service precious metal dealer and online marketplace. The company buys and sells precious metals such as gold, silver, platinum, and palladium.” Main perk: Purchases are not the subject of any commission and broker fees.

JM Bullion: It works directly with mints and distributors, and it offers an email newsletter to learn about exclusive promotions and sales. “The company also provides an investing guide and a blog.”

Provident Metals: It sells silver, platinum, copper, and gold. Its newsletter offers the latest news, discounts, and special benefits, so feel free to subscribe.

APMEX: One of the biggest silver coin sellers in the U.S., American Precious Metals Exchange also purchases products from sellers. Its loyalty program offers countless benefits to buyers, among them faster shipping.

Scottsdale Mint: One of only three mints currently in operation in the U.S., they design, produce, and sale a myriad of precious metal products.

Money Metals Exchange: It sales several gold, silver, and platinum products, among them silver bullion products, including coins, rounds, bars, bullets, and fractionals. Further, it offers storage service.

Silver.com: The company offers exclusive email discounts, great pricing, and reliable customer support. “An investment guide is offered to help buyers understand silver investments. Interactive price charts are also available.”

Golden State Mint: This mint sells silver, gold, and copper directly to the final costumer with discounts for military members. It doesn’t sell second hand products.

Gold & Silver Inc: Its website is goldsilver.com and its run my expert Mike Maloney. Not only is it a place to buy gold and silver but it gives the chance to learn a lot about these assets.

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geralt / Pixabay

The Basics of Precious Metals

Silver

Silver is a precious metal with both industrial and perceived value, which makes its price sway in the market to a point of being more unstable than gold.

While silver will trade in line with gold as an item to be hoarded, “the industrial supply/demand equation for the metal exerts an equally strong influence on its price.”

Silver is 19 times more abundant than gold in the earth’s crust and is the best natural reflector and conductor of heat and electricity among all metals.

Therefore, although it has a long history as money, over the last century it has evolved into multiple innovative and strategic uses that effectively consume the majority of newly mined silver.

“Silver’s use in batteries, superconductor applications, and microcircuit markets.”

Silver Coins

When it comes to buying silver, there are several options. However, people are opting to buy coins since, not in vain, in addition to their undoubted profitability as an investment, silver coins are tremendously attractive and eye-catching, making them a highly sought-after target for collectors.

Silver coins made before 1964 in the U.S. contain about 90% of this precious metal, which means that the sheer amount of silver in them set their value.

With silver coins –as it is with silver bullion– investors make money every time the price of silver soars. Since the actual metal does not generate any cash flow, that’s the only way of getting it to yield profit.

Collectible coins are also available and very much sought-after by collectors. However, by being special pieces they are more expensive and you could end up paying more for the actual silver amount in it.

As gold and silver coins are highly coveted items you must be sure to protect yours very well from thieves and scammers.

Junk Silver

Coins made of 90% silver are coveted by investors and dealers who pay for how much silver there is in each one of them.

Other coins have lower percentages of silver content and are therefore less valuable. These are junk silver, which “refers to any high silver content coin that is not considered collectible and that has no numismatic value.”

There are several examples. The “war nickels” produced during WW2 only contain 35% of silver, while 40% of the Kennedy half dollars minted between 1965-1970 is considered a precious metal.

In general lines, silver coins made before 1965 are considered “junk silver.” They can often be most easily distinguished from lower silver-content coins by appearance.

“The edge will not show the telltale copper streak but will appear silver all the way through.”

Silver Rounds

Rounds are minted by private mints and have no face value. They’re not intended to ever circulate as currency.” In this sense, silver rounds store value based on how much silver content they have.

Hence, silver rounds are cheaper than silver coins, especially those considered collectible. They pretty much resemble a coin with their oval shape but cannot be used as legal tender, and come in different sizes: small, 1/10 oz, large 5 oz.

Two of the most recognized brands in the U.S. are Sunshine Minting Inc. and SilverTowne Mint, with the former adding counterfeit technology a few years ago.

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flaart / Pixabay

Gold

Gold is the holy grail of precious metals, as it is durable –it doesn’t oxidize– malleable and is a great electricity and heat conductor.

Despite being widely known for its application in jewelry and as a currency, it is also used in several industries, especially electronics and dentistry.

Gold Coins

When it comes down to gold coins, you should be interested in their intrinsic value as a gold coin can be valued in three different ways.

The first one is the intrinsic value of the currency, which is based on its amount of gold. Coins whose value depends primarily on their weight in gold are known as bullion coins.

Face value is its value as legal tender. Except for the South African Krugerrand, all gold coins have some value in the currency of the country of issue.

Numismatic value is the value of a coin according to its history or rarity. The price of the coin can skyrocket if it is no longer manufactured or is in demand by many collectors.

When buying bullion coins, it is important to pay attention to the year of issue of the coin. Coins issued during the current year typically have a higher premium than random-year coins.

Gold Rounds

Like silver rounds, gold rounds are minted by private mints and have no face value. They’re also not intended to ever circulate as currency.

Gold rounds are an effective way to invest in physical gold, especially if you intent to store them in a renowned, insured precious metals storage facility.

“Also, if you have a working use for the gold, such as in electronics, manufacturing, or the arts, these large gold bullion bars are the most cost-efficient way to buy it.”

However, if you don’t plan to use them in any way, gold rounds could be expensive to liquidate when taken out of the storage facility. “You may encounter assay, refining, or just handling fees in trying to liquidate that size gold bullion bar.”

Copper

It is a reddish precious metal with bright hues. It is malleable, ductile, and a good electricity conductor, which makes it a great option for industrial usage.

It was one of the first metals to be used by humans in prehistory times. Besides its high electrical and thermal conductivity, it is highly resistant to corrosion and has a great ability to form metal alloys.

Copper has ease of hot and cold deformation, so it can be molded into wires and plates or sheets.

“Just like gold, silver, and platinum, copper gets made into bars and ingots. Copper bars are typically minted to high levels of purity and come in varying sizes. Typically, small bars are one ounce in size, but mints also produce copper bullion bars in sizes as large as 10 pounds.”

Platinum and Palladium

Platinum is an especially rare precious metal, and 30 grams of pure platinum requires 10 tons of platinum ore. Purifying platinum can take up to 5 or 6 months.

South Africa is currently the largest platinum producer, followed by Russia and Zimbabwe.

Given the strength and durability of platinum, most platinum jewelry –85% to 99%– is made of pure platinum. The rest is complemented with iridium, ruthenium, or cobalt. Platinum rings, marked 900 or 950, are made of 90% and 95% pure platinum, respectively.

As with other precious metals, one way to invest in platinum is to simply buy physical platinum, in either coins or bullion. Regarding the former, it should be said that several mints around the world mint platinum coins.

A downside to buying physical platinum, however, is that, in most countries, you have to pay VAT. This is in contrast to gold, whose investment products are often VAT-exempt.

Platinum has become substantially cheaper compared to gold over the last two decades. Until the 2008 crisis, the ratio was around 2 –this means that one ounce of platinum allowed people to buy two ounces of gold.

Similarly, palladium is a precious metal with very high value. It’s soft and malleable when heated and greatly increases its strength and hardness when cold-processed.

At room temperature, palladium has the unusual property of absorbing up to 900 times more hydrogen than its own volume. This is one of its valuable qualities and makes it so sought after by the automotive industry.

Although not as well-known as other precious metals such as gold, silver, and platinum, palladium offers strong potential investment opportunities.

The most popular reasons that are driving more and more people to invest in palladium are its wide industrial use, protection against inflation, the growing demand of the automotive industry, and the rapid price growth.

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tookapic / Pixabay

Selecting a Silver Bullion Company

Shipping Costs

Shipping costs are certainly a key element in the equation when buying silver from a silver bullion company. Depending on the quantity or the cost of your purchase, some companies can offer you free shipping at a minimum.

Premiums Over Spot

This aspect depends on what type of silver you’re buying. Silver rounds offer a low premium, only behind silver bars. On the other hand, silver coins have the highest premiums, but also the amount you purchase will play a key role.

“Everyone wants a deal. But for some silver stackers, buying silver at spot price isn’t necessarily about saving a dollar or two on an American Silver Eagle. Many are prospectors at heart, hunters in spirit.”

Fees for Certain Types of Payment Methods

Regarding fees and commissions, this is something you would have to be very careful and research the small print before every purchase as it depends on what you’re buying.

For example, the Professional Numismatists Guild says that the average retail commission for one-ounce American Eagle or Maple Leaf gold coins is roughly 5% or 6%.

Check or bank wire usually get discounts so you should keep an eye on them before buying.

Buy-Back Rates

If spot prices rise, silver bullion companies can buy back precious metals depending on how much the price fluctuates. The soaring price reduces the supply of certain bars, coins, or rounds, so dealers may want to get their hands on as much of the metal as possible.

Buy-back rates are something to consider, as bullion and coin dealers are always aware of the market’s movement, and are willing to buy back at their stated buy-back prices.

Locked-in Prices

Usually, bullion firms will lock prices once you place your order. So be aware of this feature for a peaceful purchase!

Insurance

Silver bullion firms with safekeeping options offer insurance against fire, theft or any disastrous event depending on the conditions. If you are to take the safekeeping option, this is something you must look at.

Why Purchase Silver Dollars

Pros

Purchasing silver dollars has several advantages. they are definitely an investment as well as an inflation hedge.

“While stocks, bonds, and other financial products are good investments, they are still digital promissory notes susceptible to depreciation. Silver, on the other hand, is a tangible asset. Even in an economic collapse, silver has always held value.”

Cons

Silver dollars can leave you vulnerable to theft –unlike most other investments, such as stocks.

Further, as Dave Ramsey says: “The prices of gold and silver are so unstable (and have been over time) that the only use for them in an economic crisis would be to hope someone would take your silver coins or watch in exchange for a pack of toilet paper or a can of gas.”

FAQs

Where is the best place to buy silver at the best price?

There is no single answer to this, as you would want to buy silver from the company that offers you the lowest spot price, insurance, free shipping, lower fees, and commissions. If you find it and it’s exactly what offers what you’re looking for, it will certainly be the best place, either online or brick-and-mortar.

Where is a trusted place to buy silver?

Any of the places mentioned above are well renowned if you want to invest in physical silver. Still, you can check user reviews on platforms like Trustpilot to check for the most reliable places.

What is the best silver to buy right now?

Silver coins command a higher premium. hottest options right now include Silver American Eagle –arguably the most popular silver US coin to invest in–Silver Canadian Maple Leaf, Canadian Maple Leaf, Chinese Silver Panda, and the 1964 Kennedy Half Dollar.

What is the cheapest way to buy silver?

Silver bars are usually the cheapest way to buy silver. Very often, coins trade just above the spot price, while silver bars can be purchased a few cents above thereof. Gram-for-gram, silver bars are the cheapest way.

Final Thoughts

Silver bars, gold bars, silver bullion coins, and even rare coins are a good investment option. Any precious metal doesn’t depend on any government, and by being limited resources the price can only go up. However, some of them can fluctuate significantly so it’s best to educate yourself on how to trade with them.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver