What to consider when buying silver coins online?

Investing in precious metals is unlikely to go out of fashion. While
Gold coins
usually in the spotlight because of its high value and shiny exterior, consider silver if you want to start small with investing assets in the form of precious metals for the future.

You want to buysilver coins and now you want to choose a coin? The choice is large and difficult. You have joined an ever-growing community of people who enjoy the benefits of collecting a wide range of silver coins. To ensure that your new experience is pleasant, here are the key points to consider when buying from online silver retailers.

Is silver a good investment?

As an investment,silver can be a great way to diversify your portfolio.

Another advantage of silver is that it serves as a hedge against inflation. Because it is a physical asset, it has an intrinsic value that dollars, euros and other currencies do not have. Silver also offers long-term value and performs well at low interest rates.

The main risk is that silver is also used as an industrial metal, used in the production of everything from microcircuits to medical devices. This means that part of its value is affected by production cycles, which makes silver much more volatile than gold.

When buying or selling Silver coinsjust like gold coins you should consider the following checklist:

1. Shipping costs

Customers need to decide how many pieces they want to order and what type . For example, if you buy a silver coin at a small premium, like the 1oz Britannia silver coin, your shipping cost will be lower than if you bought a 1oz gold coin . Therefore, it is important that you check the shipping costs before you buy. Shipping costs vary with different vendors and it is advisable to look at the prices before you buy. Make sure your coins are shipped with insured shipping, or rather, what happens if your shipment is lost in transit.

2. Possible delays in delivery

If immediate delivery is not possible, have the coin dealer/coin seller confirm the delivery date in writing. Only then should you complete your order.

3. Do you know the actual cost per ounce?

Silver, gold and platinum prices fluctuate daily, so be sure to check the current spot price before making a transaction. If these are special editions/limited editions, read on here.

4. Additional costs

According to Statista, the mine production of the precious metal silver in 2020 was about 25,000 tons worldwide. In addition to shipping costs, other costs such as customs duties, fees, commissions and excise taxes may apply. It’s worth checking what these additional costs, if any, are before you buy, as you can deduct the savings from the amount of silver you buy.

5. Reputable dealers & the package insurance

When buying silver coins online, choosing a reputable dealer that offers a secure payment system and strict buyer protection is essential. If you want to buy a wide range of silver coins online, you should make sure that the package is insured by the carrier. If something goes wrong, such as your coins getting lost in transit, not arriving or arriving damaged, you should be able to claim compensation. Insurance is usually included in the shipping cost, but it’s worth checking before you buy to avoid any surprises after payment. The customer may be asked to acknowledge the coins upon receipt. Therefore, it is important to make sure that this has been done and that it is possible to acknowledge the package as “not checked”.

6. Quality and originality

When deciding which silver coins to buy, you should apply strict standards to ensure authenticity. If you buy silver coins or gold coins from reputable dealers, you can be sure that they are genuine. For example, check that all holograms on the coin are intact and that all information on the front of the coin matches the information on the back. Also, make sure that all the information on the coin is clear and legible.

7. Various prices

Silver coins are often available at a small premium to the spot price. This means that you can buy silver coins for less than €25 each if the spot price where you live is €25 per ounce. The premium over the spot price for silver coins can vary widely and depends on many factors, including
Country of origin
Design
Supply and demand
Packing

8. Be aware that all investments involve risk.

If you are looking to buy silver coins or gold coins for investment purposes, it is best to do some research on the coins before you buy them. Uninformed buyers who make quick purchases often unknowingly overpay. As with any investment, there are no guarantees. And no one can predict with certainty whether silver and gold prices will remain at current levels or continue to rise.

Silver as an object of speculation

Regardless of where you buy silver (whether online or from a local dealer), keep in mind when making your decision that it makes little sense to buy silver as a short-term speculative asset. For tax reasons alone, this investment is hardly worthwhile. When you buy silver, you pay VAT. You will not get these back when you sell. In addition, the potential gain would have to be taxed if the holding period is less than one year. The price of silver would have to rise significantly in a very short time for this to be worthwhile. In the long term, things look different.

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