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Friday, October 20, 2006

Collecting Silver Bars

Collecting silver bars is an excellent way of accumulating silver. You can get bars from one ounce up to many kilos and the current price of silver makes it quite affordable to collect silver bars on a regular basis.

Although the price of silver does fluctuate, over the long term, it is enjoying a steady rise, so a long term campaign of accumulating silver is quite likely to be a good move.

The various types of silver bars available include. Silver Bars or wafers, often called biscuits as they are pressed from a sheet in a press. The other type is ingots. These are cast bars in a mound. These are usually fairly heavy and about 400 ounces so are harder to store and transport. These are usually kept in bank vaults by companies.

For the individual it is better to look at the small bars, these can range from a one ounce bar up to 1000 ounces or one or ten kilos.

All silver bars should have stamped on them, the amount of silver content, the degree of fineness, which should be 999.0 or more, and the name of the mint in which they are struck.

They should also come with a certificate of authenticity.

You can buy silver bars from various dealers and mints. It is always a good idea to ensure you pick a mint or an established dealer that has a returns policy. When you get the bar examine it and ensure it is exactly as described in the literature. If not you will want to return it and recover your money.

The smaller bars have a higher mark up or premium and are therefore proportionally more expensive. The shipping costs are the same whether you are buying large bars or smaller ones so that also needs to be taken into consideration.. The smaller bars are usually sold for decorative or aesthetic value. It is the 1000 ounce bars that are popular with collections for their potential investment value. Keep in mind that, collecting silver bars, unlike coins, may attract a tax component. It is always advisable to consult with your financial adviser in such matters.

In short, collecting silver bars, as well as being a fun and enjoyable activity, would be the answer to any silver buyer wishing to accumulate silver for a rainy day!



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