Buy physical silver coins to protect your legacy

Owning silver can be a great idea because it can protect your savings and your wealth. As a hedge against inflation, silver and other precious metals can be reliable assets.

Even if you don't believe that inflation is on the horizon, there is fairly universal skepticism about the health of fiat currencies, which means that many countries in the world are facing tough and unstable economic times, which often result in conditions that make their paper currency become virtually worthless.

As an insurance policy against the health of the economy, it's definitely worth your while to consider physical silver.

History of silver and its value

Silver has been mined and extracted from ore for at least the last 5,000 years and it figured prominently in the craftsmanship of many ancient civilizations, including the Egyptians, the Chaldeans, the Greeks, and the Romans.

Later, Spanish silver mines were dominant in the world, up through the first millennium. After silver mines were discovered and exploited in South America, the New World became the leader in silver production. In more modern times, silver discoveries in the U.S., Australia, Europe, and Central America have contributed significantly to annual silver production and better extraction technologies have made it easier to retrieve the precious metal.

In terms of its value, silver was paid to ancient Babylonian workers at a rate of 2 grams per day, about 1/15 of an ounce of silver. By medieval times, a worker could expect to be paid about 672 grams of silver for an entire year’s labor. In the U.S., the price of silver remained stable from the founding of the country, right through to Civil War times at $1.30 per ounce. In more recent years, the spot price of silver has fluctuated between $13 and $21 per ounce.
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Why you should consider owning silver

Owning precious metals can be a very good idea; it can even be in the form of a precious metals IRA. Owning silver is an especially good bargain these days, because the silver spot price makes it so affordable. Buying silver coins such as silver eagles, or buying silver bars can be a great addition to your wealth portfolio. Silver represents real, tangible value, unlike the numerous paper currencies of the world, which have very little value on their own.

Silver has been used in coins for buying and selling goods throughout history so it’s a rock-solid medium for making purchases. At the time of writing , the silver price is approximately 1/80th the price of an ounce of gold, yet it provides the same hedge against inflation or an economic downturn as gold does. If you ever need to sell your silver stores, they will be easier to liquidate than gold would be, so it's an easier asset to work with than other portfolio options.

Another great reason to invest in silver is that it's becoming extremely popular for industrial uses. More and more companies are incorporating silver into their batteries, electronic devices, medical applications, solar panels, and a wide variety of other uses. This creates strong demand for silver. Industrial production has now consumed at least half of all silver production globally. With increased demand, the price of silver is likely to grow in the future and escalate the value of your silver assets, whether you have IRA silver, coins, or bullion.

How to buy silver

The first step in buying silver is to decide which form of silver you actually want to purchase, whether that be some form of physical silver, like coins or bars, or even an ETF, though this is not direct ownership, and therefore not strictly comparable.

Then you should find a reputable silver seller, so you can avoid the numerous scams and fleece artists who prey on consumers. Your best bet for finding a reputable silver dealer is do your research and then narrow down your choices to two or three possibilities. You can then contact the sellers on this shortlist and interview them about their specific policies regarding silver purchases. Eventually, you should be able to settle on one dealer with whom you feel comfortable with and who can represent you in future transactions for acquiring silver.

Next, you should evaluate the current spot price of silver and make sure that any purchases you're considering are not wildly out of sync with the market price. When considering any specific purchase, you should inquire about buybacks, in case you need to sell the silver back to the individual or firm you're buying from.

Any market like this is somewhat unpredictable, so "playing the market" carries potential risks as well as rewards. By observing these proven steps to acquire silver, you should be successful in making whatever purchases of silver you have in mind, now and in the future.

More Information

Including gold and other precious metals in your portfolio lowers your risk by diversifying from paper assets, thus hedging against the economy and inflation. Through turbulent times, such as an economic downturn, gold and other precious metals retain value and are trusted to strengthen and secure wealth, where paper assets may not. Read more...

Buying silver is a great way to preserve wealth as a hedge against the economic downturns which may occur locally or nationally. That makes it a desirable practice for just about anyone to become involved with, even if you don't have a ton of money to allocate toward silver purchases. Read more...

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