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How to Purchase Silver Bars

Unlike gold, which is typically sold in coins, silver is often sold in bars. Getting a good deal on silver involves researching to make sure that you are buying from a reputable source and that you are paying a price close to the current "spot" price of silver.

Things You'll Need

Current spot price of silver per ounce

Instructions

- 1
  Determine the current price of silver. To buy silver, one must first know how much silver is going for. The price for an ounce of silver is called "spot" and it is widely available. Arm yourself with the current "spot" price prior to starting your search for silver bars.
- 2
  Familiarize yourself with the different sizes of bars available. Bars come in one, five, 10 and 100 ounce sizes. Select the one you want, keeping in mind that 100 ounce bars are both large and heavy.
- 3
  Locate coin dealers in your area. Use the telephone book, or online directories of dealers to find coin shops in your area that can sell you silver bars. Compare several to get an idea of the range in prices. There are two main silver markets: New York and London.
- 4
  Negotiate a price and purchase. Typically, you will pay a certain amount over the "spot" price of silver per ounce. For example, if you want a 100-oz. bar of silver, you may have to pay 50 cents over the spot price of silver. So, if silver is $20 an ounce, you will be paying $2,050 for a bar. This can be negotiable, but keep in mind that the dealer will never sell for less than the spot price of silver.

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