Most folks interested in precious metals, be they silver coins or gold bars, usually circle back around to the value of the metal and how they can capitalize on it. Some may opt to sell gold and silver bullion, while may find their fortune harvesting junk silver or pieces considered scrap metal.

Regardless, there are a few principles to keep in mind when investing in money metals. Let’s take a closer look at silver, its value, when to buy it or sell it and how to make safe transactions in the modern age.

Fundamental value of silver

Silver is heavily valued across numerous industries, including the healthcare and technology spaces. However, it’s also considered one of the most versatile and malleable metals on the planet.

For example, due to its durable nature and versatility without damage, silver is a prime component in many energy conductors, often putting it in higher demand than some other precious metals in terms of sustainable energy technologies.

When to physically sell silver

Traditional investing advice is often given by investment moguls and bullion dealers alike: watch your market and sell when the demand is high.

Because of silver’s versatility, it’s often a highly sought after commodity, as are other metals like physical gold, platinum products or even palladium products.

When to physically buy silver

As with selling, it’s pivotal to watch the market and buy when the demand for silver products is low. When you’re ready, you may opt to but silver online or go to a brick and mortar location. Regardless of your preference, it’s also a wise idea to make sure your seller of choice is a reputable dealer.

How to purchase or sell silver

The first thing to do is check for resources closest to you, such as your local coin shop or finding an online vendor within your country or region. This helps ensure selling practices surrounding these precious metals are up to par with what’s required by law in your area.

Next, make sure you’ve done your research on market pricing for your desired items. Gold and silver are extremely valuable, but they’re unfortunately targeted by gougers hoping to ensnare unsuspecting customers. Less than reputable shops may offer buyback prices that don’t begin to match your desired items’ value, or upcharge against items worth a fraction of the price.

After you’ve done your research and found your reputable dealer of choice, ask questions. If you’re purchasing a piece, ask about its history or what makes it valuable, especially if it’s for a collection. If you’re going to sell an item, be sure to check against competitive pricing for similar items.

For instance, if you’re selling bullion such as selling gold and silver bars, check for others that have similar characteristics (like weight). This can help you set a starting price.

When it comes to the retail market and precious metals, be sure to practice safe transactions and research your desired pieces before diving headfirst into the land of precious metals. You’ll be more than glad you did once you’ve begun your precious metal and numismatic journey.