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8 Things to Know Before Investing in Silver

Silver coins laid out on a desk

Like gold, people invest in silver to earn a profit over it or utilize it in their jewelry, tableware or coins. Silver is less pricey than gold, but it shares the same features as other precious metals, such as low price volatility, hedge against inflation, easy accessibility, etc.

If you’re also planning to invest in silver, here are a few things to know for better outcomes.  

1. Investing in Silver is Risky

Although precious metals like silver have lower risks, it’s crucial to understand those risks to avoid any problems. Before investing in silver, learn the risks involved, have a suitable plan and prepare the groundwork accordingly.

The common risks of buying silver are frauds, scammers, and counterfeit. Although you can identify a premium silver coin by looking at it, many people conduct fraudulent activities or rob your money by charging more than its actual worth.

2. Choose a Reliable Vendor

You can buy silver coins online or in-person through retailers, commercial banks, wholesalers, etc. Choosing a reliable vendor will not only save you from scams but will also ensure that you bought silver at a fair price. So make sure you’re buying from a trusted platform like Orion Metal Exchange to prevent any fraudulent activity.

3. The Prices of Silver Can Change

Investors mostly opt for silver and gold because they are not affected by inflation, making them excellent assets to own. However, there can be other factors that influence the price of silver over time. Prices are unpredictable and change every day depending on the market conditions. So before buying or selling silver, make sure you’ve researched the prices and market conditions to secure a profitable deal.

4. There’s No Continuous Income

Silver doesn’t generate continuous income like stocks, real estate or other assets. You can earn a profit by selling it or do frequent trading by buying at lower rates and selling when prices are higher to generate periodic profits.

5. Taxes

In the US, holding precious metals like gold and silver will require you to pay capital gains tax. This tax is up to 28% and equal to a marginal tax rate. However, there is no sales tax for selling silver.

6. Types of Silver Investment

There are many ways to invest in silver, so choose according to your preference and knowledge. Some common types are silver coins, bars, jewelry, etc. Each type has its own pros and cons, so make sure you do thorough research before choosing any.

7. Keep the Initial Investment at a Minimum

It’s wise to preserve some investment cash and only put a small amount during the initial investment. It helps you understand the market without losing much money, and it also prevents losses from price fluctuations.

8. Take Expert Help

Instead of jumping right in, consult an industry expert to make better investment decisions. They have enough experience to predict the market conditions and guide you on when, where and how much to invest.

 Silver coins in a jar

The experts at Orion Metal Exchange have extensive knowledge and experience to offer profitable recommendations. We are Consumer Affairs’ Top-Rated Precious Metals IRA dealer with over 50 years of experience in the industry. Whether you want to invest in gold, silver or any other precious metal, get in touch with us.

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