Silver Bullion Bar Buying Guide

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Silver Bullion Bar Buying Guide

Buying Silver Bullion Bars is an enjoyable and potentially rewarding pastime. Although expensive, with the right level of knowledge buying these Bars as an investment can be a wise move.

It is recommended that investors buy second-hand silver from sites such as eBay. Buying Silver Bars can seem like a risk, but this guide should explain how to successfully use eBay to make a purchase.

Silver as an Investment

Value, Weight and Size

Silver Bullion Bars are a good choice of investment. Bullion is a metal in its purest form. The size and value of the Bars allows for storage at home or in a secure location. Silver has been used as a form of value for over four thousand years. In some countries Bullion Bars are available for purchase from the bank, but for the majority of people the best option is to buy the Bars online at eBay.

  • Second-hand silver tends to be sold at a fairer price, apart from when silver is up in market value.
  • In the U.K. new silver is subject to VAT. It greatly increases the price and devalues the Bar as an investment.
  • Buying Bullion Bars is considered to be a good insurance against economic crises.

Purity

Silver Bullion Bars usually come in three purities.

In addition, silver bullion bars can also have the following characteristics:

Silver is always sold by purity.

  • A higher percentage in silver results in a more expensive price.
  • If the price of a Bar is 100% greater than the market value then it is possible to find it at a more affordable rate on another auction.
  • Buying a brand name ensures the purity of the silver.
  • There are Testing Kits available for silver. The test uses chemicals to check the silver’s purity. This doesn’t damage the silver and is better than cutting into it.

Before making a purchase, check online for the current value of silver in British Pounds. There are many websites that keep updated price checks. Bullion Bars are always valued by their purity and weight.

Weight

On eBay, Bullion Bars are usually measured in kilograms and grams. However some sellers measure their Bullion Bars in Troy Ounces and Troy Pounds. This is the correct way to measure the Bar, but is less popular with amateur sellers.

  • 1 Troy Ounce is equal to .031 Kilograms
  • 1 Troy Pound is equal to .373 Kilograms.

Bullion Bars can weigh anything from a few grams right up to 500 Ounces.

Size

Bullion Bars are the most common form of silver investment. A reason for this is their size and storage capabilities. Think about where the silver will be stored before making a purchase. It’s ok to store at home once there is a strong safe to keep the silver in. The most common sizes are

1 Ounce.

5 Ounce.

10 Ounce.

1 Kilogram.

100 Ounce.

Silver as a Hobby

It isn’t just people looking to invest their money that buy Bullion Bars. A large number of the Bars are decorative, especially the older ones. Collecting the Bars is a lifelong hobby that can help build knowledge that will be beneficial when dealing with prices.

Buying the Right Silver

For first time buyers of silver, eBay offers the best value on the Internet. Avoid stores and dealers until a little more experienced. There are some things to watch out for though,

  • Don’t buy Bars that have 100 mills marked on them. This means that the Bar is plated with silver, and not solid silver.
  • Chinese Dynasty Silver Bars should be avoided unless the seller is able to prove 100% authenticity.
  • It is advised that first time buyers start off with trusted names such as Engelhard or Northwest Territorial Mint. Research into which metal companies have the best portrayal from customers.
  • If someone is selling silver at a much lower price than the market value, then the silver is probably plated or fake.
  • Make sure to take into account the size and weight of the silver being bought. There must be an adequately sized safe or storage unit for the silver to avoid theft.

It can be hard to tell the value of a Bar from a picture, but eBay uses a system that protects both parties in case of any disagreements. Although this helps discourage unauthentic listings, there is still the possibility of them appearing online. Never hesitate to contact the seller and eBay Customer Support with any doubts over a listing.

Selling Your Silver

Coin dealers and others that sell and buy precious metals for a profession may only give part of the current price for a Bar. This is why it’s beneficial to keep trading within eBay, and this is the easiest way to generate the most profit. With time and experience it is possible generate a respectable sum of money solely from buying and selling on the site.

Buying Silver Bullion Bars on eBay

Before beginning a search for Bars, it is advised to check on the current market value for silver. This will give some idea if the prices on eBay are good value or not. When this is done, go to eBay.co.uk.

  • First, click on the Search by Categories tab located beside the search bar. After this click on All Categories.
  • This will link to the Categories page.
  • Scroll down to the Coins heading.
  • Click Bullions/Bars to be brought to the relevant page.
  • Enter Silver Bullion Bars into the search bar and press enter.

If searching for a specific bar, size or level of purity, be sure to enter as much information into the search as possible. The purity, size, weight, country of origin, and date created will help with the search. eBay’s Search Tips can help if experiencing difficulty finding a Bar. There is also a Wish List option to help find specific Bars.

Silver Bullion Bar Listings Page

The Silver Bullion Bar listings show all the Bars available for sale on eBay at any given time. Browse through this page for Bars, and refine the search to look for specific properties.

  • The Type heading contains the different forms of the silver. These include Bars/Ingots, Coins and Mixed Lots.
  • It is possible to compare prices of different metals on eBay, and you can do so by using the Metal heading. The precious metals available on eBay are gold, silver and platinum. There is also Not Specified option.
  • An important heading to look over is Certification. This will filter out all uncertified Bars guaranteeing the silver’s purity. First time buyers should always click on the Certified box.
  • The country of origin can be modified, which helps if searching for specific Bars.
  • The amount of listings shown per page can be changed at the bottom of the page.
  • To change the sorting method click the Sort By drop box and pick the relevant option.

Silver Bullion Bar Page

Clicking on the listing of a Bullion Bar will link to the Bar’s item page. The item page contains all the information about the Bar and it’s seller. Spend some time reading over the page to make sure all is order.

  • The page is split by photographs of the Bars on the left, and details about the price, current bid and seller on the right.
  • Underneath this are the Descriptions and the Postage and payments boxes. Read any messages the seller has left in the Description box. The Postage box has costs and delivery times.
  • Use the Ask a question option if there have any queries about the Bars. If questioning the purity of a silver Bar, ask the buyer to provide proof of purity using this option.
  • A photograph of the Certificate of Authenticity will also be found on this page. If there is not one, make sure to contact the seller and request one before completing the transaction.
  • If the seller is a business then their contact information can be found at the bottom of the page. They will also state any returns or refunds policies here.

Buying With Confidence

Buying any sort of precious metal requires confidence, and even more so when using an online site such as eBay to facilitate the transaction. Before making a purchase, consider the following.

  • Is the seller an individual or a business? There are a considerable amount of businesses on eBay, and if buying from one then be sure to check out any company reviews.
  • What sort of feedback has the seller received for previous transactions? Were the items as described? Delivered on time? Read through what other people have to say about the seller. If they have received a considerable amount of negative feedback then think about looking at another listing.
  • Be careful when buying Bullion Bars that are without a Certificate of Authenticity. If a Bar is purchased without one, then the purity may need to be tested.
  • Is the price of the Bar realistic to the current value of silver? Remember the value of precious metals change daily so always be aware of market prices before making a purchase.
  • The Resolution Centre deals with any disputes between buyer and seller. The link is found in the Customer Support drop down menu on the top right of the page.

Conclusion

Silver Bullion Bars are a wise investment for anyone looking to protect their money. They also can act as a source of profit if traded with the right knowledge. The Bars also provide a form of hobby for some people.

Silver has been constantly traded with and invested in for thousands of years. However, there are potential problems with buying this metal, and first time buyers should take their time and be certain of a Bar’s authenticity before making their purchase. eBay is a great silver market, and if searched properly can yield great results.

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