When it comes to investing in silver, most buyers want to know what the best place to buy silver bullion coins and bars are. There are essentially two options available – buy online or buy from local dealers. Both options have their individual benefits and drawbacks. In this blog, we’ll outline the pros and cons of buying silver from local dealers.
1. You can Examine Your Silver Before Buying
When you go to buy silver online, you have to select the silver coins and bars by relying on the quality of the photographs and the reputation of the online dealer. You can’t examine and judge the quality yourself before buying. Sometimes, what you receive isn’t what was advertised.
Buying silver locally doesn’t involve these risks as you physically visit the store, select the silver items you want, hold them in your hands, inspect and then invest. You also have the opportunity to meet the seller you’re dealing with and know whom to contact if something goes wrong.
2. You Walk Home with Your Silver
Another big advantage of buying silver from local stores is that you physical possess what you buy almost immediately. But when you buy online, the delivery of your purchased silver takes a few days or even weeks, depending on the shipping policies of the online dealer. You also need to pay shipping and insurance charges.
3. You can Pay in Cash
Online transactions with your credit card may have security risks. Unsecured websites could be targeted by hackers, who then might attempt to steal your credit card information and identity. With local stores, you can deal exclusively in cash, bypassing these risks all together.
1. You Pay More
Online dealers often offer lower, more competitive prices for the same silver coins and bars that you find at a local store. That’s because they have fewer expenses to cover. Local stores, on the other hand, must cover storefront expenses such as rent, utilities, overhead costs, etc.
2. You get a Limited Selection of Products
Local shops offer a limited selection of silver coins and bars. This is because they have a smaller customer base, and more limited onsite inventory due to space restrictions. As a result, the selection they offer is usually based on popularity of the item. You’ll never find the diverse selection of coins as offered by online silver dealers.
3. You have to Pay Sales Tax
It’s one of the major drawbacks of buying silver from local dealers. The charges vary from state to state, or province to province depending on their taxation laws. Buying silver online doesn’t require you to pay any sales tax.
4. You have No Privacy
Online dealers are committed to protecting the personal safety of the customers as they can place an order in the privacy of their own home. There’s generally no issue of sharing your purchase and transaction history with third parties. However, when you go to buy silver from a local shop, you can’t remain anonymous. When you visit the store, you may get noticed and become a potential target of burglary, theft or assault.
Now that you know the pros and cons, you’ll be able to make more informed decisions when purchasing your first silver.