Physical Silver Possession
The key point to this silver ownership strategy is to minimize risk, therefore for many, the best choice is to buy and hold physical silver in one's own possession. Obviously, this means you must take some basic precautions such as buying a good quality safe to secure the silver when you don't have eyes on it. Even with that precaution, safes can be broken into or even stolen outright given time and opportunity, so do not put complete faith in that one solution. Additionally, if you live in shared accommodations, travel frequently, or just don't feel secure with a large amount of silver left unattended, then this may not be the ideal situation for you. Ultimately, the decision is yours to make.
You always hear people saying "If you don't hold it, you don't own it" which is true, on its face. However, unless you're set up to ALWAYS have eyes on your silver with the means to defend it from possibly armed silver snatchers you have a gaping hole in your security, It can quickly go missing from ex-boyfriend/girlfriend (or even a current one!), a nosey neighbor, too many posts bragging on Social media about your massive stack. If your stack starts getting to be worth more than you can afford to lose, you may want to consider Custodial Storage options. The one I trust for my needs is a joint partnership between Sprott and APMEX, the two biggest, most respected names in the precious metals space. I know silver stored there is probably 1000x safer than the average home against theft or robbery for which homeowner's policies will not cover. Call your home insurance provider and ask if they will insure silver or gold bullion. They only insure jewelry, and certain bonafide collectibles and probably not for full value. Maybe you're thinking of using your safe deposit box at your local bank. Bad idea, items disappear from bank safe deposit boxes a lot more often than you'd think (Google bank safe deposit missing), and they're not insured as nothing is ever appraised, cataloged, or audited when placed inside. I haven't even touched on the jam you'd be in when the next financial crisis which will dwarf the previous one hits, nuff said. All of this just to say that following internet meme and chat room mantra without considering the possible fail points can be a terrible mistake. Do you own due diligence, there is no one right solution. See this video for more
Disclaimer: Everything contained on this website are my opinions on how someone with little to no previous exposure to investing in silver can buy physical silver. My opinions have been developed over several years of investing in silver in various forms and have been my own experience your experience may differ. Nothing that is written or displayed should be taken as investment advice, I am not an investment professional. Please do your own due diligence and speak with a qualified advisor about your personal situation before making any investment decisions.
Physical Silver Dealers
There are too many to list them all, the four I have listed below are leaders in the field and are where I generally shop. It is important to remember that there is no difference in silver bullion from one seller to another. Prices are cheaper per ounce when you buy larger single pieces, e.g.; buying ten 1 oz bars will cost more than a single 10 oz bar. Purchasing bars and rounds that are less than 1 ounce the most expensive way to buy silver and other precious metals. This is because there are costs for the manufacturing and finishing of each individual piece. Shop around for the best prices and be sure to figure in s&h and any customs duty changes if the order is international.
APMEX is one of the largest, most established, and best known dealers of all forms of silver and all other precious metals online. APMEX is the first place I look when I am wanting to add to my stack. They have more variety than the others though not always the lowest prices they do offer FREE shipping on order over $99, most other require order two or three times higher to ship free.
First Majestic is one of the few primary miners of silver and also produce their own silver bars, 1/2 oz and 1 oz rounds, and 5 oz and 10 oz medallions. This is the best place I have found to buy half-ounce silver which is generally from 10-15% or more expensive than 1 oz rounds. They charge a flat per ounce rate on their silver bullion products. There is no free shipping that I am aware of even for a $1500 order so figure that in. They are one of the last places to have inventory when demand hits as they are not well known as a silver seller than as a miner. Note: Delivery is usually by UPS, and they will demand customs duty be collected before delivery, you need to contact First Majestic and have them take care of that. No duty is supposed to be collected on silver bullion shipped within North America. I didn't know that and it cost an additional 3%.
JM BULLION was founded in 2011 and is the fastest-growing precious metals company in the country. They are my other go-to when shopping and are competitively priced and have provided me with great service over the years. Presently because of the Silver Squeeze overwhelming supply, they have moved their threshold for FREE shipping to $299, not a deal-breaker but if making smaller orders it figures into the price. Provident Metals was acquired by JM Bullion in August 2019, they have a separate website but won't be listed here.
Miles Franklin may not have the name familiarity as APMEX and JM Bullion but they are an excellent player in the precious metals space. In business since 1989 they are proud to be A+ rated with the BBB with ZERO complaints filed. They do have a website to show their products however, they do not list prices or conduct sales from the site. All sales are via telephone which may seem odd in this day and age but they have a good reason. Online fraud and hacking are major problems in this industry and the added online security is tremendously expensive and isn't 100% safe. In fact, JM Bullion was hacked in 2020 exposing certain client information and credit card data. I have not yet made a purchase from them but have watched many interviews with their President Andy Schectman, he is a straight shooter and I value the insight he offers on the silver and gold markets.