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Silver Prices Today

How to Buy the “Other” Precious Metal – Silver

The silver prices today seem to be gradually rising and it is predicted by many experts that there is soon going to be a silver boom in the markets.  This is attributed to the fact that the supply of silver is slowly depleting corresponding with an increasing demand for it in various fields.  Unlike gold, silver has a number of uses.  It is being used in photography, medicine and most importantly in the electronic industry for manufacturing components of mobile phones, computers and the like.  Such a scenario makes silver a much-in-demand metal and hence the silver prices today are slowly marching on.

Types of Investment

The silver prices today keep fluctuating on a day-to-day basis, just like any other precious metal.  This makes it a very viable option for investors who can buy either physical silver such as silver bars or coins.  These, however, can be bulky and prove to be cumbersome as they need a large amount of storage space, till one decides to sell them.

Exchange Traded Funds and Certificates

Alternatively, there are other convenient ways of investing in silver.  You can buy shares or certificates backed by silver which represent usually 1.0 silver ounce each.  They are easy to buy as well as sell and this can be done through your brokerage account.  You can also acquire paper silver which is insured and protected in vaults.  These are government backed bullion storage programs and you can choose whether you want them stored separately or to store them with other investors.

In case you opt for the allocated type, the coins or bars that you have bought will be placed in the vault with your personal account number.  This, however, involves paying storage fees.  You can even store them in the unallocated type where they will be converted into coins or bars and you can take them whenever you wish.

Which denomination to buy?

You can buy silver in different sizes and weights, but the silver prices today will differ slightly in each case.  This depends on the purity of the silver.  One ounce silver coins such as the American Silver Eagle, the Austrian Silver Philharmonic or the Canadian Silver Maple.  Among these the last one is the purest with 99.99% purity and therefore a higher premium of 16% above the silver prices today is charged due to the fabricating cost.  On the other hand, if you go for the 100 ounce silver bars, then you may have to pay a 5% premium above the spot price.  When you buy silver, make a note of the silver prices today along with the correct premium on each type.

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Silver Prices Today

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