Silver has been used for centuries, forming an integral component of industries across the globe. Today, owning silver is considered a smart and affordable investment option, offering decent returns to investors. While it is not hard to own silver, the varied options available can confuse new buyers. One popular investment choice for millions is silver bullions, which are considered the easiest mode of owning silver.
What are bullions?
Bullions refer to precious metals which are available in bulk and act as a standard for gold, silver, platinum and other precious metals. By definition, a bullion is a bulk quantity of any precious metal which is quantified by weight and typically occupies a fixed size. Gold or silver which are cast into bars of the purest form are categorised as bullions. Silver bullions refer to silver which is at least 99.5% pure and is melted into bars or ingots. Bullions which are devoid of impurities are called parted bullions whereas those with other metals are called unparted bullions.
Silver bullions are commonly traded on the commodity markets and are ideal for individuals who are looking to own large quantities of this versatile metal. It is possible to own silver bullion in the form of coins as well, though these coins are traditionally more expensive than bullion bars. Some of the popular bullion coins are the Canadian Maple Leaf, American Golden Eagle and the British Sovereign. Certain bullion coins are considered legal tender in many parts of the world.
How to buy silver bullions in India?
Buying silver bullions in India today is not very hard, with stores across the country catering to different budgetary requirements. Silver bullions can be purchased from banks, jewellers and online agents in India. Banks typically charge higher rates compared to jewellers, this is on account of purity checks and assurance provided by them. Most jewellers offer different bullion products classified by weight and are the preferred mode for a majority of the population in the country.
Silver bullions can also be purchased online, with a number of companies providing a platform for online purchase. An individual will have to register himself/herself first and can purchase silver online, though one might have to pay brokerage or commission for such purchases. Most large jewellery brands have websites and sell silver online, eliminating the need for a customer to physically visit a jeweller. It is also possible to buy silver from certain websites like Amazon, which have a number of registered traders offering a plethora of products.
Things to remember while buying silver bullions
Investing in silver is a huge step and it is possible for us to miss out on certain important factors while investing. Here are a few things one should remember before buying silver bullions.
- Check the market price – It is imperative that one checks the current market rate for silver, as failing to do so might see you paying more for your silver bullion.
- Use trusted sources – With silver easy to purchase, one can decide to buy it without checking the credentials of a seller. Buying bullions from small, unheard of stores could see you getting inferior quality products.
- Exercise caution while purchasing bullion online – A number of individuals have been known to sell fake products on the internet and buying silver online can be a risk.
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