Most people get excited about the price of gold. In reality, everyone should also monitor silver prices. In the past decade, the price of silver has had a bull run. This should continue as people are seeking ways to hedge against inflation. Silver is one of the easiest investments to make; an investor can buy silver in various ways. I advise my friends how to buy silver based upon their investment time frame, and how much money they are willing to invest.
One way people invest in silver is by purchasing silver coins. An investor would need to go to a coin shop to buy coins by the ounce. Now, an investor also has the option of buying coins over the Internet. When buying coins, it is crucial to know silver prices that way the investor does not overpay. People like coins because they are fun to collect, and make a perfect gift for family members.
I like to buy silver in other ways. I purchase silver by the pound, so I buy silver bars. Most silver investors I know also prefer this way. There is nothing exciting or sexy about silver bars, but they make an extraordinary long term investment. I tend to get a better spot price than people who buy coins as I am essentially buying in bulk.
About five years ago, I noticed certain trends in spot metal prices. I did not have the room or security to purchase silver and store in my house. Instead, I purchased silver contracts on the open market. This allowed me to make money off rising silver prices, without having to worry about storing the silver. While it was convenient for me, I know a lot of people who prefer to hold physical silver.
While there are a number of ways to buy silver, I always want to avoid spending too much. I do this by checking silver prices constantly. I check the price of silver in the newspaper every day. Usually, I try to invest my money using large amounts as small amounts incur fees and less favorable prices. In order to save money, I use cash to make my purchases. A lot of coin shops charge a two percent fee to use a credit card, which adds up to a lot of money over time.
I feel that silver is a serious long term investment. As countries such as China and India grow, they are becoming more industrialized. Any country that is becoming industrialized will inevitably use a lot more silver. I think the price of silver has only one place to go, and that is up. While many people are trading gold or foreign currencies, I think the best hedge against inflation is silver. The great thing about silver is how accessible the market has become. I routinely purchased silver for my nieces and nephews and have made them a lot of money in the process. Any serious investor needs to consider adding silver to their portfolio as silver prices seem to be poised for a long term rise.