Are you worried about the US economy? You should be because things are really starting to look grim. So many people are struggling to make ends meet and they need help. But the Republicans and the Democrats failed to provide the necessary stimulus to boost the economy and keep it strong. This will lead to credit card and mortgage defaults, and more businesses will shut down – both small, medium, and large. And the value of the US dollar will continue to dwindle.
Figuring out how to buy silver isn’t necessarily easy for the novice investor. For starters, there are good and bad choices when making silver purchases. I’d like to share the bad choices with you first. This way you’ll know what to avoid like the plague as you begin purchasing silver on your investing journey.
Afterward, I’ll tell you the best way to learn how to buy silver. In fact, I’ll give you a sneak peek right now. It’s buying precious metals like silver through a silver IRA. Not only will you capitalize on the incredible value that this investment possesses. You’ll also make the most of the tax benefits and other exceptional advantages that this investment provides.
Before telling you the silver buying methods to avoid, we’ll look at the benefits of a silver IRA below.
The Benefits of Opening a Silver IRA
- Creating a diversified retirement portfolio – this is incredibly important during times of economic troubles. Your portfolio is likely overweight on stocks, bonds, and other traditional investments. Adding silver to your retirement investments means creating a different avenue to gain additional wealth. It also means finally balancing your portfolio and it stops you from being overweight in other asset classes. Diversification leads to bigger gains or fewer losses during tough economic times.
- Experiencing massive growth during an economic crisis – silver gains value during difficult economies. This is especially true during the most recent crises in American history like the Black Monday crash in 1987, the housing market crash in 2008, and the dot com crash in 2001. While these negative experiences were happening, the value of silver outperformed the market by leaps and bounds.
- It’s a wealth protection insurance policy – this means your precious metals IRA investments will grow during times of economic strife. Paper assets like the US dollar and stock certificates tend to lose value during hard times. And from the looks of things, the next market crash is here right now. It’s only a matter of time before stocks get crushed once again. Your silver investment will likely gain massive value during this same difficult financial situation.
- You’ll take full control of your financial future – a silver IRA is a self-directed IRA. This means you’ll decide which assets to purchase for your portfolio. You’ll then instruct your IRA custodian to make the next steps to fill your portfolio flush with lucrative silver investments.
Clearly, the benefits of a precious metals IRA far outweigh potential negatives. In fact, in this environment the negatives are few and far between. Check out my top 10 review of the best precious metals companies to learn more about my favorite choices.
Dangerous Silver Buying Method #1: Craigslist Advertisements
Buying silver on Craigslist is really dumb. I don’t care how popular Craigslist is. They aren’t going to be held responsible if you buy silver from a scammer. They’ll tell you that you should’ve vetted the seller on your own time. You should have performed your due diligence before making this purchase.
There’s a lot of reasons to avoid buying silver on Craigslist. A few important things to keep in mind are as follows:
- Scammers abound on Craigslist. Take five minutes out of your day to look through their listings. You’ll see one scam at after another trying to take advantage of unsuspecting victims. You may find a real silver advertisement every once in a while. And it may even lead to a good deal. But your chances of getting ripped off are far greater. So it’s best to avoid buying silver on Craigslist altogether.
- Craigslist deals are pie-in-the-sky offerings. It’s easy to tell that scammers rule this website because they present deals that are too good to be true. No one in their right mind would sell valuable silver investments for a fraction of their worth. So if you come across these “deals” on Craigslist you should run as fast and far away as you can. Otherwise you might become tempted to buy phony silver that isn’t worth a penny.
- Generic photos rule the roost on Craigslist. Do you know what this means? It means that scammers aren’t taking pictures of their actual silver pieces for sale. And do you know why? They don’t have any real silver pieces for sale. They only have phony coins or bars that they intend to scam you with. If you see generic photos, you should head for the hills and never look back. These Craigslist scammers are trying to rip you off and they’re praying you’ll take the bait.
Dangerous Silver Buying Method #2: Buying on eBay
I actually like eBay most of the time so it pains me to have to speak so harshly about them right now. They offer valuable auction services to millions of people around the world. But buying silver on their website is asking for trouble. It’s not safe even though they’ll tell you it is.
Why are scammers present on eBay? It’s the ability to remain anonymous that makes scammers attempt to take advantage of unsuspecting people. Sellers do not have to share their real name, address, phone number, or other personal information with eBay buyers. They can create a phony business name and a fake phone number and attempt to sell unsuspecting people fake silver coins and bars.
Are you trying to get scammed? Do you think it’s a good idea to buy silver from people looking to take advantage of your good will? Since eBay is totally anonymous, you won’t know who you’re buying from. You could end up buying silver from someone with a negative past, a criminal record, or worse.
It’s always nice to get a good deal on the web. But trying to find one on eBay is like trying to find a needle in a haystack. You’ll wind up getting ripped off before you end up buying legitimate silver at an affordable price.
Dangerous Silver Buying Method #3: Initiating Back Alley Silver Deals
Again, the allure of getting a good deal is overwhelming at times. That’s why so many people go to Canal Street in New York City to buy silver chains, engagement rings, and gold and silver precious metals as investments.
Guess what? Buying from these guys is like asking to get your money stolen. You have no way of verifying whether or not the silver is actually real before purchasing it. You could end up buying a box full of chocolates wrapped in silver tinfoil and not even know it! I’m obviously exaggerating and I hope you get my point.
The truth is very simple. Buying silver bars or coins from a back alley hustler is always a stupid thing to do. The odds of you buying legitimate silver investments are slim to none. Save your money and purchase from a reputable silver broker instead. Check out our top 10 list of silver brokers to find a great company to do business with right now.
Regal Assets: The #1 Source for IRA Approved Silver Investments
More than anything else, I recommend purchasing silver, gold, platinum, and palladium in a precious metals IRA account. The benefits are tremendous and you learned a few of them above. Most important of all are the tax benefits. You will grow your account using tax-free or tax-deferred methods that will stretch your wealth further than you imagined possible.
Regal Assets is my favorite silver company in business right now and you should definitely check them out. But I also recommend 10 other companies that are worth investigating as well. Read this review to learn about the top 10 precious metals IRA companies selling their wares online today.
Getting back to Regal Assets…
This company is my favorite for so many reasons. They’ve received a wide range of accolades over the past 10+ years that prove they’re the best in this business. Some of their major accomplishments over the past decade include:
- Forbes Finance Council membership. This is a prestigious honor that every financial expert would love to possess. The Council is by invitation only. This means Regal Assets’ founder Tyler Gallagher has impressed the financial bigwigs at Forbes enough to receive a coveted invitation.
- Better Business Bureau, Business Consumer Alliance, and Trustlink members love Regal Assets. The members of these websites have given Regal Assets thousands of five-star reviews and accolades throughout the years. This is no easy feat to accomplish.
- Customer buybacks are part of their foundation. They pay current market value when buying back gold within 24 hours. The funds are deposited into the customer’s account almost immediately.
Learn more about Regal Assets by visiting their website. While you’re there, you should provide your name and email address to receive their free silver IRA investor’s kit. Or if you prefer another option, read more about the top 10 list of silver companies operating online today.
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Hello DarmiMaddie! I’m glad you appreciate the contents of my article and have learned much from it. Thank you for the compliments and the feedback!
Hello there! Thank you for sharing this article on how to buy silver the right way. I must say I really did enjoy going through the article as it contains valuable information and it’s also well detailed. This is the first time I’m hearing of silver IRA but your article gives me a deep insight about it. The benefits of getting a silver IRA is numerous. The best for me is experiencing massive growth during an economic crisis. I’ll make sure I avoid the dangers you listed out. Thanks a lot
Hello Sophie! Yes, the advantages to a silver IRA are numerous especially in terms of getting tax breaks. And yes it does experience massive growth during economic crisis which makes it an even more valuable commodity. Thank you for the compliments and the feedback, Sophie!
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Hello Jackie! Thank you for the compliments and the feedback and thank you also for sharing the information!
Hello there, thanks a lot for sharing this wonderful piece of information here with us. I must say i really did enjoyed going through your review as it contains valuable information’s that is very helpful for one to avoid dangerous silver buying which i have been a victim numerous times, thanks for sharing this.
Hello Philebur! Well, it’s a good thing that you will not be a victim to silver buying scams anymore now that you can spot them. Buying silver through a silver IRA is the best way to invest in this commodity. Thank you for the feedback and the compliments, Philebur!
It’s really amazing that you shared this article, a lot of people like me are still having problems with the ideas about how to buy silver and having this kind of information here will be very helpful. Id love to go through it and see what I can make out of it, dealing with silver will be of great profit.
Hello Jbryce! Yes, buying silver is profitable in the long-run especially if you hold it in a silver IRA. You can feel free to look around my website for more information about it. Thank you for dropping by with your feedback and compliments!