How To Buy Silver: A Beginner-Friendly Guide

Shiny bars of 100% pure silver sitting on top of a dark blue line graph showing price movements
MicroStockHub / Getty Images/iStockphoto

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Wondering how to buy silver but not sure where to start? Whether you’re eyeing coins, bars or digital options like exchange-traded funds (ETFs), buying silver is easier than it seems. This guide breaks down your options, where to buy and what to know before making a purchase.

How To Buy Silver: Step-by-Step

If you’re new to precious metals, here’s how to buy silver in five simple steps:

  • Step 1. Choose whether you want to buy physical or digital silver: Pick between stocks, ETFs or silver coins. What you buy should be based on what works best for your financial portfolio. 
  • Step 2. Choose your budget: Do you want to make buying silver a regular purchase or is this just a one-off? Plan your budget accordingly. 
  • Step 3. Choose a trusted platform: Either pick a reputable online dealer or a local coin shop that you trust to buy physical silver. Use a brokerage account to purchase silver ETFs or mining stocks.
  • Step 4. If buying physical silver, check the spot price: Be sure to check the spot price for silver, so you know how much premium the dealer is charging. 
  • Step 5. Make the purchase: Once you’ve reviewed the details, make the purchase. 

Best Places To Buy Silver

There are several places to buy silver. Some of those places include: 

  • Local coin shops: Most cities have local coin shops that sell silver coins, bars or bullions. You have the advantage of inspecting the silver in person.
  • Online dealers: Reputable online dealers include APMEX, JM Bullion, Kitco and SD Bullion. These places offer competitive pricing, a wide variety and convenient shipping options. 
  • Banks: Some banks may sell silver bullion or bars, but it is quite rare. When banks do sell silver, the price is generally less competitive than dedicated dealers.   
  • Brokerages: With a brokerage firm, you can buy silver mining stocks and ETFs. This is an ideal investment strategy for those who don’t want to physically handle silver.  

What Kind of Silver Can You Buy?

You can purchase physical silver, silver ETFs or silver mining stocks. 

Physical Silver

You can purchase physical silver with coins, bars or rounds. 

Coins

Coins are government-minted and highly recognized. They often capture their full resale value because of their authenticity. 

Pros Cons
High liquidity Need storage
Issued by government  Cost more than the spot price
Can be a collectible item Not an effective way to get large amounts of silver

Bars

Bars are produced by private mints and are often sold in larger sizes. Bars typically have lower premiums than coins.

Pros Cons
Lower premium than coins May be harder to sell 
Purity stamps are visible Not as widely recognized
Larger bars require less physical storage than coins Storage and insurance needs 

Rounds

Silver rounds look like coins, but are not issued by the government. Rounds are privately minted and are not as recognizable.

Pros Cons
High purity  No face value since not issued by the government
Lower premiums Less recognizable
Variety of designs Minimal collector value

Silver ETFs and Mining Stocks

If you’re not interested in owning physical silver, you can invest in silver ETFs or stocks through a brokerage platform.

Silver ETFs

Silver ETFs give investors the benefit of owning silver without physical ownership. Each ETF holds the bullion or silver-related asset and tracks the price of silver.

Pros Cons
No need to store physical silver Management fees may apply
Easy to buy and sell through brokerage platform You don’t own the silver directly
Typically lower fees than buying physical silver Prices can drop quickly due to market shifts

Silver Mining Stocks

You can also invest in companies that mine silver. If silver prices go up, these companies often profit, which can boost the value of their stock.

Pros Cons
Can pay dividends Poor decision by company management can cost stock price to fall
Growth potential  High volatility 
Easy to trade Accidents and equipment failure can cause stock prices to drop

Good To Know: Key Silver Terms

  • Spot price: The current market price for one ounce of silver, based on supply and demand. All physical silver is priced using the spot price plus a dealer premium.
  • Premiums: The markup added to the spot price to cover minting, distribution and dealer costs.
  • Storage options: Physical silver can be stored in a home safe, safety deposit box or third-party vault. 

What Affects the Price of Silver?

There are several factors that impact the price of silver. These factors include: 

  • Investment demand: What is the current demand of silver coins, bullions and ETFs? Demand can drive the silver price, especially during periods of economic uncertainty. 
  • Inflation: A potential hedge against inflation is investing in silver. Considered a safe-haven asset, the price of silver may rise during periods of uncertainty. 
  • Industrial demand: Silver is a component of many physical goods. For example, solar panels, electronics and medical devices all use silver. When industrial demand rises for these goods, silver prices may rise. 
  • Federal Reserve shifts: Interest changes can boost silver’s appeal. Lower rates from the Fed can boost silver’s appeal. 
  • Mining supply: If mining output is low or the price to mine increases, silver reserves could decline, driving up the price. 

How To Store Silver Safely

There are three storage options to store your silver. Here’s a rundown of each.

Home Safe

You can purchase a home safe so you can access the silver any time you want. Make sure your safe is fireproof and securely mounted. 

Safety Deposit Box

Storing your valuables, including silver, in a safety deposit box at the bank is a safe storage method. Banks offer added security, but keep in mind, your access is limited to bank hours.

Third-Party Vault Storage

Third-party vault offers storage in a climate-controlled environment in a safe environment. These storage facilities are insured and considered to have high security. 

Should You Insure Your Silver?

If you store your silver at home or in a safe deposit box, you may want to add a rider to your renters or homeowner’s insurance policy — or purchase a separate policy. Whether it’s worth insuring depends on the value of your silver, where it’s stored and your comfort level with risks like theft or fires. 

How To Sell Silver: 4 Places To Know

When prices of silver rise or there is uncertainty in the economic market, people may try to sell their silver. Here are reliable places where you can sell silver: 

  1. Local coin shops: If you have physical silver like coins or bars, you can go to a local count shop to sell. Keep in mind you may not get the most competitive prices selling to a local coin shop. 
  2. Online dealers: You will get close to the spot price when selling to an online dealer. However, you will face insurance and shipping costs. 
  3. Brokerage firms: If you hold silver mining stocks or ETFs, you can sell via your brokerage platform. 
  4. Auction sites: You could place your silver coin or bar on sites like eBay, but beware, the platform is ripe with scams. 

Final Takeaway

There are multiple ways to buy silver — you can hold coins and bars or go hands-off with ETFs and stocks. Each option comes with unique benefits and trade-offs. Here’s what to keep in mind:

  • Silver is a tangible asset: Coins, bars and rounds offer physical ownership that can be sold or passed down.
  • It’s a safe haven asset: In periods of uncertainty, silver can serve as a hedge against inflation and other economic volatility.
  • Industrial demand supports long-term uses: Unlike gold, silver has a demand in industrial sectors. This factor supports long-term demand.
  • It diversifies your portfolio: Adding silver can provide an alternative to stocks and bonds.
  • Storage matters: For physical silver, choose between home safes, safety deposit boxes or third-party vaults.
  • Know the costs: Physical silver comes with dealer premiums and storage needs. ETFs and stocks may have fees or market risk.
  • Selling is simple: Stocks and ETFs can be sold through brokerages, while physical silver can be sold locally or online.

FAQs About Buying Silver

In today's economy, buying precious metals like silver is becoming a popular way to invest. Here are some frequently asked questions that might come up while looking into how to buy silver:
  • Can I buy silver at a bank?
    • Some banks may offer silver, but generally, it is best to buy it at dedicated vendors. These vendors offer more competitive prices than banks.
  • How do I buy silver stocks or ETFs?
    • To buy silver stocks or ETFs, you first want to open a brokerage account and then add them to your portfolio.
  • What is the best way to start buying silver?
    • If you want physical ownership of silver, start with small bullions. If you want a digital asset, open a brokerage account and buy ETFs.
  • How much should I pay for 1 oz of silver?
    • The price for silver currently is $36.93, as of June 26, 2025. When buying silver, you should expect to pay a little more than the spot price.
  • Will silver hit $100 an ounce?
    • Historically silver prices have been lower than $100 an ounce. A surge to $100 is highly unlikely.
  • What is the downside of buying silver?
    • Potential downsides to buying silver are higher price volatility, storage issues and theft risk, as well as lower liquidity compared to other assets.

Andrew Lisa contributed to the reporting for this article.

Data is accurate as of June 26, 2025, and is subject to change.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

BEFORE YOU GO

See Today's Best
Banking Offers

Looks like you're using an adblocker

Please disable your adblocker to enjoy the optimal web experience and access the quality content you appreciate from GOBankingRates.

  • AdBlock / uBlock / Brave
    1. Click the ad blocker extension icon to the right of the address bar
    2. Disable on this site
    3. Refresh the page
  • Firefox / Edge / DuckDuckGo
    1. Click on the icon to the left of the address bar
    2. Disable Tracking Protection
    3. Refresh the page
  • Ghostery
    1. Click the blue ghost icon to the right of the address bar
    2. Disable Ad-Blocking, Anti-Tracking, and Never-Consent
    3. Refresh the page