How to Buy Silver at the Spot Price

How to Buy Silver at the Spot Price
Purchasing old silver coins from a reputable coin dealer is your best bet for buying silver at or near the spot price.

Study the silver market. Learn everything you can about current prices and price trends. Keep in mind that the spot price of silver can change from minute to minute during the trading day.

Obtain cash. The only way to buy silver at the current spot price is if you are prepared to pay for it with "cash on the barrel head."

Contact several large local coin dealers and let them know that you are interested in buying old silver coins at the best price possible and that you are prepared to pay immediately in cash.

Go to the coin dealers who indicate that they are prepared to sell old silver coins at or near the current spot price. Take a calculator with you. Old coins are approximately 90 percent silver, so 100 ounces of old coins is equivalent to 90 ounces of pure silver.

Negotiate your best price. It is only natural that the coin dealer will want to receive as much as the market will bear. Let the dealer know that you are prepared to pay the spot price in cash, immediately.

Find another dealer if the first dealer will not meet your price. Keep up to date with the current price for spot silver if you are trying to make your purchase during a trading day, as the price can vary considerably from hour to hour, even from minute to minute.