Unless you want to get into the jewelry making game, investing your hard-earned money in precious metals such as gold, silver and platinum isn't the best use of your money. Just like when you have a one-dollar bill in your hand, you are sure to be able to have your investment in the form of gold bars or silver coins in your hand (or keep it in your safe deposit box). Those looking to sell silver will probably have a harder time finding a buyer than those who sell gold. Since silver is an industrial metal, it is more vulnerable to recession and to pressures affecting manufacturing companies.
Silver has the same attributes as other precious metals, but it has unique strengths and weaknesses. The prices of gold and silver are so unstable (and have been so over time) that, in an economic crisis, their only use would be to wait for someone to take your silver coins or watch in exchange for a package of toilet paper or a can of gas. However, silver is an industrial metal and an investment metal, which significantly affects the evolution of its prices and its prospects. I don't want it to sound like a broken record, but like gold and silver, platinum isn't the investment you're looking for.
Many people prefer this type of investment in silver because it's simple and there's no need to worry about storing the metal, but you may incur storage costs. Despite its affordability and industrial uses, silver has maintained a fairly low profile, especially compared to gold. Historically, investors have used gold and silver as a hedge against inflation and investment losses during uncertain economic times. You can also purchase a silver IRA similar to a gold IRA to diversify your retirement portfolio and protect yourself against risk.
When it seems like the world is going crazy and the news cycle is filled with a constant stream of bad news, you may be tempted to make foolish financial decisions, such as opting for a “better bartering system” based on commodities such as gold or silver. When you buy silver coins, make sure you get a new, good quality one, as junk silver coins are old coins with a smaller amount of metal. However, 56% of the supply of silver is intended for industrial use, making it more volatile in bear markets than gold.