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Home»BUSINESS»6 Factors to Consider When Investing in Silver Bars   
Investing in Silver Bars   
BUSINESS

6 Factors to Consider When Investing in Silver Bars   

By Tomer JackJanuary 28, 2022Updated:January 28, 2022No Comments4 Mins Read
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Silver has long been one of the precious metals considered a preferred investment option along with gold. When investing in silver, you have two options – buying silver coins or bars.

Experts mention silver bars are less expensive than silver coins as the latter have intricate designs. Also, silver bars take less space and are easy to store. Here are six facts you need to consider when investing in silver bars.

  • Weight

Precious metal experts mention that silver bars available in all sizes and weights. You can find silver bars weighing anywhere between 1 ounce and 100 ounces. Hence, you have more options to stick to your weight preferences. Though buying a bigger silver bar would seem like a good option, it is not.

Most people prefer to buy silver bars weighing one ounce over 100-ounce ones. The reason is that if you need to sell silver sometime, it can be hard to find a buyer for a 100-ounce bar as few can afford it. On the other hand, it will be easy to find customers for one-ounce silver bars, meaning you can sell them fairly easily and get cash immediately.

The weight of the silver bar is mentioned on the bar itself. You will find words like 10 Troy Ounce or 10 TR OZ mentioned on the bar, which indicates its weight.

  • Need for an Assay

An assay refers to analysis designed to measure and the test composition of precious metals. As mentioned earlier, though silver bars are available in all sizes and weights, the assay is mainly required for silver bars weighing 100 ounces and more. The assay is an excellent way to test the purity of silver and its content.

Jewellers say that 100% pure silver is soft and malleable. Hence, many jewellers need to mix copper to make silver ornaments. Hence, you need to request an assay test before buying silver bars.

Need for an Assay

  • Counterfeit

As is the case with other valuable commodities, counterfeit silver bars are also a reality. If you don’t have experience in buying precious metals, fraudsters can easily dupe you.

Experts warn that the counterfeiting risk is higher with large silver bars, because, of all the counterfeit silver bars which have surfaced, most were large bars. Counterfeiters opt for large bars because they are worth more in comparison to small bars.

  • Purity

Silver bars are highly concentrated and are considered to be 99.9% pure. There are several ways to test silver. Some of them are

  1. Authentication Hallmark
  2. The Magnet Test
  3. The Odor Test
  4. The Polish Test
  5. The Flake Test
  6. The Ice Test
  • Refinery

The silver bar should have a refinery name embossed on it. There are several precious metals refineries in Australia like The Perth Mint, ABC Refinery, AussieMint, and many more. You need to check the refinery name imprinted on the silver bar and ensure it is a legitimate one. For example, reputed precious metal refineries are accredited to world gold and silver metal exchanges.

You might see differences in the shape of silver bars. The difference in shape is mainly due to the way bars are made. Stamped bars have clean, consistent edges and usually have a raised imprinting. Extruded or poured bars take a loaf shape and have rounded corners. They come in a smooth or matte finish.

  • Serial Number

Manufacturers identify the silver bars by their logo, hallmark, pattern, and serial number. You need to look for the serial number on the silver bar to tell you where it was produced. In some cases, you will also get the serial number printed on the packaging of the silver bar.

You can check the authenticity of the silver bar with its serial number. Just note down the serial number mentioned on the bar, go to the refinery website, and enter the serial number. The manufacturer will display relevant details of the serial number like the weight, purity, and the day it was manufactured.

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