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Edited By Angelica Leicht
/ CBS News
With inflation persistent for much of the last two years and interest rates elevated in an attempt to tame it, investors and savers have explored alternative ways to grow and protect their money. While savers have benefited with high interest-earning accounts like high-yield savings and certificates of deposit (CD)accounts, investors have looked elsewhere.
Many have turned to precious metals, specifically gold and silver.
Against today's inflationary climate, gold hit an 11-year high last September and the precious metal's price rose to a record $2,160 per ounce earlier in March. While that price point may be too high for many, precious metal investors have an appealing alternative: silver. Silver can provide many of the same benefits gold can and, in certain circ*mstances, may even be the preferential investment option. But where can you buy silver, specifically bars and coins? Below, we'll detail three great places to buy silver bars and coins now.
Start exploring your gold and silver investing options online today.
Where to buy silver bars and coins
Here are three places where investors can buy silver bars or coins now.
Precious metal companies
Multiple precious metal companies can help you invest in silver and gold today. These companies can provide you with expert-backed feedback and insight to ensure that your investment matches your profile and goals. Whether it's a gold IRA, a silver IRA or a physical form of the precious metal, these companies are great resources no matter your experience level with alternative assets.
That noted, it's critical to do your research before selecting a company. Consider their online reviews and Better Bureau Business profile in advance so that you pick the right company for your needs.
Start researching your options here now.
Local precious metal retailers
Local precious metal retailers have an edge over precious metal companies because they allow you to inspect the bars and coins you want to invest in before buying. This can be a major advantage for investors who enjoy the tangibility of a physical asset like silver bars and coins.
That said, while you should do your research as you would with precious metal companies, there may be less readily available information associated with a local retailer versus a national one. You may also get stuck paying a slightly higher price buying from a physical location versus an online provider. But if seeing your investment up close before buying it is important to you, that price difference may be negligible.
Big retailers
In a sign of the times — and the growing interest in precious metals — big retailers have gotten involved in precious metals in the past year. Walmart now sells gold bars and Costco does, too. Earlier in March Costco branched out to sell silver coins. These can be purchased from the retailers' websites with ease, although early demand for Costco's gold bars led them to initially quickly sell out. But if you're comfortable with these retailers and already use them for some shopping needs, it can be a natural transition to use them for investments like gold and silver.
The bottom line
Gold investing surged last year and with work still left to do to tame inflation, it's unlikely that that demand will fall anytime soon. Whether you're investing in the yellow metal, silver, or both, however, there are multiple effective ways to do so. By researching precious metal companies, local retailers and big-name retailers like Costco and Walmart, you'll be best positioned to invest in precious metals now, giving your investment portfolio protection immediately and long into the future.
Matt Richardson is the managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.
