This is the best time to buy silver bullion. However, it is important to know more about silver before you commit to buying any silver bullion products. It is beautiful and good for investment. A lot of fake silver products have been doing the rounds.
Historically, silver was easy and safe to buy in one-ounce weights. The price of silver was also too low for counterfeiters to get much profit. However, things have turned around for silver. The price has been on a steady rise and a lot of attention fell on this precious metal when the price hit $30 an ounce. There is no incentive for counterfeiters to make fake silver bullion coins and bars.
The best way to avoid being duped into purchasing counterfeit silver bullion coins and bars is to be careful of where you buy your silver from. For instance, some risks are more obvious than others. Buying from an online source could be risky because you are buying something you only see pictures of, something you cannot physically see or touch.
Know the price of silver when you are buying. Be warry of silver bullion products that are offered at prices that are too good to be true. Also, the bullion dealer you do end up choosing should be able to assure you of quick delivery and they should offer a return policy.
And if you do buy silver bullion but you are unsure of the quality of silver you have bought there are ways to test how real your silver products are. There are a number of simple but reliable tests you can conduct at home.
The Ping Test
There has been a lot that has been said about the sound real silver makes. The theory is that pure silver gives off a long ringing sound when hit against another silver coin or silver bar whilst a fake silver coin or bar will give off a dull thud. This test is not the most reliable that you can conduct, the sound is amplified or dulled by the size and shape of the coins you are using.
Magnet Test
The magnet test is the simplest. For it to work is to get a powerful earth magnet, a standard magnet like the kind you use on a fridge. Silver is not magnetic. If what you have stuck to a magnet then it is not 100% real silver. This might not be a deeply scientific test but it is still worth trying. There is one interesting fact about silver and magnets. Silver is diamagnetic which means it repels a magnet. You should be able to use silver to push a magnet on a table.
The Ice Test
Silver is thermally conductive. You can draw hen and use a silver knife to cut through ice like a hot knife through a block of butter. The silver will also turn cold within seconds of being in touch with ice. The test works best if you have another piece of silver to compare it with it. You need to remember that there are other metals that are highly conductive like copper.
Test by Measurement
Silver bullion is made to specific measurements. You can use calipers to measure the thickness of silver bullion coins. Counterfeit coins are usually made with light alloys which could make the silver coins thicker than they should be. The dimensions of silver bullion coins are easy to find. Most mints publish the information on their websites. Finding out how thick your silver coin should be can be as simple as doing a google search.
The acid Test
The most reliable test you can conduct is an acid test. It is simple to buy an acid test for silver online. An acid test might be more reliable but shouldn’t be the first thing one does. To conduct this test, you will need to scratch the silver and put a drop of the acid solution on the spot. If the area turns a different colour it should be regarded as fake.
The bottom line
There are many bullion dealers and most are more reputable than some people might think. It is up to you, the customer to make sure that what you are buying is the real thing.
