There are a number of physical formats you can consider when buying silver:
If you're not buying an huge amount of silver, you should aim to maintain direct control over it at your home or other property.
If you're investing heavily, to the point where you need a safe alternative location to store it, be sure to go somewhere like Switzerland with strong property rights. It's key to make sure they can't lend or hedge using your stash.
Buying silver on credit or speculating on the future price can lead to getting yourself in a significant financial jam.
Instead, put some money to the side that you're sure you're not going to need in a short time horizon, and use that to invest.
It's important to comply with the law when it comes to buying silver, and knowing what they are goes a long way.
Under a certain dollar amount, there's no need to declare (which may be attractive to some), but once you hit a threshold you will need to (and should) declare your holdings.
Silver owned through a commodities exchange, or "on paper" is no substitute for physical bars, coins, or jewelry. Exchanges are heavily leveraged, which means if everyone tried to "cash out" at once, there isn't enough physical metal to go around.
Moreover, precious metals are typically meant as a hedge against the complete collapse of the traditional banking infrastructure. If you wind up needing it, you'll want to have it close at hand!