I started investing in silver and gold several months ago (over one year) and have some silver bullion at 7.50 and gold at 450. I purchase through Apmex. I don't expect to make a ton of money but am simply using it as a store of value and to have around in case I should need it.
In order to profit from the increase in the commodity prices of gold and silver, I have been investing in the stocks of mining companies. Currently I hold GG and PAAS. At various times, I have owned ABX, GFI, and KGC as well. I would dollar cost average into it whether you are doing bullion or paper.
I would also understand your reason for investing in silver and/or gold. What is your reason?