Investing your money is a great way to grow your net worth. Choosing what to invest in, however, can be tricky. Precious metals are aptly named and have long since been recognized for their value. They remain a great option for investors who want to diversify their portfolios. The tricky part is choosing which precious metal you want to invest in; let’s take a look.
Platinum
Investing in platinum is a good choice as it tends to fetch more than gold simply because it is rarer. Trading in platinum is similar to silver in that it has both commercial and industrial uses. Diversifying your portfolio by investing in platinum can be inaccessible due to its higher price. Denser than both gold and silver, making the bars or coins smaller and easier to store.
Gold
Opting to invest in gold is a great choice; it is one of the better-known precious metals. Continually determined by the market, the value is less affected by supply and demand. Hoarding gold is common because of the sentiment that it holds, and therefore if hoarders decided to sell, the value would drop, but this is unlikely. Buying gold is also relatively easy, especially if you use the US Gold Bureau.
Silver
Trading in silver is somewhat similar to gold in that it also holds sentimental value, but it also has industrial applications. Subject to fluctuations and external influences, the value of silver is slightly more volatile than that of gold. Investing in silver is more of a speculative investment than gold. Think about how averse you are to risks; silver does pose more of a risk to investors than other metals on this list. Investing in gold or silver can be as easy as purchasing jewelry, although bullions, coins, stocks, and EFTs are also available.
Palladium
Learn more about palladium before investing; it is the least well-known of the metals on this list. Predominantly used in manufacturing processes or other industrial applications. Mined in several locations around the world, it is also used to create metal alloys which are then turned into pieces of jewelry. Buying palladium can offer great returns, having displayed gains of 1000% in the last twenty years.
Considerations
Put some thought into your decision. Consider your budget and what you can realistically afford. Think about where you would store your metal. Choose between bullions, stocks, and EFTs. Do your research to learn more about investing. Find reputable sellers or dealers to safeguard your investment. Diversify your portfolio and work out what risks you are willing to take.
