What Are the Different Types of Precious Metals That Exist Today?

Every smart investor knows that the best way to ensure success is to ensure that you don’t place all of your funds in one type of investment. Portfolio diversification is incredibly important and can help protect your investments. That means, instead of placing all of your funds into stocks and bonds, you should consider investing in things like real estate and precious metals.

If you think that investing in precious metals might be something you’re interested in, then you might be wondering what types of precious metals you have to choose from. Read on to learn about the most popular options!

Gold

Gold is easily the most common precious metal used for investment purposes. This is thanks to how closely it is connected to the world’s economy. In fact, gold has been super closely related to the economy throughout history where it has even been used as currency.

Gold’s value is tied to its rarity. For this reason, many investors choose to invest in gold bullion to diversify their portfolios. Gold is also sold in the form of ingot bars and coins with intricate designs on them.

Silver

If gold is the most popular precious metal, then you’ve probably guessed that silver is the runner-up. Unlike gold, silver has a wide variety of uses that expand beyond currency and jewelry. In fact, silver has a number of different industrial uses that make it quite valuable.

If investing in silver sounds good to you, you’re probably trying to find out everything to know about it. It comes in bars and coins and is a great way to get your foot in the door with precious metals investing thanks to its lower price point.

Platinum

Gold and silver might be the most well-known precious metals, but platinum is easily the most valuable. This is because platinum is many times rarer than gold, and it does a great job resisting corrosion. You can find platinum used in places like lab equipment and even in your car’s catalytic converter.

You can purchase platinum in bullion form, in both coins and bars. Its value rises when times are good, and falls harder times, which is the opposite of gold. For this reason, it’s a great idea to add both gold and platinum to your investment portfolio to keep it balanced.

Palladium

Palladium is pretty similar to platinum, and they even both belong to the same elemental category. For this reason, you will often find palladium used in the same ways as platinum, mainly in catalytic converters.

Unlike platinum, however, palladium has just recently risen to popularity as an investment metal. If you want to get in on the ground floor, then now’s the time to consider investing in palladium.

Which Types of Precious Metals Will You Add to Your Investment Portfolio?

There are several types of precious metals available on the market. Each of them has its own pros and cons, so it’s important for you to do your research before going all-in on one. With a little bit of research, you’ll be well on your way to a well-rounded investment portfolio!

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