Investing in precious metals requires a dedicated amount of time spent researching the various precious metals available for purchase. While gold is the one that is most often discussed, it is certainly not your only option and there are several other valuable precious metals to consider as well.
Gold is an extremely stable investment that holds its value despite economic downturns and financial crises. Gold has been used as currency for thousands of years and continues to be an extremely common precious metal investment for both the wealthy and middle-class individuals. Investors most often purchase gold in bars and coins and gold can be purchased both locally or online.
Platinum is even more rare than gold. At one point, platinum was also more than twice the price of gold! Since 2008, the price of this precious metal has fallen, but it is still a very highly regarded precious metal investment. Platinum is commonly used in the automobile manufacturing industry and as the production demand increases worldwide, the demand for platinum will too.
Palladium bars and coins currently cost less than platinum, making it even more advantageous for those looking to invest in a precious metal for the first time. Most of the palladium in the world comes from Russia and South Africa, which comes with its own sourcing risks, but even despite the risk, palladium is a great precious metal investment that should be seriously considered.
Silver coins were first used as a form of currency in ancient Greece more than 4,000 years ago. Silver continues to be a very valuable metal, both in a monetary sense and for investments. In terms of making a precious metal investment, the price of silver (per ounce) is less than the price of gold, so naturally, it’s an appeasing precious metal for those breaking into precious metal investments. Although it’s not as valuable as gold, silver is still a very solid investment due to its many uses across a vast range of industries.
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Each of the precious metals has its own pros and cons when it comes to investing and deciding which to purchase depends on your budget, investment goals and much more. If you’d like to learn more about making a precious metal investment, the seasoned investors of Home Stored Gold IRA are happy to help.
We have decades of experience dealing with precious metal investments and we are here to provide educational resources, investment advice and tools to help you succeed. Contact us today to meet with an investor and discuss your financial goals.