There are several different types of precious metals that you should know about. You can check out our guide here to learn more.
There is a lot of mistrust surrounding the banking systems nowadays. That’s one of the main reasons it’s not uncommon to invest in precious metals. In fact, there’s $44.3 billion invested in gold right now.
In the past, precious metals were a common form of currency. Today, they’re something to hang onto.
However, although gold is a common investment, it’s not the only precious metal worth considering. There are other types of metals that have a high economic value.
To find out more about other types of precious metals worth a pretty penny, check out the guide below.
Gold Metal
Although gold is a popular precious metal, many people aren’t knowledgeable about investing in it. Gold’s historical importance as a currency seems to help it keep its value. People still prize it for its appearance as well, commonly wearing it as jewelry.
Today, however, it’s more prized for its durability and practical application. It’s used in electronics, to shield from radiation, and as insulation.
Silver Metal
Although silver is also used in jewelry, many people know its usefulness in industry. Many have personal experience with silver in dentistry or have seen it in their electronics.
It may not be worth as much as gold, but it has even more uses. Photographers know the value of silver. Even everyday batteries need silver. It’s used in dentistry because of its antimicrobial properties, but that can extend to other uses beyond the mouth.
Out of all precious metals, silver has the highest thermal and electrical conductivity. It’s a metal that is essential to the modern, digitized world.
Platinum Metal
Considering that rarity is one factor in the value of precious metals, platinum cannot be forgotten. It’s far more rare than gold. It’s also more resistant to corrosion. Like silver, platinum is even more precious to industry for that reason.
The only downside to platinum investment is that its value drops when the economy takes a hit. This is because industry also takes a hit. Basically, its investment behavior is the opposite of gold. It’s wise to complement a gold investment portfolio with a platinum one.
Other Types of Precious Metals
Many people know gold, silver, and platinum. Almost everyone owns at least one piece of jewelry in one of these three metals. However, when have you heard palladium, rhodium, ruthenium, iridium, or osmium brought up in conversation?
This Investor Crate article discusses how to invest in these types of metals. They are essential to many new industries, like technology or automobiles. They are often the reason why tech or car repair is so expensive.
More Financial Guides
Although the gold standard as a long history, times are changing. Advances in science and industry have created even more types of precious metals to invest in. These metals are long-lasting, resistant to corrosion, and prized for either their rarity or their practical applications.
For more useful financial guides, make sure to stop by our page.
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