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What are the Different Types and Values of Precious Metals?

Precious metals have been the source for trading and investing since the earlier civilizations came about. The idea of a scarcely available ore being used for currency or wealth can date all the way back to the 8th century B.C (700 B.C).

But what types of precious metals are there and what is their current value?

Here is everything you need to know about precious metals and the value that they hold today.

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1. Gold

Gold is considered the “gold” standard for investing First used as currency in Asia Minor, Gold has continued to be considered a safe investment. This is thanks to its ability to hold value in times of slow or negative economic growth.

Currently, the price of gold per ounce is sitting in the $1800 USD range. Just like with stocks and other precious metals, precious metals value fluctuates with the stock market.

2. Silver

Silver comes in at second place for the precious metal list. Silver is still considered popular because of its use in jewelry and machinery. It is also a significantly cheaper beginner ore to invest in.

At the time of writing, for an ounce of silver, it is in the $25 USD range. Silver doesn’t always correlate with gold in terms of pricing either. Silver has much more practical use in machinery compared to gold, making it more likely to fluctuate with that market.

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3. Platinum

Platinum is newer to the game in terms of trading. Platinum began trading on the stock market and other foreign exchange platforms first in the late 1950s. It has much more practical use in the industrial industry than either of the previous two.

Platinum is a crucial part of the automobile industry since platinum is needed for a reduction of harmful emissions. You can typically find a correlation between the prices of the two. When one goes up, so does the other, and vice versa.

Just like with the other precious metals prices, the platinum price is often volatile and fluctuates quite a bit. At the time of writing this article, the price for platinum is around $1000 USD.

4. Palladium

Palladium has gained popularity in the last century or so thanks to its use in electronics. Currently, it plays the biggest role when it comes to solar energy and fuel cells. As this industry continues to grow, so to will the need for this precious metal.

Palladium is currently the most expensive metal to invest in. As of December 24th, the price for an ounce of Palladium is at around $2300 USD.

Investing In Precious Metals Is Never a Bad Choice

When you invest in precious metals, you are taking a piece of the world’s most valuable ores into your pocket as a way to get through the ages. It is considered a safe investment, but keep in mind that the market is volatile and this can mean large jumps or drops at any moment.

If you want to learn more about the banking and investing world, be sure to check out the rest of our blog. If you know someone that is wondering what to invest in, be sure to share this article with them.