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 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 their importance today.
1. Gold
Gold is considered the “gold” standard for investing. First used as currency in Asia Minor, Gold has continued to be regarded as a safe investment. This is thanks to its ability to hold value during slow or negative economic growth. Currently, the price of gold per ounce is sitting in the USD 1800 range. Just like with stocks and other precious metals, precious metals’ value fluctuates with the stock market.
2. Silver
Silver comes in second place on 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. When writing, it is in the USD 25 range for an ounce of silver. Silver doesn’t always correlate with gold in terms of pricing, either. Silver has much more practical use in machinery than 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 in the late 1950s. It has much more practical use in the industrial industry than the previous two. Platinum is a crucial part of the automobile industry since platinum is needed to reduce 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. Like the different precious metals prices, the platinum price is often volatile and fluctuates quite a bit. When writing this article, the platinum price is around USD 1000.
4. Palladium
Palladium has gained popularity in the last century thanks to its use in electronics. Currently, it plays the biggest role in solar energy and fuel cells. As this industry continues to grow, so 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 around USD 2300.
Investing In Precious Metals Is Never a Bad Choice
Investing in precious metals, you take a piece of the world’s most valuable ores into your pocket to get through the ages. It is considered a safe investment, but remember that the market is volatile, which can mean large jumps or drops at any moment. If you want to learn more about the banking and investing world, check out the rest of our blog. If you know someone wondering what to invest in, share this article with them.
