Did you know the global precious metals market was worth $261.94 billion in 2020?
Precious metals have been a valuable commodity for thousands of years. There are many options for smart investments in metal bullion in today’s precious metal market.
In a market that is predicted to grow to $403.08 billion by 2028, it could pay to be aware of the types of precious metals on the market.
Read on to learn about the different types of precious metals that exist today.
What Are Precious Metals?
Precious metals are assigned a monetary value based on their abundance. The less available precious metals are, the more valuable they are.
When it comes to determining the value of the metal, numerous chemical aspects play a role. Some precious metals are used for investing, others for industrial applications.
Let take a look at some of the different types of precious metals available today.
Platinum
Platinum is the rarest and most valuable precious metal.
Platinum is more ductile than other precious metals. Due to its exceptional corrosion resistance, it’s used in a broad range of vital applications, including petrol engines and laboratory equipment.
The value of platinum is generally high during economic prosperity but tends to be lower in value during economic uncertainty. This makes it suitable for portfolio diversification.
Gold
Gold is a malleable metal that can be easily shaped into bullion bars or coins.
It is the most popular precious metal to invest in. Gold’s value is due to its history as a currency and its rarity.
Unlike platinum, gold is a more stable market for bullion investment. Gold tends to increase in value during economic uncertainty because of its enduring value.
Check out the Rare Metal Blog to learn more about investing in Gold.
Silver
Silver is another rare metal with history as a currency. It is the second most popular precious metal.
Investors favor silver because it also has a wide range of industrial uses. Silver is the most conductive element and has the lowest contact resistance.
Silver is less expensive than gold, so it is a smart investment for both first-time buyers and people looking to increase their portfolio’s financial benefits.
Palladium
Palladium is a metal that is closely related to platinum. It has various industrial applications.
Not only that, palladium is an investible precious metal: palladium coins and bullion have been issued since 1966. Palladium is an important part of modern industry, making it a strong, stable market.
Types of Precious Metals Explained
So, that’s a rundown of some of the most popular types of precious metals available today.
The value of precious metals may go up and down over time, but generally, they are some of the most stable investment markets to pursue.
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