Gold hit its highest price of the year back in June 2021, surpassing $1,900 per ounce. Its value remains high for the rest of the year, but it might decrease in 2022.
The same goes for all precious metals in general. How do you know when to invest?
First, you have to learn more about the different types of precious metals available in the market. Whether you are into precious metal investing or a collector, it helps to study their impact on the economy and industries. Read on to find out more about them.
Gold
You might be most familiar with gold, the most popular precious metal. It has various industrial and cosmetic uses. After all, it has had strong ties to the financial industry and economy throughout history.
Its durability and malleability make it one of the best precious metals in various industries. Gold is immune to rust while conducting both heat and electricity.
Also, this metal is the most common choice in bullion investing. Its malleability allows people to shape it into coins or ingots with intricate designs.
Silver
Silver comes second to gold in popularity. It has more industrial uses, but it is also valuable as a currency.
Out of all the elements, silver has the highest electrical and thermal conductivity.
Silver trading is popular, but its value fluctuations are more volatile than gold. Its role as an industrial metal affects these.
Platinum
Although less popular than gold and silver, platinum outranks all other types of precious metals when considering its value. It is rarer, about 15 times compared to gold.
Investors can also buy platinum bullion. Its economic value is the opposite of gold. It increases in times of prosperity and goes down during periods of uncertainty.
Its value makes it a wise addition to portfolio diversification. To know more about this precious metal, check out investment firms and their services.
Palladium
Palladium is a lesser-known precious metal with similar uses as platinum. These metals belong to the same elemental category called the platinum metal group (PGM).
It has more industrial uses, particularly in the electronic industry. The medicine, dentistry, jewelry, and groundwater industries also use palladium.
Did you know palladium is also an investable metal? It is relatively new, with Sierra Leone issuing the first coin in 1966.
Non-Investable Precious Metals Types
Precious metals also have non-investable variants. For example, Ruthenium is an alloy often added to platinum and palladium to increase hardness.
The most notable one is rhodium, the most valuable of all precious metals. Its ability to reflect lends to most of its industrial uses. It has a high melting point and a high tolerance to corrosion.
The other precious metals are osmium, rhenium, and indium. Although these are non-investable, they are still crucial in various industries.
Learn More About the Types of Precious Metals Now
We have only skimmed the tip of everything to learn about the different types of precious metals. You have to research more, especially if you are an investor.
Did you find this guide helpful? If so, read our other posts today.
