If you are interested in investing in precious metals, you might be interested to know that gold and silver are not the only options available.
As with any investment, diversification is key to lower risks. Precious metals are no exception. And even though gold and silver tend to keep their value over time, it is a good idea to consider other viable options.
And diversification is not the only advantage of investing in metals. You also create a hedge against inflation and provide you with something you can turn to if your other investments fail. The most popular investment in metals is gold and silver, but those are not the only available options.
Lesser-known precious metals provide more diversity and could yield better returns. And even though all metals tend to fluctuate together, investing in something else other than gold and silver will help you stay away from an often saturated market.
So, what are these other metals?
Palladium is used to make catalytic converters for cars and it is also needed to purify water and manufacture fuel cells.
As it has many industrial uses, demand for palladium is likely to stay strong throughout the years.
Also used to make catalytic converters for cars, as well as many other uses such as making medical equipment, electronics and jewelry. It is a rare metal that can only be found in some parts of Russia and South Africa.
Purchasing bullions is often the best way to invest in precious metals if you only want to get a relatively small quantity and store them in a safe area. Another option is to buy shares of ETFs that hold platinum or palladium bullions and this will give you exposure to these precious metals without you having to actually hold the billions yourself.
Take your time to do some research to see if these additions to your portfolio are a good option for you.