If you were saving for a long time and now you finally have enough money to do something with it, it’s best if you invest it. There are more ways and ideas about what to do with it. One of them is investing in precious metals.
The three precious metals are platinum, gold, and silver. Between all of them, gold is the most expensive, platinum is the most popular, and silver is the most affordable. So why to invest in any of them? Read on and find out.
This one is the most affordable. The market’s price at the moment is $14.7 per ounce. People who invest in this metal do it because they can spend relatively little money and get enough of it. For example, if you don’t like having an extra $1.000 under your pillow, you can spend them on jewelry that will be considered an investment for the future.
Why not get some of the other metals? Because with that kind of money you can get very little platinum, and almost no gold. Their price is much higher. On top of this, it is not on the list of wanted materials for the robbers. They aim for more expensive things. Things they can carry with them and will be worth a lot. This metal is not that kind. A lot of it will cost too little on the black market, so they rarely go for it.
If you want to buy this, you can aim for jewelry, coins, bullion, or ingots. The ingots are also known as silver bars. One bar usually weights 109.76 ounces which means it’s worth $1.613.
Gold bars, on the other hand, are more expensive. The standard ingot for this material is 400 troy ounces. Knowing that the current price is around $1.420 per ounce that means the ingot’s worth would be $568.000. Do you have this kind of money?
That’s why people who are wealthier prefer buying this instead of something else. They can convert a lot of money into something that takes almost no space. You can keep it in a safe at the bank or your personal safety at home. Even placing it in your kid’s toys is not a bad idea as robbers won’t look there. This is a joke, of course.
Another imperative that makes people spend money on this is that it is safe. Its price never dropped significantly over a long period of time. Even though there were times when it as low as $235 per ounce, but fast enough it goes back up.
This material and its group metals like rhodium, palladium, and others are also pretty expensive because they are rare and useful. Platinum is widely used in many industries but investors and collectors love it because of its value transformed into coins and bars.
Today’s price is around $860 which makes it almost double more affordable than gold, and way more expensive than silver. However, its group metals like rhodium, for example, reached a price of $2175.
So if you really like to get something expensive in your hands, think about this one. It’s officially the most expensive one out there at the moment. Some governments are minting coins with these materials and they look absolutely amazing. Of course, they are not as common as the other precious metals, but that makes them even cooler.
Based on what we said you can make a choice and decide what is best for your investment. They all have their pros and cons as you could’ve seen. Some are more expensive and some not so much. Some have a shiny look and the others won’t fit your style too much. See current prices here.
Basically, if you like to be modern and you have a lot of money, you’ll go for the platinum group. If you like to keep it down to earth and the idea of being a part of the historical tradition than go for the silver as this metal was the most important one for centuries.