Investing in precious metals is a hobby and full time engagement both for many people around the world. However, the term investment might sound too easy for some people. You need to know that investment in precious metals has to be treated with utmost caution and care just like investing in any other thing in life. People are into precious metal investments are therefore not just whirling away their days on beds of roses. They put in a lot of effort to make sure that their investments bear fruit.
Most of the previous metal investors present today love to invest in silver, gold, palladium and platinum. They either choose to invest using bars or coins. The choice of any of these variants depends on a persons tastes and preferences. If you get some views from some of these investors, you will get to realize that most of them actually view this as a long term investment. Well, if you are into investing in precious metal and think that most people buy bars and coins as lifetime investments, perhaps your perception is ill represented. Most people love to buy bullion bars so that they can preserve their wealth and then sell off the bars when the need arises.
In as much as you might be interested in investing in platinum and palladium and many other types of metals out there, you might also need to consider the viability of a long term investment. Money can never be everything on this planet. Many people start thinking about investments and buying platinum and palladium just a few years until their retirement. These are the people who are more likely to suffer lots of problems whenever they are using their monies after retirement. If you want to quit working permanently and would like to continue leading the happy stress free life you were leading while on the job, investing in various precious metals might just be an informed decision for you to make.
If you are an American, probably you have an individual retirement account where your savings are deposited. This is still not enough because we are living in a state of uncertainty. Many people love an IRA mainly because of its tax advantages. Such accounts are not just limited to money alone. Perhaps, you might have heard of IRA accounts meant for mutual funds, stocks and many other financial instruments. Buying palladium and buying platinum are also part of the list. Therefore, you can still make use of your IRA to build up on your savings for retirement.
Palladium and Platinum
Of all the nine chemical elements which are referred to as precious metals, platinum and palladium are used in a variety of industrial applications. Many people who want to venture into the precious metal investment arena are usually reluctant to invest in these two metals since they are very expensive and rare as well. However, the fact is that they double up as great investment opportunities in the modern commodity market.
This type of precious metal has got a high value. For instance, today, you might have to chuck 415 USD to buy a troy ounce of this metal. This is a decrease in value over the last one decade and still the value talks volumes. Palladium is notably one of the most loved precious metal investment elements. The value of palladium started to decrease in the year 2001 when large amounts of the metal were used in the auto industry for purposes of manufacturing catalytic converters. This industry has since slowed but still there are many application of palladium today.
If you want to invest in palladium today, you can choose to buy it either in the form of bullion bars or coins. Coins that are minted using palladium are commonly used for international currencies and have been used in this manner ever since the year 1966. This was the first time that the coins were issued to Russia, Australia, Canada, Tonga, Sierra Leone, China, Portugal and France. The former Soviet Union is one of the places where these coins have been in widespread use. This means that these are the kind of precious metals that you cannot just choose to overlook.
In as much as there are many nations which have minted palladium coins, the coins are still not in consistent circulation. Palladium offers people some excellent investment opportunity that many investors have not been able to realize. Apparently, palladium is of less value than silver and gold but still a considerable number of people are investing in this precious metal. If you want to invest in palladium today, the best place to start from would be to use traded funds in the London stock exchange.
Perhaps you might have heard of platinum before. Of course if you have been into precious metals investing, this is a term that you must be familiar with. Many people know that platinum abundance today and even in the past has been far much less than that of gold and silver. This is one of the reasons why platinum has been trading at an all time high-rate for many years now. Research shows that the mining of gold reaches 77 m troy ounces every years, that of silver reaches 550m troy ounces per year and platinum is only able to register a dismal 5 m troy ounces. This might sound like a small amount but it surely does its best in the market. The low extraction number is one of the reasons why platinum has been trading at a high rate in the past couple of years.
Just like the case is for palladium, platinum is commonly traded together with commodities in the London stock exchange market. The New York Mercantile Exchange has also been trading these metals in the recent years. If you want to invest in platinum, you would have to invest in platinum coins and ingots. On the international level, coins made from platinum are seen as currency. However, these coins are quite rare since platinum is not any kind a metal that you can mine just about anywhere. This however does not eliminate the fact that platinum coins have been minted for many years now. The United States, Canada, Australia, Mexico, and China are some of the few nations where a good amount of platinum coins have been minted in the recent years.
In Switzerland, you are able to open a platinum account. Just like the case is for other precious metals in the market, these people also believe that platinum can be bought, traded, and even sold over the banks in financial institutions. If you have been seeking to invest in platinum and palladium, perhaps it is that right time that you did so.