The Best Precious Metal to Invest In: 2021 Edition
If you’re new to investing in the precious metals market, one of the toughest things to do is choosing the metal worth your investment. Each metal has its distinctive market and investment attributes. To further complicate things, these precious metals are available in different forms.
All of the major metals traded in 2020 showed steady growth and are expected to continue to grow. Here’s is the ultimate guide to different types of precious metal investments that will help you make the right decisions for your investment portfolio in 2021.
Gold is undeniably the most popular metal among investors. It is often used as a safe haven by traders to hedge their investments when risk is high. Its increase in value as the dollar depreciates is what attracts the investors the most.
The shiny metal has been on the rise for five consecutive years. In 2020 alone, gold prices shoot up 30% more than last year. Experts further believe that gold will continue to rise in the coming year.
If there’s any metal that can compete with gold in the precious metals market, it has to be silver. Experiencing almost 50% growth last year, silver was a popular investment option in 2020.
A prime reason for the boost in prices of silver is the use of metal in the solar power industry. Photovoltaic cells in solar panels are made using silver. As the world is moving towards renewable energies, solar panels are in demand which means an increase in the demand for silver, thus boosting its price.
With its versatile nature and use in many thriving businesses, silver might solidify its status as the best-performing metal in 2021 too.
In 2020, palladium saw an increase of 19% in its cost price.
Palladium is fundamental for the automotive industry and can also be used as an alternative to platinum for making fuel cells for electric vehicles. It is also an essential component for the smartphone industry that uses high amounts of palladium in manufacturing. Thus, palladium is probably going to stay popular in 2021.
This valuable metal is used in manufacturing vehicles and is also essential for the hydrogen power devices in some electric vehicles. Platinum additionally plays a part in making optical fibers, computer hard disks, and catalysts in various chemical industries.
The value of platinum increased by 11% last year. Up until this point, its pattern in 2021 has been a bit blended. Like gold and silver, platinum is also a very sensible choice for investors to minimize risks. Developing industrial sectors are an indication of increasing demand for this component which will boost its value.
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Contact us to know more about the benefits of investing in precious metals.