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Choosing Between Gold, Silver, Platinum and Palladium

August 06, 2010759 view(s)

Much like diversification in your overall investment portfolio is wise, it is important to keep an eye on diversity when you invest in precious metals as well. Let’s take a look at the different options you have when choosing between gold, silver, and platinum—as well as a quick look at palladium.

Choose your Precious Metal

Investing in Palladium

What is palladium? A rare metal, many are looking into palladium as another metal to add to their investment portfolios. Discovered in 1803, palladium’s main use is in the production of catalytic converters for automobiles. Palladium is also sometimes used for jewelry, but as the price has risen, the use in jewelry has fallen. This is in part due to the fact that palladium is difficult to cast.

Because of its rarity, palladium is considered by some to be a metal you should consider for your precious metals investment strategy. It is one of only four metals that have an ISO currency code—along with gold, silver, and platinum. Nonetheless, palladium is sold to individuals much more rarely than these other three metals.

Investing in Gold

Gold is an excellent investment choice for many reasons. You have a plethora of options when deciding how you want to purchase your gold—such as certified vs. bullion. This allows you to further diversify your holdings.

Additionally, the history of gold makes it a wonderful addition to your collection. Gold coins are often wonderful works of art, especially such coins as the Saint-Gaudens double eagle. Stock certificates certainly don’t have the same “wow" factor as these beautiful and intricate gold coins.

Investing in Silver

Like gold, silver has an interesting history that combines the enjoyment of art and backstory with the sound investment in precious metals. Having an even longer history than gold, silver allows you several investment options. Still, you have fewer options than if you decide to invest in gold. For example, the last silver dollar ever minted for public circulation in the United States was in 1935. However, there was a coin bearing the one-dollar denomination that had been minted in 1986.

Investing in Platinum

Platinum is a late-comer to the precious metals investment scene. It wasn’t until 1996 that the U.S. Congress authorized the Mint to issue investment-grade platinum coins, and they weren’t first minted until 1997. Since then the Mint has circulated a four denomination run every year with the exception of 2007 when they also circulated a special edition 10th anniversary set.

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