Precious metals are one of the various ways in which investors diversify their portfolios. The most popular metals are gold, silver, platinum, palladium, and rhodium. But why do investors profit off of these assets? Because they’re rare, and useful in the design of various tools.
In ancient times, gold and silver were actually used as forms of currency. They were held in bars or even minted into coins and used to trade. That value has been retained in modern times. That value serves as space for investors to hedge their funds against an economic recession, as well as profit.
But with all of these use cases, which are the best precious metals to purchase online? We’ll break them down in this list, discussing how easy they are to buy online.
Gold is one of the most popular precious metals to invest in, and it’s quite easy to access as a result. Gold is valuable for a reason. It’s useful for conducting electricity and heat while also used to craft jewelry. Investors hoard gold and sell or buy it as they please. This means the price is consistently in flux, allowing traders to be smart about their profit-making techniques.
Various online exchanges allow you to buy gold in the form of coins or bullion. Many are simple – allowing you to enter payment and shipping details and get it sent to you.
Interestingly, silver is more volatile than gold because of its use case. After all, silver can be seen in batteries and other electronics – much more so than gold and other precious metals.
The asset is just as easy to purchase as gold. Most exchanges online allow you to buy with a credit card, Bitcoin, or PayPal. Again, you can easily get it shipped to you afterward. It doesn’t get more streamlined than this.
Rhodium is one of the rarer precious metals on this list. It’s also a bit of an exception when it comes to easily buy online. The fact is, there aren’t many places to buy rhodium online. However, the few places you can do so are quite easy.
Rhodium is a metal that comes from mining platinum, which makes it chemically similar. It’s also much rarer. Only ten mines in the world produce it regularly, most of which reside in South Africa. It’s mainly used in building automobiles because it can resist high temperatures. It’s also used in nuclear reactors. Essentially, rhodium is valuable.
That value is also quite volatile. The asset’s price jumps randomly, with it spiking in the 90s before falling back down. It has since jumped to over $10,000, fallen back to $1,000, and set anywhere in between there in recent years.
Keep that volatility in mind as that might prevent some investors from getting involved. However, those who are interested in short-term profits might jump at the prospect. Owners can even store rhodium in bullion bars or coin formats. They can also invest in Rhodium ETFs and futures, though these options are difficult to come by.
Last but not least on the list is platinum.
Platinum is rarer than gold, making it more valuable on a regular basis. Similar to rhodium, the auto industry utilizes platinum in building vehicles. Jewelers also put it inside much of their creations.
Unlike gold and silver which are found in various parts of the world, platinum mines are in Russia and South Africa. There are very few anywhere else worldwide.
That said, many exchanges that sell gold and silver also sell platinum. Despite its rarity, it isn’t too difficult of an asset to acquire. Just keep in mind that the price can be volatile.
That concludes our list of the best precious metals to buy online. Any investor looking to diversify their portfolio should consider one that best fits their needs.