In periods of economic uncertainty, precious metals actually provide some peace of mind. In earlier times, precious metals, gold most commonly, have been utilized as a form of exchange between traders and as a storehouse of wealth. If you are considering to make an investment in gold, silver, or in other types of precious metals, there are important things you have to know so that you would take the best course of action for your precious metals trading.
One thing is to look for a reliable and legit broker. When selecting a precious metals broker, it is imperative that you choose one that has an excellent reputation, a trading platform that is very easy to use, and with reasonable transaction fees. If you don’t know where to start your research, check finmarket reviews. FinMarket’s trading platform allows you to trade precious metals such as gold and silver, apart from oil, cryptocurrencies and of course currencies.
Precious Metals – What Can You Trade?
When it comes to precious metals trading, there are a number of kinds that you can invest in. Precious metals have an inherent value since they are rare, occur organically and are metallic elements. Furthermore, precious metals don’t usually corrode or oxidize as well as don’t tarnish naturally.
Throughout the history of man, precious metals have been utilized for jewelry and currency. Nowadays, metals, gold most especially, are used in different devices which includes computer software and iPhones. Several precious metals are regarded as tangible stores of wealth when there are uncertainties in the market. These are also referred to as safe havens.
So, what are the different kinds of precious metals that you can trade? Generally, there are four major precious metals that you can trade. These are gold, silver, platinum and palladium. They have their own scope of applications and aren’t simply used in jewelries, or as store of money, but are also utilized in electronics, industry, medicine and as alloys.
For ages, gold has been utilized in the manufacturing of expensive goods. Because of its conductivity, gold is now also used in computers and smartphones which we make use of on a daily basis. Gold is also called the safe-haven asset of many investors when there is uncertainty in the market.
Silver is a very popular precious metal in industry because of its properties. Silver is anti-bacterial, conductive and malleable giving it a range of applications, which includes dentistry, batteries as well as water purification.
In its pure form, platinum is utilized in jewelry as well as in dental work. Apart from this, platinum is popular as an alloy. For instance, the alloy of cobalt and platinum is utilized in producing magnets. Moreover, platinum is also used in certain chemotherapy drugs, especially those that are used to treat ovarian and testicular carcinoma, lymphomas and lung cancer.
Palladium is a congener or a relative of platinum. This means that both share the same structure, function or origin. Over half of the supply of palladium is utilized in catalytic converters for automobiles, which are crucial and essential tools converting dangerous gasses such as carbon monoxide to carbon dioxide, nitrogen or water vapor.