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In previous years, precious metals have performed well during economic crises. As a result, precious metals are one of the best options against economic outbreaks that throw the market into unpredictability. Commonly known as a versatile precious metal, silver offers many uses, benefits, and investment opportunities.
It has a lower price per ounce and is more abundant in nature compared to gold and other precious metals. Silver is a softer metal and is susceptible to corrosion. However, silver is still seen as a safe investment during economic instability. There are a few different ways to include silver in your investment portfolio.
Investing in bullion coins is the most popular way to invest in silver. You can buy quantities of the precious metal outright and sell it at any time. Silver is commonly found in the form of bars, ingots, or rounds. Aside from silver bullion and coins, some people also invest in paper silver, available in the form of certificates and ETFs.
As a popular commodity, silver trades 24 hours across worldwide exchanges. When it comes to price, it continually changes. Although there are periods in which the prices slowly fluctuate, sometimes the prices may change rapidly. The current price for one troy ounce of. Like silver, platinum is also traded on global markets.
In terms of price, it tends to sell for a higher rate than silver during political stability because it is rare and has unique features. An incredibly dense precious metal, platinum is resistant to scratches. Therefore, platinum coins shine brighter than any other precious metal in the industry.
They feature an exceptional glow that can withstand wear and tear over time. Platinum coins have unique patterns and designs and will keep their details longer than silver or palladium coins. Platinum is considered an industrial metal, and demand for it comes from automotive catalysts used to decrease harmful emissions.
It is also used in electronic devices and oxygen sensors, which require a corrosion-resistant and hard metal. Recently, platinum has become popular as a bullion investment product, especially in the form of platinum rounds and bars.
Investors choose it because it has:. There is speculation that platinum exists in abundance on other planets and the moon. Palladium is durable, too, but less so than platinum. This makes them an ideal material for jewelry, such as wedding bands. Historically, platinum has typically been the bigger-ticket metal — costing twice as much as palladium, per ounce. Platinum is easier to manipulate minutely without breaking, due to its density.
In , however, palladium surpassed the price of platinum for the first time in 16 years. The value of platinum and palladium is due, in part, to the rarity of the metals. Both platinum and palladium are commonly used in jewelry, due to their ability to maintain their brightness over time, without tarnishing. Platinum is also used in the systems that control vehicle emissions in our cars.
Other common uses include electronics, spark plugs and cancer-fighting medicines. Palladium, on the other hand, is used in vehicle emissions equipment and electronics. Palladium is about half the weight of platinum. There are few recommended ways to ensure that a coin is definitely silver, platinum, or palladium.
Hallmarks on these coins can be easily faked or misrepresented by a counterfeiter. But you can still take a few steps to help make the decision-making process easier and narrow down potential options.
The first step to telling what material a coin is made out of is to look at the date and type of the coin. Almost all older coins that have a white-gray appearance contain at least some silver. Identifying the general type of coin and the year it was minted can help narrow the decision-making process considerably.
Next, look for any signs of tarnish. Tarnishing is slightly different from simple wear and tear or other imperfections. All sorts of coins can have imperfections.
For tarnish specifically, make sure to clean the coin first and remove any surface impurities like dust. If the cleaned coin still has a dark or dull color, the coin is likely nit platinum or palladium.
Platinum is resistant to the decay of patina and is hard enough to withstand scratches from almost any other metal or material. Finally, you can calculate weight and density to tell the difference between the three metals. A platinum coin will be the most dense and heaviest. Telling apart silver, platinum, and palladium in a coin can be a difficult endeavor. They are all brilliant and beautiful metals that have similar characteristics. Without tarnish or an old date, it may be difficult to tell the precious metals apart.
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