In today’s distinctive economy — marked by job growth and a robust GDP, yet coupled with high inflation and even higher interest rates — many consumers are seeking secure investment options for their cash.
Gold, a long-standing hedge against inflation and protector of wealth, remains a popular choice. However, experts suggest considering other precious metals that might be appealing in the current market. For instance, recent palladium news highlights its rising demand and potential as a lucrative investment option.
Experts recommend these 3 precious metal investments now
Considering investing in precious metals beyond gold? Here are a few expert recommendations.
Silver
After gold, silver typically comes to mind — and for good reason.
“Silver, like gold, is regarded as a safe-haven asset, maintaining or increasing its value during economic or geopolitical instability,” says Rick Kanda, managing director at Group International/The Gold Bullion Company.
This year, silver prices have steadily increased, with demand remaining strong due to its numerous industrial applications.
“Silver is valuable because of its many industrial uses — batteries, solar panels, electric vehicles,” notes Alex Ebkarian, co-founder of Allegiance Gold. “An increase in industrial demand could drive silver prices higher.”
Many anticipate this trend. According to Kanda, silver could reach as high as $35 per ounce—up from $23 per ounce at the year’s start.
“Historically, silver prices tend to rally after gold and often by a larger percentage,” says Patrick Yip, director of business development at American Precious Metals Exchange. “We observed this in both 1980 and 2011. If history repeats, silver might see a marked rise later this year. If you’re looking to enter the precious metals market and feel you’ve missed the opportunity with gold, now might be the time to invest in silver.”
Palladium
Palladium is another metal you might consider investing in, with Kanda even calling it a “rival” to other metals due to its increasing demand and limited supply. “The main strength of investing in palladium lies in its rarity,” Kanda says. “With the metal being 30 times rarer than gold, investors may benefit from potential price gains in the future depending on whether palladium remains in demand in industries such as automobiles, jewelry, and medicine.”
Kanda notes that palladium is often used in car production — namely, in manufacturing catalytic converters. With car sales expected to rise both this year and next — by about 2% to 3%, according to forecasts—that could lead to increased demand and higher palladium prices too.
Platinum
Platinum is another option to invest in right now — especially if you’re looking for “long-term price appreciation,” Kanda says. “Platinum is a precious metal and is among the rarest in the world,” Kanda says. “Due to its scarcity, the price of platinum is sensitive and highly dependent on changes in demand and supply.” Just be warned: Platinum tends to cost more than other precious metals. It’s currently sitting at around $950 per ounce. (Silver is only about $26 per ounce currently).
The bottom line
While gold, silver, palladium, and platinum can all be a smart addition to your portfolio, you should be sure not to over-invest in any precious metals. Most financial professionals recommend committing no more than 5% to 10% of your total portfolio to them. And, whatever metal you choose to invest in, make sure you use a reputable dealer and have a storage solution in mind. If you opt to buy metals held in a gold or silver IRA, you should also shop around for your IRA company, as they can vary widely in fees and services.