When you think about precious metals investing, the first metals that come to mind are often gold, silver, or even platinum. Believe it or not, these are not the only precious metals from which to choose. With precious metals possession rapidly taking over the purchase of stocks, real estate, and other traditional investment purchases, it’s time to start considering palladium bullion.
Palladium bullion may be a lesser-known metal in the United States, but other countries have been aware of the power of palladium for quite some time. In fact, Canada uses palladium to mint some of their currency. Canada also offers a palladium bullion version of their Canadian Maple Leaf bullion coin. Other countries are just now discovering the true value of this precious metal, and the many uses for it may eventually raise the price so much that currency will no longer be made from palladium.
The uses for palladium are varied. Of course, as with most precious metals, it is often used in the making of jewelry. Palladium has a silver white appearance, much like silver or platinum, but it does not tarnish as easily as silver. This precious metal is also used in the creation of several electronics, and the Ford Motor Company even stockpiles huge stores of palladium for use in their catalytic converters. Palladium is also used to make fibers, chemicals, and can be used for oil refining and water purification. The medical field has found palladium invaluable for cancer research purposes. The most recent use for this precious metal is in earthquake-proof buildings.
Palladium bullion can be very volatile in price, depending on its availability. In the past, the price per ounce has rivaled that of gold. Purchasing precious metals in the futures market can help to minimize your risk, but you will never have actual possession of your palladium. To ensure a well-rounded portfolio, you should consider several different investment possibilities. Perhaps purchases of both palladium futures and bullion, as well as other precious metals, stocks, bonds, and even real estate. Precious metals will serve as a hedge against inflation and the dips that the stocks and real estate markets may experience. By diversifying, you can ensure that each investment protects the others during specific economic crises. There is no better way to protect your wealth than to add precious metals to your investment portfolio choices.