Gold investing has skyrocketed this year as more people look for ways to protect their investments from economic uncertainty. At the beginning of the year, the price of gold was $2,063.73 per ounce, but according to American Hartford Gold, it's currently trading at $2,627.01. 'Interest in gold continues to rise because it's widely regarded as a safe-haven asset,' says Jose Gomez, a partner at Summit Metals.
'Concerns about inflation, geopolitical tensions, and stock market volatility often push people toward gold as a way to preserve wealth.'This high level of interest in gold causes many people to overlook other precious metals like platinum and palladium. Though less popular than gold and silver, platinum and palladium could be a good way to diversify your portfolio.To understand the benefits and drawbacks of platinum and palladium, we spoke to two experts who gave us their feedback on precious metal investing. Find out more about your precious metal investing options here.Pros of palladium and platinum investing'Palladium and platinum both have industrial uses and are used in jewelry,' says Steve Braverman, founder at Dignity Gold. Let's look at some of the biggest benefits of investing in these precious metals. These include:Intrinsic value: Both platinum and palladium are extremely rare assets — both are about 30 times rarer than gold, according to Braverman. This scarcity makes both precious metals high-value assets. Alternative to gold: Platinum and palladium are also more affordable when compared to the price of gold today. The price of platinum is currently $941.90 per ounce, while the price of palladium is $955.50 per ounce. Diversification: If you're invested heavily in the stock market, platinum can be a good way to diversify your portfolio. It has a low correlation with stocks and bonds, making your portfolio more resistant to market fluctuation
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