With so many ways to invest, it pays to carry out plenty of research and speak to a professional with experience in financial advice before making the first move. Some options might not be quite what they seem when chatting to a friend who has heard of another person who quickly made money. Investing is not for guesswork, as it can easily end in exactly the opposite direction that it is intended.
Bricks and mortar continue to be popular ways of accruing finance gradually, with property continually being in demand, offering a more tangible asset than stocks and shares. The same can be said about purchasing precious metals, as they generally grow in value. One such commodity that is discussed more than gold or silver is platinum. Here are 5 great reasons to find out the platinum price AUD from a reputable dealer before investing in it.
- Much of the value of platinum is because of its being valuable in the production of industrial applications in a way that gold or silver will never be used, with one of its most important uses being in catalytic converters for vehicles, where it helps reduce harmful emissions. As global environmental regulations tighten, meaning metals like platinum become even more valuable when used in chemical processing, petroleum refining, medical devices, and electronics.
- A little-known fact is that platinum is rarer than gold, perhaps making it an ideal financial movefor those in their late 20s, as it accrues value. Because a large proportion of the world’s platinum supply is mined in a limited number of countries, it can cause risks, such as labour strikes, political instability or power shortages, which can affect global supply. This leads to platinum being in greater demand and an excellent investment option at the right price.
- Something to consider carefully is that gold is considered a safe investment option, as centuries have shown that world affairs do not alter its value too much. The price of platinum, however, is closely related to industry demand. It is often seen as an excellent way of diversifying a portfolio and keeping it until the right moment before getting the best value for it.
- The right financial advice can be invaluable, with platinum as with most other assets, with the metal often being traded at a premium to gold due to its rarity and industrial importance. Of late, its price has dropped, which marks an excellent opportunity for investors who are looking for long-term results rather than a quick return.
- Platinum is increasingly important for those industries involved in emerging clean energy technologies, particularly hydrogen fuel cells, as well as fuel cell electric vehicles and hydrogen production systems, which use platinum as a catalyst. In some regions of the world, this will make platinum even more valuable and in greater demand, making it an excellent investment.
While silver and gold are good investments, mainly through their aesthetic appeal, platinum can prove to be even more valuable owing to its use in industry.