If you are looking for investing in precious metals using a Self-Directed Individual Retirement Account (SDIRA), then you should first acquaint yourself with the metals to invest.
Read on the following to know about investing in precious metals:
Investing in Gold
Gold is one of the most popular precious metals for SDIRA holders to invest. Gold has held value for thousands of years, and there is not even the slightest sign that it will lose its value in the future. Even during the economic recessions in the past, Gold retained its value, exhibiting great stability.
Investing in Gold as a hedge can also be a smart investment option during the periods of high inflation. However, there is a downside too. Investing in Gold can be a costly affair for new investors.
Investing in Platinum
Platinum is a precious metal. It is a popular metal for jewellery and catalytic converters used in vehicles. However, the metal is not used much in other usages. As such, it has somewhat less investment appeal as compared to Gold or Silver.
Although Platinum had always outperformed Gold in the past, the performance of Platinum today is the reverse. However, it remains relatively stable during economic growth and downfalls.
Investing in Silver
Silver is also a popular precious metal for investing. As its worth is lesser than Gold, it is a more comfortable option for investment for the newbie investors. You can also grow your retirement portfolio by making small investments in Silver.
Silver is heavily used in the industry. You will find solar energy, medicine, and technology industries using Silver in their products.
However, the downside is that you need to purchase more Silver compared to Gold or Platinum. As such, you will also need more space to store your Silver.
Investing in Palladium
Another precious metal to invest in your retirement portfolio is Palladium. The automotive industry uses Palladium significantly, along with some manufacturing industries.
Palladium has become one of the most valued precious metals for SDIRA holders.
Investing in precious metals using your SDIRA has a lot of benefits to offer. Refer to the infographic in this post to know those.