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Futures Market News
Palladium, platinum attract investors' attention
Oct 04, 2011 09:28 AM
Two alternative precious metals that have gained in value during the past few years have emerged has stellar investments, according to Bankrate.com.
Considered the newer metals when compared to gold and silver, palladium and platinum first were refined in the 1800s. The two metals also gain in value when gold does the same. David Morgan, who founded Silver-Investor.com, said the four metals gain in value together yet he advises first purchasing gold and silver to ground one's portfolio.
But palladium and platinum are increasingly in demand for their uses in the manufacture of catalytic converters while also serving as a hedge against rocky financial and economic times.
"Everyone needs gold and silver," Morgan told the news source."Platinum and palladium aren't for everyone because markets are smaller. They're nicer to have rather than need."
Reuters reports the price of palladium was firming on Tuesday. But, despite increased sales of cars in the U.S., which increases demand for materials used in catalytic converters, the price of platinum slipped as it followed the downward trajectory of equities.
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