If you’re considering investing in precious metals, platinum can be a great way to add diversity to your portfolio. Platinum is an investment that stays in demand because it’s needed by major industries, such as the auto industry. However, knowing the proper steps to successfully invest in platinum isn’t always easy. Here are some platinum investment tips to get you started, brought to you by the experts from First National Bullion. San Diego precious metals collectors know they can rely on us for high-quality service and unmatched reliability.
1. Set Your Platinum Investment Goals
Knowing what you want to achieve with your platinum investment is the most important first step in investing. Before buying your platinum, decide if you want your portfolio to be for the long term or the short term. Also, consider which platinum investment will best suit your financial needs. You should know what your exit strategy is, and you should decide which investments are the best to get out of quickly or hold for the long term.
2. Remember Not All Platinum Sources Are Equal
First, it’s important to buy your platinum from a trusted source so you can minimize the risk of your investment. Buy your platinum from a boutique precious metals firm because it’s their area of expertise. Don’t even consider buying your platinum from pawnshops. Many have a reputation for mistakenly selling counterfeit coins and bars. Furthermore, they diversify in many areas, and that makes their knowledge of platinum very limited.
Another source to avoid is Craigslist. If you’re thinking of buying your precious metals from Craigslist, you should seriously reconsider your plan. The sellers there are completely unverified, and their products may be unreliable.
3. Determine Which Type of Platinum You Want to Buy
Based on your investing objectives, decide which form of platinum is best for you. The form you buy will yield different results. If you buy platinum bars, they’re easy to store because they take up very little room. Platinum bars are easier to sell in the lighter 1-ounce format, so it might be a good choice to buy many 1-ounce bars instead of fewer larger bars. When you sell them, their price is typically determined by the spot price of platinum at the time of sale.
Alternatively, platinum coins have some unique advantages that bars don’t offer. Coins can have a greater value than the actual platinum they contain. You should do your homework so you can know the true value of the coins before you buy them. Some platinum coins increase in value, while others have histories of stagnant values. Condition, supply and demand, and many other factors determine which coin is the right one to buy.
4. Know Security Is Important
Because platinum is such a valuable metal, you need to take precautions when buying it. Don’t let others know your plans because it could introduce a risk of getting robbed. Additionally, if you take physical possession of your platinum, store it in a safe place. Don’t let others know where you’ve stored it, because that could make your investment an easy target for thieves. Furthermore, when buying a large amount of platinum, it’s best not to use cash. Instead, arrange other payment methods that are less tempting for thieves.
5. Let the Experts Help You
If you’re a beginner at investing in platinum, the expert who is selling it can give you advice to help you make your decision. Typically, professionals with many years of experience in the industry will be able to inform you about which type of platinum you should buy, how much you should buy as an initial investment, and if there are any important facts you’re missing.
If you’re building an investment portfolio and looking for the best place to purchase San Diego gold and bullion as well as platinum and other forms of precious metals, reach out to the trustworthy professionals at First National Bullion. We can answer all your questions and help you find all the information you need on how precious metals can be great investments. Give one of our experienced dealers a call today at 858-666-6570.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.