2022 didn’t turn out to be as expected for precious metals investors. To worsen the situation, 2023 started with the Russian war accompanied with increasing inflation and a bull commodity market.
However, this doesn’t mean that 2023 won’t bring any unique investment opportunities for precious metals.
If you’re considering investment opportunities in precious metals and are wondering which commodities make the best bet, look no further.
In this post, we’ll walk you through investment opportunities in precious metals in 2023, which will guide your investment decisions this year.
So let’s get started.
Gold Will Continue to Be a Great Investment
The year 2023 can turn out to be great for gold. While the metal hit an all-time low since 2015 in 2021, it’s an absolute must-have for your investment portfolio this year.
It’s predicted that gold will make a great comeback this year and may even end up as a top performer and offer you all the benefits of investing in precious metals.
While inflation in the US and around the world is rising, and the interest rates in the United States are significantly less supportive than ever, it makes gold relatively expensive in real terms. However, the investment demand for this precious metal is heavily influenced by several factors, which include US dollar trends, global uncertainties, and the fear of high inflation.
Yet the simple economic principle of demand and supply remains the driving force behind gold’s positive performance this year.
When gold prices increase during times of economic crisis, it’s often accompanied by reduced supply, as it is a rare commodity. As a result, the gold investor is never at the losing end.
The most favored precious metal investment opportunity in 2023 is to invest in gold coins and bars. We say so because it’s a highly liquid asset that can be conveniently traded like monetary currencies. It can be converted into jewelry but can also be traded via futures contracts, exchange-traded funds, and contracts.
Rhodium Holds the Highest Value
Unlike other precious metals like gold and silver, rhodium is seldom considered a precious investment metal.
However, it is a much rarer metal than gold and silver, making it a great choice for investment opportunities in precious metals.
Rhodium belongs to the platinum family and is also known as “white gold” due to its white color. And while it can be used to make jewelry, the precious metal has wide industrial applications. Given its wide industrial application, it offers various benefits of investing in precious metals.
We recommend investing in rhodium this year as the global rhodium market is expected to rise considerably between 2023 and 2028.
Silver Has a Promising Outlook in 2023
Over the last many years, the world has witnessed a positive correlation between the prices of gold and silver.
When the golden metal rises, so do the prices of silver; however, whenever there’s a decrease in gold prices, the price of silver per ounce also drops.
Silver has historically been a slow metal. However, it’s likely to lead this year. But don’t expect it to surpass the price and demand for gold. That’s still a long way to go, as prices of gold are as much as up to five times higher than silver prices.
While the price of silver is much lower than gold, it still makes a great asset. Moreover, given that it is relatively cheap compared to other precious metals, it can be a perfect addition to any precious metal portfolio. Furthermore, like gold, silver is a liquid asset that can be phased as bullion or coins and traded as ETFs.
However, when investing in silver in 2023 as bullion and coins, remember that its volatility and a higher need for storage space make its storage quite complicated compared to other metals.
Go for Platinum Only If the Prices Soar
As 2023 started, the World Platinum Investment Council predicted that the global platinum output for the year would be much larger than previously predicted. However, the global events didn’t turn out to be as favorable.
Since platinum is one of the rarest precious metals and is only found in Russia and South Africa, its supply has been relatively lower than other precious metals like gold and silver, contributing to its higher price. Moreover, while South Africa is providing a steady supply of precious metals, Russia has closed all its platinum mining operations due to the Russia-Ukraine conflict, which is contributing to rising prices.
The precious metal with a wide industrial application isn’t currently a great investment. However, if the prices soar as estimated, it can turn out to be a more lucrative choice for metal investors.
Palladium Continues to Shine
Palladium is another precious metal with compromised popularity, but it’s an integral raw material with wide industrial applications.
The precious metal is predominantly mined in Russia, Canada, South Africa, and the USA, and this year, we can expect palladium to make a great investment opportunity. The diminishing supply of the precious metal from these countries is now contributing to soaring prices, making great news for investors.
While you cannot physically invest in palladium, you can consider investing in various top-performing palladium stocks which can offer you great returns this year.
Closing Word
The year 2023 is quite promising as far as investment opportunities in precious metals are concerned.
While no one can predict the commodity market with 100% accuracy, the trends seem promising.
If you’re planning to invest in precious metals this year, it’s best to get an insight into the expected market trends and conduct your own research. Moreover, it will also be beneficial if you get in touch with reputable traders who can help you make lucrative investment decisions.
If you want to physically buy silver bullion coins, choose a reputed and trustworthy dealer like Orion Metal Exchange.
At Orion Metal Exchange, we put our clients first and ensure you get genuine precious metal gold ira rollover and bullions so your investment and future are secure.
Get in touch with us today to find out more about investment opportunities in precious metals in 2023.