Whatever Baby Boomers Ought To Know About Precious Metals


Fly on the Wall
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Fort Lauderdale, FL
Baby boomer is a generation known for their focus on financial freedom and prosperity. Precious metals are a good shot and great opportunity to invest and cultivate financial security. It will aid the smooth transition from employment to pleasurable retirement. Investing in precious metals is best compared with the traditional savings through paper money

Why precious metals?

It is important for baby boomers to open GOLD individual retirement accounts ( IRA) .They work like other types of (I.R.A’S) .The only difference is that a GOLD IRA store approved precious as a way of saving. Owning physical precious metals is important because they appreciate in value. In case inflation takes place, the investment will insulate them against the impacts. Secondly, they are liquid investments which are easy to buy and sell. With physical metals, transactions are easy. The seller determines the market prices for gold or silver per ounce after which they will agree with the specific buyer. Thirdly, the demand for physical precious metals is always high and the supply low. This explains why owning a few of them will remain a wise idea for baby boomers.

The following are the best precious metals to invest in:

• Gold

The history of this special yellow metal is as old as man himself. Though history books do not accurately capture when man started using gold, it is still clear that in 3000years b.c, and gold was there. The legendary priests and pharaohs commonly used it for adornment.

In 1732, Gold was adopted for the first time as a new standard currency valued at $19.30 per troy ounce and since then, its value has been growing. In the year 1834, the value of gold as a currency rose to $20.67 per troy ounce and it remained that way for the next 100 years. Come 1934, the then U.S president raised its value to $35 troy per ounce as an emergency measure to boost the economy. The great economic depression adversely affected it.

In December 1971, representatives from 10 most industrialized countries agreed to raise the value of gold to $38. Two years later, it shifted to $42.72 per ounce and since then all currencies traded freely. Gold is one of the oldest precious metals. It is associated with victory and glamour no wonder kings made palaces out of gold! Athletics champions receive gold medals while outstanding movie stars receive trophies made of gold. In ancient times a true warrior was given gold on winning battles. People measured richness by looking at how much gold one owned. Presently Gold remains a rare metal making it an ideal investment. Gold has various uses. It is good for quality art and jewelry, medicine, dentistry and other industrial uses. It is attractive in appearance, malleable and does not easily loose its luster. This makes it suitable for coinage and artwork.

• Silver USD

Silver is a precious metal rated second from gold. The history of silver dates from 3000b.c. when the ancient men discovered it on the surface of the earth. He started using it as a medium of exchange. Because of its malleability, man used silver to make jewelry and artifacts. In the year 1872, U.S started using silver for coinage. It became currency until the year 1965. From the 20century, more uses were discovered such as clothing, medicine and dentistry, and water purification among others. These new uses led to the increase in demand for silver. The major producers were Mexico and Canada. By and by people discovered the importance of silver as an investment. Today, there is an ever -growing demand for the same

• Platinum

Platinum has a brief history unlike Gold and Silver. History books have not documented much on this precious metal but man’s first encounter with the metal is over 1000 years ago. Platinum Spaniards in Columbia discovered it in the tear 1751. They gave it a Spanish name “Platina” which meant a little silver.
In 1784, it was used to make laboratory equipment such as glass. Come the 19th century, more mining and refining techniques increased the supply of platinum. People started using it in making gun parts and purification of hydrogen. In 1820 Columbia which was the main source stopped exporting the metal. Other producer such as Russia and South Africa came up but the demand was still high. In 1975, individuals started buying platinum for investment. Countries such as U.S and Europe minted platinum bars and coins in 1980-1983. Later in 1997, the American eagles released its first bullion coins.
“It is funny how platinum taught platinum to be an interruption to gold mining. Today, it is a useful precious metal!”

• Palladium

This metal was discovered in the year 1801 by a British chemist (William Hyde) who was trying to achieve pure samples of platinum. He mixed platinum with a mixture of hydrochloric acid and nitric acid. He named the product “Palladium” which is a member of platinum group of metals. The major producers remain Russia and South Africa though the demand is overwhelming. car manufactures are the biggest users of palladium in making catalytic converters. It is also good in making jewelry. With the growing demand for palladium as an investment, there is need for more producers to meet this need and many more.


Yellow Jacket
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North Dakota
I just love when people's first post is a lecture on what we need to know about PM's.
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