A long-standing favorite of precious metals investors, gold has been used as a store of value for thousands of years. Gold is known as an investment that tends to hold its value well during economic slowdowns, and which can ride out major recessions quite well. Gold is also an excellent hedge during periods of high inflation compared to cash investments. While gold is a great investment, the cost of buying significant quantities of gold can be a bit prohibitive for some newer investors.
The characteristics of palladium, and market for this metal, are more or less similar to those of platinum. Palladium is also used in automotive manufacturing, though less commonly in jewelry than platinum. Generally, the prices of these two metals track each other quite closely. Even though platinum and palladium are very similar, the latter is often used by precious metals investors to add an extra layer of diversification to their portfolios.