Feeling like platinum's got some serious potential right now – thoughts?
- •My advisor at my Gold IRA company suggested we look into platinum a bit more.
- •He mentioned that historically, it trades above gold, but right now it’s significantly under.
- •My concern is, I know platinum has more industrial uses than gold, and with talks of a recession (or are we already in one?
So, I’m relatively new to the precious metals game, just converted a chunk of my old 401k into a Gold IRA earlier this year – around $60k went into physical gold, mostly Eagles and Buffalos. I work in the music industry out here in Nashville, and honestly, seeing how volatile everything else has been lately, having some tangible assets feels really good. My advisor at my Gold IRA company suggested we look into platinum a bit more. He mentioned that historically, it trades above gold, but right now it’s significantly under.
My concern is, I know platinum has more industrial uses than gold, and with talks of a recession (or are we already in one? feels like it sometimes!), I’m wondering how that demand side will hold up. On the other hand, isn’t that exactly why it could be undervalued? If demand picks back up, or if some of the green tech initiatives really take off (fuel cells, anyone?), couldn't platinum see a huge jump?
I’m thinking about allocating maybe another $10k-$15k into it – my advisor proposed some Platinum American Eagles. It wouldn't be a huge percentage of my overall retirement, but enough to make a difference if it pops. Has anyone here diversified into platinum recently? What’s your take on its current standing and future prospects? Feeling a bit FOMO but also want to be smart about this.