Do you want to try the best API for supply chains? You should check out Metals-API.
The supply chain for precious metals has produced enormous wealth, boosted the world economy, and transformed civilizations.
In a Rush for Gold
James W. Marshall, a carpenter, found gold reserves on January 24th, 1848, close to Coloma, California. More than 300,000 prospectors, known as “forty-niners,” came to California as a result of Marshall’s discovery in pursuit of riches.
One example of how the precious metals supply chain has influenced our modern world is the California Gold Rush. The “Gold Rush” is a global enterprise that joins several prospectors from throughout the ages, not a single incident.
In the 19th century alone, people rushed for gold in South Africa (1880s), Australia (1850s), Canada (1890s), New Zealand (1860s), Brazil (1890s), and Chile (1880s).
The hunt for gold is still going strong today. Although the approaches have changed, the spirit has not.
The Gold Supply Chain
So how does the modern gold supply chain work?
Each piece of gold goes through a different process depending on its location and intended use. There are eight steps in the modern gold supply chain: 1) Miner, 2) Refinery, 3) Mint, 4) Transport, 5) Wholesaler, 6) Brokerage, 7) Depository/Bank, 8) Retail Investor.
Investing in precious metals
Are you interested in investing in precious metals? If so, you are in the proper location. Precious metals have been acknowledged as a true treasure and a means of transferring value for millennia. This is particularly valid in the case of precious metals like gold and silver. Precious metals are too expensive to function as modern currencies due to their scarcity, yet precious metal investments are highly common and are used as a hedge against inflation and economic downturns.
In addition to being used as money, precious metals have a wide range of other uses. Here are a few of the most typical contemporary applications for precious metals:
Jewelry – gold, silver, platinum, palladium
Electronics – gold, silver, platinum, ruthenium
Medicine – gold, silver, platinum, iridium
Solar and nuclear energy – silver
Photo – silver
Automotive industry – platinum, palladium, rhodium, ruthenium, osmium
Oil industry – platinum, osmium
The serious industrial and investment demand for precious metals makes them very interesting for a large part of investors around the world.
People involved in the supply chains and individuals that want to invest in precious metals need to find out about metal prices and data, all that is possible with a Metals-API.
Why do we recommend Metals-API?
The Metals-API may deliver real-time precious metals data through API at a frequency as high as every 60 seconds, with an accuracy of two decimal places.
Providing exchange rates for precious metals, currency conversions, time-series data, volatility statistics, and the lowest and highest prices of any particular day are a few of the features.
How Does It Work?
It is simple to use. Now all you have to do is adhere to the guidelines listed below:
- Create a profile.
- Produce an API Key
- Choose the desired metal and currency.
- Make an API Request, then wait for the system to respond with an API.
Is The Website Secure?
Banks and financial information providers, such as the European Central Bank, are where Metals-API gets its currency data from. Bank-grade 256-bit SSL encryption is used to encrypt your connection to the API.