Do you want to try the best alternative to Open Exchange Rates? We recommend Metals-API.
Rare metals that have a high economic worth are known as precious metals. Because they are rare, important in industrial operations, or have investment qualities that make them an excellent store of wealth, they are valued. The notable precious metals are palladium, platinum, silver, and gold.
Precious metals provide several benefits to investors, including:
A hedge against inflation: Precious metals prices tend to rise at or above the inflation rate.
Tangible asset: Real assets, such as precious metals, have value outside of investments, such as in jewelry or industrial applications.
It’s a fairly liquid investment: Precious metals, particularly investment goods, can be swiftly sold and converted into cash.
Provides portfolio diversification: Precious metals’ price changes can diverge from those of the stock and bond markets.
How to invest in precious metals
There are several ways to invest in precious metals. They fall into two basic groupings:
Physical precious metals: To hold as an investment, you can purchase physical precious metal bars, coins, and jewelry. As the price of the underlying precious metal rises, the value of these physical precious metal investments ought to rise.
Precious metals investment products: These are available for purchase. These can be futures contracts, exchange-traded funds (ETFs), mutual funds that specialize in precious metals, or shares of precious metals mining, streaming, or royalty firms. As the price of the underlying precious metal rises, the value of these assets ought to increase.
Precious metals investing can be challenging
Precious metals investing is not for everyone. Choose the metal and investment vehicle that most aligns with your investing thesis after deciding why you want to invest in precious metals (as a hedge against inflation, to store value, to diversify your portfolio, or to profit from increasing prices). Each choice has its advantages, disadvantages, and risks. One of the biggest concerns is that even if you have the proper opinion—say, that gold prices will increase—you could nevertheless pick an investing strategy that underperforms the underlying precious metals. Investors should think long and hard about whether they want to invest in precious metals and, if they decide to, be completely aware of the hazards involved.
If you want to invest in precious metals you need a metals API like Metals-API that can deliver real-time precious metals data easily and make your job easier.
What Is 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.
Also published on Medium.