But gold isn’t the only metal that can be included in a precious metals IRA. The four that are allowed are gold, silver, platinum…three that most people have heard of, mostly because of their use in jewelry…and palladium.
What is palladium, and why is it such an important metal?
History – While people have been working with gold and silver for thousands of years, palladium was discovered in 1806. It has an atomic number of 46 and is closely related to platinum.
How it’s been used traditionally – The primary use of palladium is in catalytic converters. Catalytic converters are part of a car’s exhaust system and convert toxic pollutants into less-toxic or non-toxic exhaust (such as turning carbon monoxide into carbon dioxide and water). It is also used in electronic soldering, plating, and in the use of carbon monoxide detectors. Finally, a small amount is used for either dentistry or jewelry.
How it will be used more in the future – The future is here! Palladium is an important component in fuel cells. Yes, the same fuel cells that are currently powering hydrogen-powered hybrid cars. Whether you’re an environmentalist or not, the fuel cell industry will continue to grow…and they will continue to need palladium. What if you had some locked up in a depository?
Because it has so many important uses both today and tomorrow, palladium seems to be a metal that’s future-proof in terms of investing. If you’re ready to start your closed loop precious metals IRA, start here.