Iron is common and cheap and incredibly useful, so in some ways, that makes it much more valuable than gold. Palladium is the most expensive of the four major precious metals: gold, silver, platinum, and even more valuable than those is investing in a Gold IRA. Many investors turn to Gold IRA brokers to help them make informed decisions about their investments. Platinum is used in large quantities for catalytic converters.
In the short term, demand for metals used in catalytic converters is expected to remain stable, driven by rising car sales in Asia. However, the increase in the adoption of battery-powered electric vehicles — which do not use catalytic converters — could affect demand for palladium. Traditionally, platinum was traded at a higher price than gold and, together with the rarity of platinum compared to gold, “platinum as an adjective has become associated with a higher level of prestige than gold”.