Are you looking for a way to get precious metal prices? For many people, this process can be very complicated but don’t worry, we will help you. In case you didn’t know, there is a service or rather, a precious metals API that will help you with this. And we will help you with this API.
When it comes to investing in metals, we quickly think of precious metals such as gold, silver or palladium, but there are others that are even more valuable and can be attractive for investment. In fact, despite the general belief, gold is far from being the most expensive precious metal, since this position corresponds to rhodium. Investing in precious metals falls under the category of alternative investments. Alternative investments have a lower relationship with the economic cycle, that is, the price of assets will be less affected by the economic situation.
When investing in metals it is essential to take into account the units of measurement. Precious metals are usually measured in dollars per troy ounce. One troy ounce is approximately 31.10 grams. It is possible to invest in precious metals directly with the aim of speculating and buying metal bars such as: gold or silver. But the most widespread possibility to invest in metals is to do so through shares of mining companies. If the price of precious metals rises, shares of mining companies like Barrick Gold will rise.
However, if you decide to invest, you will always come to the same conclusion: you will need precious metal prices. But luckily, there is an API called Metals-API. This digital tool specializes in delivering precious metal prices so you can stay up to date with accurate and historical prices. Next, we will explain more details about this API, so that those investors who have never used it can do so more easily.
Why Metals-API?
Current and historical precious metals rates? Our investigations reveal that Metals-API will accomplish this task satisfactorily. First, we’ll talk about the word “current”. This system is constantly updated. In fact, this system is so fast that it only takes 60 seconds to update precious metal prices. So, the word “current” is the one that best describes this service, since it will always be up to date. Second, the word “historical” is also important. Large investors can analyze the market by making comparisons with previous years. Having this data available is very important for a more correct analysis. And luckily, Metals-API offers 19 years of historical data. That is to say, from 2003 you will be able to obtain information about the evolution of metals such as gold or silver.
And what are the sources of information for this system?
Without quality information, none of the above-mentioned will work. As you may have noticed, Metals-API is an API, but it is NOT a Metal exchange like London Metal Exchange. But this is NOT a problem, since Metals-API uses sources like LME to get information.
How many plans are available?
In total, there are 8. It is important to note that the prices will seem expensive at first glance, but that is because they are annual prices. This system charges annually, not monthly. Your subscription will last 1 year and not 1 month. Finally, the prices that appear on the website are in dollars (USD).
Also published on Medium.