Would you like to diversify your investments? An excellent way to do this would be to invest in precious metals. But… how do you get the prices? Well here you will find the answer. We introduce you to the best precious metals API!
Precious metals are a classification of metals that are considered rare and highly valued. A variety of factors drive up the value of precious metals, from their rarity, to supply and demand issues based on their industrial applications, jewelry, and their use as investment. There are many benefits to investing in precious metals as they can be used to diversify a portfolio and hedge against inflation and market volatility, particularly in times of economic uncertainty. The most popular precious metals are gold, silver, platinum and palladium.
Precious metals are generally used for three main purposes depending on the metal, industrial applications, jewelry, and as a currency or investment. The demand for specific precious metals can change based on production levels in the technology, electronics, engineering and automotive sectors, along with the economic climate. These factors can affect your metal positions as increased global demand will increase their value and especially as all precious metals have a finite amount available. Historically speaking, if we had invested a few years ago in these metals, today we would have a very large return.
For example, if you had invested in gold 5 years ago, today we would have a return of 46.08%. However, it is currently not going through a good time, since its price is falling. Metals such as gold, silver or platinum have not been able to raise their rates for months. The market is not easy, therefore, having updated prices is important to know when to invest. For this, we will use the Metals-API service.
Why Metals-API?
All those investors, traders and anyone else interested in buying, selling or trading precious metals will be impressed with Metals-API. It is a service that allows you to obtain, quickly and efficiently, the current world market prices for precious metals, such as gold, silver, platinum, etc. Prices are updated from 16 trusted data sources, including the London Metal Exchange (LME), banks and financial data providers.
How to use Metals-API?
Using Metals-API seems complicated, but it is not. First of all, you must register, enter your personal data and choose a plan (1 free and 6 paid). Subsequently, you must choose the symbol of the precious metal you want and choose the official currency of your country (170 currencies included). After that, make the “API Call” and voila, you will have the latest prices instantly. The API can be used for a variety of programming activities and can be accessed in JSON and PHP. In addition, we recommend that you read the documentation on the website before using this service, it is complete information.
Regarding your personal information and bank details (if you pay for a plan), don’t worry. The Metals-API is encrypted using bank-grade 256-bit SSL Encryption. If you have any questions, you can send an email to the following address: [email protected]. If not, you can enter its website and send a message through the available virtual chat. Always online from 9 a.m. to 6 p.m. (GMT+1). Urgent requests are usually handled within minutes.
Also published on Medium.