The metals market moves millions of dollars in currencies per minute. Gold and silver take all eyes, however, they are metals for large companies, those with greater purchasing power.
Other metals like Rhodium don’t have a decades-long history in the stock market than gold has. It has begun to be used for jewelry and other high-end elements.
Investing in Rhodium can be one of the most profitable moves for your portfolio. While there are pages that give their rates, such as Kitko, which give solid numbers. But it usually does not have the necessary speed to survive in the world of finance.
In the case of Rhodium, although it is a new metal when it comes to precious metals, it is certain that large companies already have entire teams working to find the best rates in any currency. The best way to stay on top of it is through an API that uses Machine Learning.
These APIs are tools that directly connect your order with the nearest sources following your guidelines. One of the fastest to do so in recent times is Metals-API.
The other possibility that Metals-API gives is access to live precious metals market data with a resolution of 2 decimal points and a refresh rate of 60 seconds.
Metals-API collects market data prices from a variety of trading sources and institutions around the world. Given that the market changes every day, the commercial sources also change and their importance is distributed in a balanced way.
They use a system with a unique “validation and fallback” approach that assigns different priorities to each data source and validates each metal/forex rate as it enters their databases. This achieves the highest level of data coverage and correctness.
The sources are changed automatically and target the one with the best roots and positioning. This eliminates inconsistencies and delivers precise spot exchange rates to six decimal places for the great majority of currencies.
Also published on Medium.