Do you need access to historical data from the metals market? Do you know you can access current and historical rates with an API? Read this article to know how to get one!
Precious metals are known in the world for their great value, but few know the importance of precious metals in the global economy. Their ability to maintain much of their value in adverse situations makes them a must-have investment for the main financial players in any economy. Thanks to their limited quantity, they give way to a constant demand that generates price stability in their quotations and a little volatile behavior.
The price of precious metals is determined differently from the majority of shares and investment products listed on a stock exchange. According to various sources, the price of precious metals is mainly determined by the sentiment of economic insecurity. Events such as recessions, the possibility of war, or regional instability directly influence a price increase, while the opposite occurs during periods of stability causing significant drops in value.
It is not only economic insecurity that influences the price change, but also the supply from major investors. Likewise, news of deals (purchases, exchanges, or sales) made by central banks and the entry into force of various regulations can generate price fluctuations. The limited short-term volatility of these metals tends to make them the ideal selection for hedging less stable positions. In addition, they provide protection against inflationary events, maintaining much of their value even after severe downturns in the financial markets.
Nowadays the analysis of these parameters and accurate and continuous knowledge of their value is a task that involves anyone who wants to understand the global economy. There are some industries such as automotive or technology that require these materials for their products and therefore often choose to integrate this information into their digital platforms.
Use An API
APIs provided the novelty of being able to integrate external information into digital platforms. These tools generate a connection with external sources (software). There is a wide variety of APIs. The variety depends on what sources they allow to connect to, that is, the type of information or functions they provide.
For example, Metals-API is a tool that provides a connection to world markets, thus allowing access to real-time information on precious metals values. In addition, this tool has a variety of resources that help to better analyze the information.
Why Metals-API?
This API is preferred in the market by developers and companies for its high performance! Metals-API is a widely used tool that provides access to the most varied and up-to-date information on the metals market. Thanks to its simple interface, and its compatibility with most computer languages, it is easy to integrate into all types of platforms, as well as to use. The sources consulted that make up the database of this API include major financial markets such as World Bank or LBMA. You will be surprised by the variety of options you can count on. For example, you will be able to compare information from different dates or access the Daily Exchange Rate. For easy access to current and historical metals data, use Metals-API!