With today’s unique economy — one that has shown job growth and strong GDP, yet high inflation and even higher interest rates — many consumers are looking for safe places to invest their cash. 

One common investment is gold, which has long been considered a smart hedge against inflation and a protector of wealth. But gold isn’t the only precious metal you can invest in, and experts say there are actually a few others you might want to eye these days, too.

Find out more about your top precious metal investing choices here.

These 3 precious metal investments make sense right now, experts say

Are you thinking of investing in precious metals other than gold? Here are a few that experts recommend right now.

Silver

Silver is usually the first precious metal to come to mind after gold — and for good reason. 

“Silver is considered a safe-haven asset like gold, with its value holding or increasing during economic turbulence or geopolitical instability,” says Rick Kanda, managing director at Group International/The Gold Bullion Company.

Silver prices have been on a steady run-up since earlier this year, and demand for the metal remains high, thanks, in large part, to the many industrial uses it has. 

“Silver has many industrial uses — batteries, solar panels, electric vehicles — which makes it valuable,” says Alex Ebkarian, co-founder of Allegiance Gold. “If industrial demand increases, it will lift silver prices higher.”

Many expect that to happen. According to Kanda, silver could rise to as much as $35 per ounce — up from just $23 per ounce at the start of the year.

“Looking at past cycles of gold and silver prices, silver tends to rally after gold and by a greater percentage,” says Patrick Yip, director of business development at American Precious Metals Exchange. “We saw this occur both in 1980 and 2011. If history repeats, silver may rise sharply later this year. If you want to get into precious metals and think you may have missed the boat on gold, now may be the time to buy silver.”

Explore how gold and other precious metals could be a smart addition to your portfolio.

Palladium

Palladium is another metal you might consider investing in, with Kanda even calling it a “rival” to other metals due to its increasing demand and limited supply.

“The main strength of investing in palladium lies in its rarity,” Kanda says. “With the metal 30 times rarer than gold, investors may benefit from potential price gains in the future depending on whether palladium remains in demand in industries such as automobiles, jewelry, and medicine.”

Kanda notes that palladium is often used in car production — namely, in manufacturing catalytic converters. With car sales expected to rise both this year and next — by about 2% to 3%, according to forecasts — that could lead to increased demand and higher palladium prices, too. 

Platinum

Platinum is another option to invest in right now — especially if you’re looking for “long-term price appreciation,” Kanda says.

“Platinum is a precious metal and is amongst the rarest in the world,” Kanda says. “Due to its scarcity, the price of platinum is sensitive and highly dependent on changes in demand and supply. “

Just be warned: Platinum tends to cost more than other precious metals. It’s currently sitting at around $950 per ounce. (Silver is only about $26 per ounce currently). 

The bottom line

While gold, silver, palladium and platinum can all be a smart addition to your portfolio, you should be sure not to over-invest in any precious metals. Most financial professionals recommend committing no more than 5% to 10% of your total portfolio to them. And, whatever metal you choose to invest in, make sure you use a reputable dealer and have a storage solution in mind. If you opt to buy metals held in a gold or silver IRA, you should also shop around for your IRA company, as they can vary widely in fees and services.