Gold and silver are not only the darlings of the investors, but they also tend to hog the spotlight in media outlets and financial companies. However, as any smart investor can tell you, the secret to securing your finances and protecting your assets is to diversify your portfolio. In other words, in addition to the gold and silver bullions you already have, perhaps it’s time to look into other metals, such as platinum and palladium.

In case you are still not convinced that platinum is worth investing in, then here are some quick facts that will surely change your mind. Let’s explore some of the industries that are highly dependent on this precious metal.

• Automotive

The automotive sector currently consumes about one third of the platinum and palladium available on the market. The primary application in the automobile manufacturing industry consists of catalytic converters. According to industry leaders, converters featuring these precious metals produce less harmful smog-causing emissions generated by internal combustion engines. Given that more and more companies are implementing green practices into their operations, it’s very likely that the platinum demand in the automotive sector will grow exponentially within the next few years.

• Electronics

From basic consumer goods such as your smartphone to military grade equipment, components coated with palladium and platinum are found in almost all modern electronics. Unlike gold, these precious metals present a superior chemical stability, which translates into enhanced durability and optimal electronic conductivity.

• Aerospace

All military and passenger airplanes nowadays feature turbine blades covered in platinum aluminide coatings, so they can withstand extreme temperatures of up to 1,500 degrees Celsius. Because there is an increasing demand for air travel, financial analysts suggest that the platinum orders in this sector are going to rise steadily in the following years. At the same time, manufacturers are likely to demand more of the precious metal for recoating or component replacement purposes.

On a side note, the incredibly high temperature resistance is also what makes platinum a very desirable material for glass production. In fact, most computer monitors and flat screen TVs nowadays require a small amount of platinum.

• Medical

More financial experts agree that the high demand for platinum in the past several years is caused by the widespread utilization of platinum and palladium in the medical field. Platinum alloys are becoming the norm for dental bridges and crowns in dentistry. In addition, they are mandatory for peacemakers, especially since the osmium and platinum alloys can regulate heart rhythm. More recently, these precious metals have been successfully employed in chemotherapy, especially for patients diagnosed with leukemia.

• Chemical

Platinum and palladium also have a wide scope of applications in the chemical sector, particularly in the manufacturing of silicone, where they act as catalysts. Moreover, the raw metals are also utilized to manufacture polyester, nylon and synthetic rubber. According to some companies, the use of these metals has simplified the manufacturing process for a number of fields, including but not limited to adhesives, paints, coatings and fibers.