Gold prices just can’t quit. The precious metal rolled back a bit in May but has come roaring back, with gold prices up about 8% in three weeks to top $1,600 an ounce. And in the long term, gold has seen even more dramatic gains – up about 50% in the last year-and-a-half when compared with a price of about $1,080 in late January 2010.
But while the 2010-11 gold rush is making a lot of headlines, it’s important not to overlook other surging hard assets. Silver, copper and platinum futures also have seen high volatility and considerable profits for savvy investors. Some of these hard assets are off record highs, but like gold, they are seeing strong upward momentum.
If you want to get in on soaring gold prices but are afraid you might be buying at the top, you have alternatives in outside gold mining stocks and ETFs like the SPDR Gold Trust ETF (NYSE:GLD). Those alternatives come in the form of metals like platinum, palladium, copper, silver and rare earths.
Each of these alternatives offers its own strengths and weaknesses, but most importantly, they are ways to diversify your holdings away from gold but still stay in rock-solid hard asset investments.
Here are the details on these five hard asset alternatives to gold: