The Golden Connection: Exploring the Data-Rich World of Precious Metals
In a world of economic uncertainty and fluctuating markets, precious metals have often emerged as a safe haven for investors seeking stability and wealth preservation. The most widely recognized precious metals are gold, silver, platinum, and palladium, although other metals such as rhodium and iridium are also considered precious.Precious Metals
Example: LBMA Metals Data in ODSL
We store precious metals data in ODSL, amongst others, from London Bullion Market Association LBMA. Besides the prices for the different auction times for the precious metals we also store properties that can be used for instance for filtering, calculations or access rights specifications.
Visualization of the LBMA Metals Data
Let's explore some of the silver, gold, palladium and platinum data. Downloading the data stored as timeseries with our ODSL Excel-Addin and easily visualizing them using the standard functionalities in Excel.
The LBMA data for precious metals are visualized for silver, gold, palladium and platinum for the different auction times, that are:
- 12:00 London time for silver
- 10:30 and 15:00 London time for gold
- 9:45 and 14:00 London time for palladium and platinum.
The correlation matrix visualized as a heatmap shows how the data are related. A correlation coefficient near 1 shows a high correlation (colored in green), whereas lower correlations are colored in yellow or red in this case.
Conclusion
Precious metals play a vital role in industrial applications, with their unique physical properties contributing to development in technology, healthcare, and renewable energy. From electronics and catalytic converters to medical devices and jewelry, these metals have practical utility that adds to their value.
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