Professional and institutional investors constantly invest in precious metals for stability and long-term growth. Precious metals are always appealing as they serve as safe havens in times of uncertainty and unpredictable economic environments. In addition, they act as a hedge against inflation, given their ability to maintain their value.With the global precious metal market expected to grow by 6.8% annually over the next decade, this might be the best time to take a closer look at some of the best investment options in the sector. The ReelShares Precious Metals Fund might be the best fund for anyone looking to diversify their investment portfolio into the precious metals sector.The fund invests in companies exposed to some of the most sought-after precious metals, including Gold, Silver, Palladium, and Platinum. The fund invests 80% of its assets in metal companies and seeks long-term capital appreciation. It also invests in domestic and foreign companies that generate 50% of their revenue from precious metals.Gold Investment PlayBilled as the “king of metals,” Gold has always been one of the most sought-after precious metals for diversifying investment portfolios. It always stands out, owing to its ability to do well during economic uncertainties. In the aftermath of the COVID-19 pandemic, the yellow metal exploded in value, powering to above $2,000 an ounce.Likewise, gold does well during simmering geopolitical tensions owing to its safe haven credentials. In the aftermath of the Russia-Ukraine war, deteriorating relations between the US and China, and the most recent Israel-Hamas war, fear gripped the overall markets, resulting in a significant decline in risk appetite. On the other hand, most investors turned to gold as a store of value amid the geopolitical tensions.Gold is one of the precious metals poised to perform well in 2024 after appreciating by about 8% 2024. The strong performance came despite strengthening the US dollar and the US Federal Reserve hiking interest rates above 5%. The precious metal tends to come under pressure when interest rates rise because investors shun it and turn to treasuries and bonds to take advantage of rising yields.Nevertheless, Gold's strong performance in 2023, which saw it rally to record highs of $2150 an ounce amid the high-interest rate environment, is one factor that affirms sentiments it will do well in 2024. With the Fed expected to cut interest rates, investors should shun bonds and yields to benefit gold. Central banks around the globe staying on accommodative monetary policies should strengthen gold’s demand as a store of wealth and value.On the other hand, a deteriorating economic outlook could send jitters in the investment community, prompting investors to rush to safe havens like gold. Escalating geopolitical tensions should also offer support to the yellow metal in addition to uncertainty about the US election.Silver Improving OutlookOften referred to as the “poor man’s gold,” Silver is another precious metal for any investor eyeing exposure to one of the most important industrial metals. Unlike gold, Silver is an adaptable metal with a distinctive blend of industrial and investment qualities. While gold is mainly used as a store of value, diamonds also double up as an industrial metal from which strong demand is emerging.Demand for Silver will explode in the coming years owing to its use in the industrial sector in electronics and renewable energy. Its use in making various devices, including solar panels and medical equipment, amid the growing Internet of Things, affirms why it is one of the most critical metals and an ideal investment option. The transition to renewable energy also presents a strong use case that should fuel strong demand amid limited supply.Growing industrial applications ensures Silver continues to benefit from increased demand. The rising demand amid limited supply underscores why Silver is an ideal investment option in the precious metal segment.Silver prices have fluctuated significantly in 2023, influenced by a myriad of factors, including changing economic conditions, simmering geopolitical events, and a shift in industrial demand. While the precious metal is flat for the year, it is becoming an attractive investment option ahead of potential interest rate cuts by central banks led by the Fed. Lower interest rates supported by growing demand from the industrial sector should act as a catalyst in driving the precious metal value in 2024.Platinum and Palladium Growing DemandPlatinum is one of the most sought-after precious metals due to its distinctive industrial qualities. Its scarcity has also helped support prices, especially in the growing demand for its use in the industrial setting. Demand for Platinum has been on rise due to the growing use of the metal in the automotive and jewelry sectors.As the global economy bounces off the COVID-19-induced slowdown and the transition from fossil fuel cars to electric cars heats up, demand for Platinum is expected to explode. The relative scarcity of the metal should work in its favor, which should see its value increase, making it an attractive investment prospect for exposure in the precious metal sector.Palladium is another attractive precious metal that professional investors are also paying close attention to amid the growing push to lower emissions. The shiny metal has emerged as an essential component for catalytic converters. Consequently, demand for its use in the automotive sector has exploded.Demand for Palladium is expected to increase exponentially going forward as environmental restrictions become rampant around the globe. Its limited supply and growing demand affirm its long-term prospects, making it an exciting investment choice.ReelShares Precious Metals FundInvesting in precious metals is a sure way of diversifying an investment portfolio while navigating the economic and monetary policy uncertainty. Gold, Palladium, Silver, and Platinum are some of the best precious metals, given their unique use case and potential investment returns.ReelShares offers one of the best ways of gaining exposure to precious metals through its ReelShares Precious Metals Fund. It is an ideal fund as it seeks to deliver annual returns of over 40% and an internal rate of return of 71%.For the initial investment, investors can purchase ReelShares Precious Metals Fund shares directly from Reel Shares or through a financial intermediary. The fund's shares can be traded on the NYSE after the initial purchase.