When we think of that which is precious, two broad categories arise: that which is valuable and that which is valued. The distinction may be subtle but it is important nonetheless. The whole of a portfolio can be thought of as precious as it has a value, i.e., it has monetary worth. It also is valued for its purpose, e.g., providing retirement income. Investments in precious metals can be found in a portfolio, primarily gold and silver. These metals are considered precious as they are thought to be valuable, rare and durable. But what role do they play in a portfolio. It is not as a source of income as they provide none. Therefore, appreciation must be a primary investment objective along with potential diversification of price movement relative to other sources of appreciation such as stocks. The perspective here provides some thoughts as to the merits of precious metals as an investment.