Uses For Gold
1) Wealth Protection And A Financial Exchange
For centuries, gold has been used in the production of currency and other financial instruments. Gold is utilized as a tangible store of value by governments, central banks, financial organizations, and private investors.
As a result of the metal’s rarity, it has maintained its worth over the centuries. While other assets are losing value, gold’s capacity to hold its worth means it is housed in large vaults or even under floorboards for its investment value alone.
It’s difficult to estimate just how much Gold bullion is being held as an investment. Individuals can own investment bullion in addition to government reserves.
The United States is thought to have the most reserves, but a physical audit hasn’t been performed since Eisenhower’s administration in the 1950s. Russia and China are both building their stockpiles at an ever-rising rate, while Germany is said to hold the second-largest supplies.
2) Jewelry, Adornments And Medals
Gold is most commonly used in the production of jewelry and other decorative items. In 2018, China and India accounted for more than half of all world output.
In that year, China consumed almost 1,200 tons of gold for jewelry, while India consumed over 500 tons. Many of these consumers, despite their admiration for the beauty and status of gold jewelry, will also be interested in its investment value.
This valuable metal has long been associated with wealth, luxury, and power. In addition to jewelry, gold is used to enhance the worth of a wide variety of decorative goods, including medals and badges.
Maurizio Cattelan, an Italian artist, recently displayed a gold toilet in the Guggenheim museum, continuing a long tradition of using gold-leaf to enhance artwork.
As a conductor of electricity, gold is extremely resistant to heat and corrosion. If you’re looking for a material that’s easy to work with, this is it.
As a result, gold is an ideal material for use in electronic components such as cables and connectors.
The electronics sector, in especially the cell phone industry, is seeing an increase in demand as consumer technology improves year after year.
Electronics accounted for 34% of gold consumption in the United States in 2017 and over 1,400 tones in 2018.
4) Space Exploration
Space exploration and satellites, which are closely linked to electrical usage, are also a growing consumer of gold.
Thin coatings of gold are utilized in shielding and visors, as well as in the high-risk environment of space travel so exploration, and its reliability is vital.
Temperatures on darker panels & visors can be kept at a more manageable level thanks to the reflective properties of gold particles.
Organic lubricants cannot withstand the strong radiation and harsh temperatures of space because of their instability. Gold, on the other hand, is a good lubricant.
5) Medicine And Dentistry
Gold has been utilized in dentistry and medicine for a long time since it is non-reactive & non-toxic. Every year, new applications are identified, such as in prosthetics, where long-term durability is critical.
Rheumatoid arthritis and muscle damage are treated with small doses of gold injections, while some tumors are treated with gold microparticles. In COVID testing, gold has even been utilized!