Gold is a decoration and not much else. That’s another claim critics love to make about gold.
Many investors insist on investing in something that people will use like phones and search engines. Gold, on the other hand, is primarily for jewelries, not exactly something you will prioritize when push comes to shove.
It is true that gold is widely used for jewellery, adornment, and in some parts of the world, material for royal residences and different religious practices.
There’s the Grand Palace in Thailand, Golden Buddha, and others, but the last several decades have witnessed the increasing use for gold in different fields.
The medical industry is breaking it down to treat cancer and, although it will still take years of tests and experiments, initial findings show that it might be the best one yet.
NASA just developed a machine that will produce oxygen on Mars using gold.
Our phones, computers, data servers, and other communication devices have gold in them.
Our cars have gold.
It is used in different machines in manufacturing due to its ability to conduct heat and reflect light.
It can also be used as lubricant in any number of engineering applications due to its resistance to cold welding.
It is used by dentistry and even the beauty industry for makeup and for different skin care products.
Chefs even use it to plate their dishes. Yes, the efficiency of gold allows these industries to use only a small amount of gold which might be a good thing because we don’t have a lot of it.
The total amount of gold ever mined will fit an Olympic size swimming pool.
Imagine that. All these years of mining and that’s all we have.
Fortunately for investors, there is no technology in the world that will produce more gold, unlike diamond.
So, while the industrial use for gold is going up, the supply isn’t.
Gold having little utility is an outdated impression and very misleading for investors.
Check our description box to know more about the uses of gold.