Uses of gold
History shows that gold has always been appealing to people. Civilizations throughout history and all over the world have always loved the rare yellow metal and longed for its value and beauty. Gold has been used to make coins and jewelry for a very long time, but it also has many other uses, some of which might surprise you.
Gold has been an important part of human history, and its five unique traits make it useful for many different things. Gold is always in demand and worth something because you can use it in many ways.
What is gold used for?
Gold can be used in a surprising number of ways. Many people know that gold is used in jewelry and coins, but it also has a wide range of industrial uses that make up a big part of the demand for gold around the world.
- Wealth protection and a financial exchange
- Medals, jewelry, and other items of value
- Electronics
- Space exploration
- Dental and medical
Top 5 uses for gold
1) Wealth protection and a financial exchange
Coins and other forms of money are some of the oldest ways metal has been used. Gold is bought by governments, central banks, financial institutions, and private investors as a way to store wealth. Gold has kept its value over time because it is hard to find. Because gold keeps its value even when other assets lose value, it is only kept as pure gold bars and coins or hidden under floorboards for investment purposes.
It is hard to figure exactly how much gold bullion is kept as an investment, and anyone besides the government can own an investment bullion. Despite the fact that the US has the largest stockpile, it has not had a full physical audit since Eisenhower was in office in the 1950s. Germany is thought to have the second-largest supply, but China and Russia are quickly adding to their stocks.
2) Jewelry, adornments and medals
Throughout the world, gold is most commonly used to manufacture jewelry and other beautiful items. In 2018, China and India, the two countries that used the most, used more than half of the world’s output. In that year, China and India made jewelry out of more than 1,200 tons of gold. Many of these people will look at the investment potential of gold jewelry and its beauty and status.
This expensive metal has always been seen as a sign of wealth, style, and power. Gold is used to boost the value of a wide range of decorative items, like medals and badges that aren’t jewelry. Gold leaf has already been used to improve art, and most recently, At the Guggenheim Museum in New York, artist Maurizio Cattelan displayed a gold toilet!
3) Electronics
Gold doesn’t rust, conducts electricity well, and doesn’t get too hot. Because of how it is made, it is a soft, flexible metal that can be easily bent or covered with thin layers. Because of these things, gold can be used in electronics, especially cables and connectors. As consumer technology improves, the demand for electronics, especially cell phones, is increasing. In 2018, electronics used almost 1,400 tons of gold, 34% of all the gold used in the United States in 2017.
4) Space exploration
Satellites and space travel also use more gold, which is tied to the need for electricity in a way that can’t break. Thin metal coatings are used in shields, visors, and other electronic parts, and their reliability is very important in the high-risk environment of space exploration and flight.
Gold particles reflect infrared light, so dark panels and visors don’t get as hot. Gold can be used as a lubricant because organic lubricants are easily destroyed by space’s strong radiation and wide temperature changes.
5) Medicine and dentistry
Due to its non-addictive properties, gold has been employed in dentistry and medicine for many years. Every year, new uses come up, such as in prosthetics, where durability is very important.