Why the World Needs More Gold

Why the World Needs More Gold

Throughout the history of human civilization, almost every culture has used gold to symbolize power, wealth, accomplishment, beauty and purity. We use gold for a lot of significant objects in life from wedding bells to sports awards and medals. There is no other material in the work that has a universal prominence and holds as much visible value as gold.

Gold has been used for thousands of years to make money, jewellery, ornamental objects, art and a whole host of other things. Gold has been found in streams or mined from deep within the earth’s crust. Most of the gold that is newly mined goes into the manufacturing of jewellery. Since gold is not a finite material, the amount that is within the earth cannot satisfy the growing need for more gold. It’s not just jewellery that consumes the biggest chunk of gold. To meet the demand, gold is bought and resold to be refined and reformed as something else. The demand for more gold is mitigated by the old gold that is bought from the public and recycled back. You might sell gold Melbourne only to have it recycled and formed into something totally new.  The jewellery industry already takes up 78% of the world’s gold supply, it makes sense that it would be this same industry that is the biggest supplier of old, used gold.

The rest of the gold that is bought and sold during the year is either bought and stored in safes and bank vaults across the world. Central banks are rumoured to have vaults that are packed wall-to-wall with gold bars, but how much gold is in storage is something that no one really knows.

Gold in Electronics

Gold is used in other industries, the most important one has to be in the manufacturing of electronics. Gold is a good conductor of electricity that is able to carry small Electric currents and still remain corrosion free. Gold is used in connecting wires, switch and relay contacts. Small amounts of gold are used in sophisticated electronic devices like cellphones, calculators, GPS, television sets, etc. There is about 50 cents worth of gold in devices like cellphones. It is not enough to fret over, but when you consider that over a billion cellphones are made every year with that much gold and you consider how many of these get dumped without being recycled, you can imagine all that gold that will never be recycled.

Gold in computers

Gold is used in computers. Edge connectors for memory chips and microprocessors in computers and laptops are made with gold. Most golden components are electroplated onto other metals and mixed with nickel or cobalt alloys to make them more durable.

Uses of Gold in Dentistry

The earliest use gold in dentistry can be traced back to 700 B.C. when gold wire was used to fasten replacement teeth in the mouth. The use of gold dentistry got spread widely until the1970s when it became clear that a cheap but effective material would need to be used to replace gold. There are alternative but still no other material that can outperform gold. It is nonallergenic, easy to work with and it looks good.

Gold is also used in medicine. Injections of medical formulations with added gold have been used to treat arthritis. Radioactive gold isotopes are embedded in tissue to serve as a source of radiation source in cancer treatment. Many surgical instruments and electronic equipment like life-support devices are made with some gold in them. This is because, gold is non-reactive which is important in critical medical equipment.

Gold is too expensive to use frivolously. It is a dependable and resilient material and when something works really well, it takes a long time for anyone to push for an alternative material. So, even with the large number of synthetic materials that can be manipulated to fit a certain specification, gold isn’t easy to substitute. This is why instead of gold applications shrinking, it seems the number of uses for gold will increase. This is why there are so many gold dealers you can sell gold Melbourne to.

Categories: Finance

About Author