Published On: Wed, Oct 7th, 2020

6 important uses of gold

Image source: fxempire.com

Gold is one of the few metals valued for its beauty and its usefulness.If it wasn’t so rare or expensive, the precious metal would have more practical uses. However, gold plays a bigger role than just being money; when you sell bullion to a bullion dealer, it does not just go into the market but it is refined and reused.

Here are other uses of gold beyond it’s function as a store of wealth.

  1. Jewellery

Gold is used in the jewellery industry because of its beauty and is malleability. For centuries, gold has been used to make jewellery.

Other reasons why gold is the preferred metal for the jewellery industry include the fact that it does not react with water and therefore does not rust. Also, gold mixed well with other metals which allows jewellers to achieve different strengths and colors. Just a little under 50% of the world’s gold production goes to the jewellery industry. In 2019, alone, 2100 tons of gold was used to make jewellery.

  • Dentistry

The use of gold in dentistry goes back thousands of years.  What makes this precious metal perfect for dentistry is it’s durability, the fact that it does corrode and isn’t toxic. Since the 70s, gold in dentistry has dropped mainly because of the rising price of gold, however there has been a resurgence in recent times because of growing concerns about the toxicity of other materials. Over 13 tons of gold were used in 2019 for dentistry.

  • Electronics

Gold is used in electronics because it is an excellent conductor. Gold is commonly used in cellphones and computers. In fact, most devices with electronic connections use gold. Silver is probably conductor but silver tarnishes easily than gold.  Gold might be more expensive than silver but it’s reliability far outweighs it’s cost. 262 tons of gold were used in 2019 to make electronics.

  • Awards

Gold is often the reward given for the best performance. Athletes compete for gold medals, musicians work hard for gold records. The trophy given to the winning soccer tear in the World Cup is made from 18 karat gold weighing over 11 pounds. The melt value of the gold used to make this trophy is not than $100,000 but the value of the trophy itself is estimated at over $20 million.

  • Medicine

Gold has been used in medicine. Gold nanoparticles are used to deliver medications to specific areas in the body. Gold is also used in imaging and medical testing. Gold nanoparticles are used in diagnostic tests for various sicknesses. Some treatments may seem like science fiction like how in 2018, a Chinese team of researchers found that they could restore the sight of of blind partially by replacing the sensory structures that respond to light in the eye with nano-wires made from gold and titanium.

  • Aerospace

Gold has been used in spaceships and astronaut visors to reflect radiation and heat. Gold is also used as a mechanical lubricant in spaceships. It helps them with stand intense radiation from the sun better than organic lubricants. The James Webb Space Telescope that is scheduled to go into space in 2021 will have gold mirrors that will enable scientists to see the first galaxies that were formed at the beginning of the universe and it could also help detect alien life.

When you sell gold to bullion dealer, this gold is refined and reuse in these industries and others. The beauty about gold is that although it is a finite resource, it is a recyclable one which means some o the gold that was mined hundreds of years ago is still in circulation having been recycled and reused to make different products.

 

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