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Gold – holding its own against frankincense and myrrh

What is the enduring appeal of Gold, both for consumersthe financial markets and industrial manufacturers 

Certainly, giving a gift made of Gold in modern times is far more likely to earn you points under the Christmas tree than any amount of frankincense or myrrh. The three wise men of the biblical story would probably beg to differ, but times change.  

For financial traders in the money markets, Gold is often a better bet in times of economic uncertainty and when investors turn to precious metals to spread their financial risk. 

Going for Gold

So where does all the gold in the world go? According to Statista’s analysis of demand for gold in 2019, almost half of Gold (48.5%) goes into jewellery, more than a quarter (29%) into investment, 14.84% is held by central banks and 7.48% is used in technology.        

Straterra, the body representing minerals and mining in New Zealand, devotes a section of its website to the many and varied uses for Gold, which it calls “…The perfect commodity. Resistant to rust and corrosion…the world’s most reliable and durable electrical conductor, essential for computer electronics and satellite communications technologies”. 

Among its many uses are:  

  • Medicine: Radioactive Gold isotope particles are used as a source of radiation in cancer treatment, while Gold is also used in treating rheumatoid arthritis and in life-support devices.  
  • Dentistry: Non-allergenic and chemically inert, Gold alloy is suitable for crowns, fillings and orthodontic appliances. 
  • Computers: Gold components are found in computers, mobile phones and other electronic gadgets needing a highly efficient conductor. 
  • Electronics: Found in connection strips, wires, soldered joints and relay contacts, Gold’s resistance to corrosion makes it preferable to solid state electronics.  
  • Glassmaking: Used as a pigment in glass, it creates a ruby red colour. Gold can also be found in specialty glass for climate-controlled complexes. 


Fun gold facts for the festive season 

So much for all the serious stuff about Gold. How about some fun facts to add to the glitter of the holidays 

The World Gold Council, market development organisation for the gold industry, tells us 

  • The boiling point of gold is 2,808 degrees Celsius. 
  • About 187,200 tonnes of the material have been mined since the dawn of civilisation. 
  • Roman emperor Julius Caesar gave each centurion 200 Gold coins in return for defeating Gaul. 
  • One ounce of Gold will stretch to 50 miles at five-micron width. 
  • Gold’s atomic number, 79, means there are 79 protons in the nucleus of each atom. 

 

To find out more about Gold’s uses and forms, contact the Goodfellow team