7 Uses of Gold

When people think of gold, they mostly associate it with jewellery but gold is used in so many other things. Gold has many properties that makes it useful in other applications. It is an excellent conductor of electricity, it does not tarnish, it is soft and malleable and easy to be drawn or cast into different intricate shapes and design and it has a sparkling lustre. Because of these properties, gold has been used in the following:

1) Jewellery

It is estimated that 52% of the world’s gold is used to manufacture jewellery with countries like China and India fuelling the consumption of gold jewellery. Gold is an excellent metal to use for making jewellery because it does not react with water, is rust proof and can alloy with other metals to create alternative colours. Gold is versatile, it can be moulded and shaped into different forms. In some countries, gold jewellery is a status symbol and part of tradition and religions. Many cultures rather than sell their gold jewellery, instead loan against gold jewellery when in need of quick cash.

 2) Currency

People have been using gold as some sort of currency for over 6000 years. At one point gold was used as actual currency, but that has changed. Gold is now represents currency to investors who buy it in the form of gold bullion coins or bars. Gold is viewed as a safe haven for investors and an excellent store of wealth for investors who want to protect themselves against the risk of inflation or economic downturns.

3) Collateral for a loan

Gold is often accepted as collateral for loans. If you have gold coins or gold jewellery you are not ready to sell yet you can get a loan against gold jewellery. This means your gold can help you get over any emergency financial need.

4) Dentistry

Gold has been widely used in dentistry for over 300 years. Because of its non-toxic, nonreactive property, gold is used in crowns and fillings. The fact that it is non-corrosive and durable makes it the perfect material to use in dental treatment.

5) Medicine

Gold has been used to treat certain ailments and medical conditions since 2500 BC. The ancient Romans used it to treat a variety of skin conditions whilst the Chinese used it to treat skin ulcers and smallpox. Today, gold is used to treat conditions like arthritis. Again, because of its nonreactive nature and its resistance to bacteria gold is used in implants. Gold nanoparticles are also used in cancer treatment because their size and non immunogenicity makes them ideal for targeted delivery of chemotherapy.

6) Mobile phones

According to research carried out by the World Gold Council, a single smart phone can contain 50 milligrams of gold. When you consider how many smart phones there are in the world, you will realise how big the cumulative amount of gold that the industry uses on a yearly basis. Cellphones aren’t the only electronic devices that are manufactured with gold. The metal can be found in things like laptops and computers as well as microwaves and washing machines because of its resistance to corrosion and its ability to transmit electricity.

7) In space

Gold is also used to protect astronauts in space. The visors they wear are coated with god to protect them again harmful infrared rays. It is also used to reflect infrared radiation on space vehicles and stabilise temperatures.

There are many other uses of gold in manufacturing, skin care, building, food, etc. that make gold more useful than just being a store of wealth. Gold is highly regarded as a symbol of wealth and achievement. Kings and queens wear golden crowns, the wealthy who like to show off their wealth will go as far as plating their cars with gold and the gold is also held in high esteem in competitive sports.

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About the Author: Paul Petersen