Gold has industrial, commercial and financial uses. The price of gold has been rapidly increasing over the past couple of years.
Industrial Uses
As a metal, gold conducts electricity, does not tarnish and is very easy to work. Small amounts of gold can be found in electronics and computers.
In aerospace, gold-coated polyester film is used to reflect infrared radiation in space flight according to Geoscience News and Information.
There are instances where very tiny amounts of gold are used for medicinal purposes. Gold is used as fillings and caps in dentistry as well.
Commercial Uses
Jewelry is the primary commercial use of gold. About half of the gold mined today is used to make jewelry.
Gold or gold-plated products include items like Olympic metals, trophies, watches and glasses. Practically any product can be enhanced with gold plating.
Financial Uses
Gold has been recognized as a store of value and worthy of investment. Gold bars are made for investment purposes. At one time, the US dollar was backed by gold. This was known as the gold standard. Central banks of various countries hold gold. There are many ways for individuals to invest in gold.
Why is Gold Valuable?
For thousands of years, societies have placed a high value on gold. Gold is mentioned often in the Bible as representing wealth, purity and divine glory. For example, the Ark of the Covenant was overlaid with gold. Many religions and cultures hold gold in high value.
Gold has industrial, commercial and financial uses. Gold is valuable because society has said it is valuable.
Related: Uses of Copper
About C&C Machine
We are a precision CNC machine shop in Oklahoma. We don’t manufacture any products from gold. We mainly manufacture products from aluminum, copper and steel. The price of gold has been increasing rapidly and that made us curious.
