Stock image. It’s a funny thing but – our first primary use for gold was turning it into expensive trinkets like jewellery, iconography, and burial adornments. By 3000 BC we were beginning to use it for trading, and by the 600’s BC it was a significant component in our first currencies. Over six and a half thousand years later, more than 90% of the gold mined annually is (still) destined for jewellery, bullion, and coins – collector’s items of considerable value in other words.
Statista informs us that the actual global breakdown of gold use in 2019: jewellery: 48.5%,
central banks: 14.84%, technology: 7.48% Very little gold is used for industrial purposes, although this use will likely grow as technology finds new ways to use it. Nevertheless, gold remains at base an investment rather than an industrial commodity. We produce enough of it each year to create investment […]
November 7, 2020 (updated November 7, 2020) Published by StockMan