All of us who work with precious metals are acutely aware that gold is trading at pretty low prices these days.
But does that mean that demand for gold is about to go away? Or does it mean that you should forget about recycling gold today if you need cash? Not at all.
You see, the demand for gold is at an all time high today, for some very compelling reasons...
Available Gold Is Tied Up in Investments and Financial Backing
Back in the olden times, U.S. currency was backed up with reserves of gold. (Remember Fort Knox?) Today, many nations still maintain gold reserves. According to statistics from numberssleuth.org, as much as 18% of the world’s gold is still used for that purpose.
And according to numberssleuth.org again, another 16% of the world’s gold is tied up in investments. If you add those percentages together, you see that 34% of the world’s gold is set aside for financial backing and investments. That’s a very big reason why demand for available gold from other sources remains high.
Jewelry Manufacturers Need More Gold Today
The demand for gold jewelry is not about to go away. And because mines cannot meet the demand, the majority of gold used to make jewelry must be recycled and refined from other sources.
Electronics Manufacturers Need Gold Too
Cell phones, computers, and virtually all electronic devices contain gold. In fact, the demand for gold to be used in electronics is almost as high as the demand for gold in jewelry.
Gold Is Even Finding its Way into Cosmetics
The ancient Egyptians apparently liked to apply gold as makeup. Today, gold is finding its way into luxurious skin creams.
Chances are that it has been a while since your dentist suggested giving you a gold filling. Also, it has become rarer to use gold wires and bars in the fabrication of bridges and other dental appliances. Yet the fact remains that in many areas of the world – from Asia to Latin America to the Caribbean countries – gold is still used widely in dental applications.
Medicines and Medical Devices
Just when we thought that gold was about to be replaced my more modern materials and substances for medical applications, we learn that the opposite is often the case. Gold is now being used in the manufacture of implantable devices. It is also being used in a growing number of medical diagnostic applications. And gold itself is being used in medicines that are used to treat rheumatoid arthritis and other diseases.
Aeronautics and Weapons
Quantities of gold are needed to make the printed circuit boards that are used in airplanes, space-bound shuttles, and weapons.
But did you also know that thin layers of gold are being used as a lubricant in certain outer-space applications? When they are placed between moving parts, they prevent wear.
You see, oil and other liquids would quickly dissipate in the vacuum of outer space, but gold stays put. That’s one more reason why gold, which is about the most ancient precious metal, is the most modern too. Just when you think that it is about to be replaced by something newer and cheaper, it surprises everyone.
Do You Have Gold to Recycle?
If you have gold to recycle, why not contact GoldRefiners.com, part of Specialty Metals Smelters & Refiners, at 800-426-2344.
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