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Gold's industrial uses, Gold will integrate with blockchain technology

Wednesday, August 10, 2022

8.10.22 - Lawmakers Look to Digital Dollar

Gold last traded at $1,793 an ounce. Silver at $20.68 an ounce.

NEWS SUMMARY: Precious metal prices traded steady Wednesday following a July monthly CPI of 8.5% and a sharply weaker dollar. U.S.stocks rose after a key inflation reading showed a moderate slowdown for rising prices.

Cavaton/Kitco--"Gold nanoparticles can integrate with chemotherapy for cancer treatments. The McLaren F1 sports car uses gold foil in its engine bay as a heat deflector. And gold is used in semiconductors for cellphones and computers.

These are just a few of the surprising industrial applications of gold, said Joe Cavatoni, the World Gold Council's Head of Global Sales and Regional CEO.

'You don't have an iPhone unless you have gold, you don't have an iPad unless you have gold,' he said.

Cavatoni also said that The World Gold Council hopes to use blockchain technology to track and trace gold transactions, so that consumers can be certain of gold quality and sourcing....

The World Gold Council recently released its Golden Thread documentary series, which can be viewed on YouTube. Presented by BBC presenter and mathematician, Dr. Hannah Fry, the series examines the various uses of gold in religion, art, science, and industry.

'We're really proud of the work the team did to put The Golden Thread series together,' said Cavatoni. 'Everyone thinks, in particular in North America, about futures contracts, about the next three months, about investment, and they worry about the price [of gold]. But what people are really missing is that gold is everywhere.'"

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