Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

He Said What? Gold Is a Useless Metal?

  by    0   0

A couple of days ago, CNBC commentator Jim Leventhal made a pretty astounding comment. When asked about gold, Leventhal said he had no interest in it because gold has no uses as a metal.

No uses?

What?

Peter mentioned Leventhal’s comments on his podcast last Friday. Peter conceded that Leventhal is a smart guy. He has a degree in molecular biology from Princeton, an MBA from the Wharton School of Business, and he’s a CFA.

This guy has got a mind. Yet he knows nothing about one thing and that’s gold … I’m like, “What?” Gold has no uses as a metal? I mean, as a matter of fact, gold has more uses than any other metal on the planet. It is the most useful metal that exists. If you don’t believe me, just Google it yourself and you’ll find out. And yet, this guy doesn’t think it has any uses as a metal.”

Peter pointed out that gold would be used in even more things if it wasn’t so expensive.

Just about any metal that’s used for anything, if you used gold, it would do it better. But the reason that they substitute lesser quality metals is because gold is so much more expensive. So sometimes, even though gold is better, it’s not enough better to where it’s worth the extra cost. But sometimes it’s so much better that you need to pay the extra cost and then you use it.”

We’ve reported extensively on the use of gold in technology and healthcare. In fact, there have been two new medical-related uses for gold reported in just the last few weeks.

According to AsianScientist Magazine, scientists in from the Singapore University of Technology and Design (SUTD) and Nanyang Technological University (NTU) have developed a promising anti-malaria drug. Researches created a class of gold-containing molecules that impair the malaria parasite’s metabolic function, leading to parasite death. This new drug is even effective against strains of malaria that have developed resistance to traditional anti-malarial drugs.

Meanwhile, researchers at the University of Queensland have developed a universal cancer test that just takes 10 minutes and requires nothing more than a mobile phone.  According to Forbes, scientists discovered a unique DNA structure that appears to be present in all types of cancer cells, including those from breast, prostate, colorectal and lymphoma.

Researchers say they don’t know if they have discovered the “holy grail” for all cancer diagnostics, but they do think this DNA structure could be a universal marker for cancer.

We designed a simple test using gold nanoparticles that instantly change color to determine if the 3D nanostructures of cancer DNA are present. This led to the creation of inexpensive and portable detection devices that could eventually be used as a diagnostic tool, possibly with a mobile phone.”

These are just two of many recent healthcare breakthroughs using gold. Some of them are quite amazing. For instance, last year, a team of Chinese researchers announced they were able to partially restored the sight of blind mice by replacing their deteriorated photoreceptors – sensory structures inside the eye that respond to light – with nano-wires made of gold and titanium.

And healthcare isn’t the only sector using gold. We also see a growing number uses of the yellow metal in electronics, computers and other high-tech applications.

In fact, demand for gold in tech applications grew for the eighth consecutive quarter in Q3 2018. Over the past decade, the tech sector accounted for more than 380 tons of gold demand annually. That’s 13% ahead of central bank purchases during the same time period.

So, to say gold “has no uses as a metal” is simply absurd.

Peter said this mentality stems from a general disdain for the yellow metal in the mainstream investing world.

People who are professional money managers, that go to the Wharton School and are CFA’s and that are in the industry for so long, they are basically taught, it is drummed into their head, that gold is this awful investment, that’s it’s nobody buys gold. It’s just your gloom and doomers, and guys with tinfoil hats. They’re the conspiracy theory nutjobs. I mean, no real money manager would ever buy any gold, right? And so they have such a negative opinion of gold that it actually goes to the extremes. Not only do they think gold is useless as an investment, they think it is also useless as a metal. I mean, they think it has absolutely no value whatsoever.”

These may be smart people. They may know a lot about a lot. But when it comes to gold, they’re really pretty ignorant.

WhyBuyGoldNowBanner.070815.590

Get Peter Schiff’s most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

The Lurking Inflation Monster

Where’s the inflation? The Federal Reserve printed money for nearly a decade, and yet, inflation – as measured by the government – has been “muted.” What gives?

READ MORE →

Gold Set to Join the “All-Time Highs Club” — Bloomberg Intelligence

Gold is poised to join the “all-time-highs” club in the upcoming decade. No, this isn’t the musing of some gold-bug. It’s analysis from a pretty mainstream source — Bloomberg Intelligence. Stocks have set new records over the last several weeks and the dollar hit 2-year highs this fall. But writing in the commodity outlook, Bloomberg […]

READ MORE →

Recession Early Warning? Spending By the Wealthy Is Slowing

America’s economy is built on consumption. Average Americans have been pushing the US economy along, spending money they don’t have. But as we’ve reported, there are signals that the credit cards might be close to maxed out. Now there appears to be another warning sign – the wealthy are reining in their spending.

READ MORE →

Poland Brings Gold Home; Calls It a Symbol of Strength

Poland has repatriated 100 tons of gold from England. National Bank of Poland Governor Adam Glapiński announced the yellow metal’s return home on Monday. “The gold symbolizes the strength of the country,” Glapiński told reporters.

READ MORE →

Is the Auto Loan Bubble Nearing Its Popping Point?

a check engine light is onHow much more can the auto loan bubble blow up before it pops? Total auto loans and leases outstanding for new and used vehicles increased by another 4.3% year-on-year in the third quarter, according to the latest data from the Federal Reserve. This was a factor in pushing total American consumer debt to a new […]

READ MORE →

Comments are closed.

Call Now