Back in 2019, CNBC commentator Jim Leventhal said he had no interest in gold because it has no uses as a metal. This comment was a real head-scratcher because, besides its extensive use in jewelry, gold is an increasingly important industrial input, particularly in the technology sector.
Technology will play a key role in driving precious metals demand in the coming years according to reports released this week by the World Gold Council and the Silver Institute.
The World Gold Council Gold Investor report for July focused on the growing use of gold in technology. According to the report, 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. The demand for the yellow metal for tech applications logged its sixth consecutive quarter of gains in Q1 2018.
Technology is transforming the way we live, work and play, changing almost every aspect of our world, from industry to financial services to healthcare. Gold plays an integral part in this societal shift,” WGC CEO Aram Shishmanian said.