From time to time, you will hear people inexplicably say, “Gold is just a useless metal.” They claim that gold’s value is simply “a matter of faith.”
This is sheer nonsense. In fact, gold is one of the most useful metals on the planet and would probably have even more practical applications if it wasn’t so rare and expensive. The truth is gold did not become money because it wasn’t useful for anything else. Its role as money actually evolved because it is so valuable and has so many uses.
Here are 10 uses for gold beyond its function as money and a store of wealth.
Overall, gold used in technological applications grew 1% to 85.3 tons in the third quarter. That marked the eighth consecutive quarter of year-on-year growth. Strong demand in the electronics sector helped drive overall industrial and tech demand for the yellow metal higher.
In recent years, gold has been increasingly valued for its use in various technological applications. In a report late last year, the World Gold Council reported the demand for gold in the technology sector has been growing since 2016 and that growth is continuing to accelerate due to new innovations.
Some of the most amazing developments utilizing the yellow metal have been in the field of medicine. For instance, researchers at the University of Queensland have developed a blood test using gold nanoparticles that could help oncologists in their treatment of cancer patients. According to the university, the test will provide doctors with an early and more accurate prognosis of how cancer treatment is progressing and help guide ongoing therapy.