Gold is one of the most wanted and used products on the planet. The fact that it does not stain and is so simple in shape makes it perfect for all types of applications.
It also has many other useful properties, such as its attractive natural glow and the fact that it is an excellent natural conductor of electricity, highlighting the importance of gold in several ways.
Table of Contents
- Money / Finance
- Collateral for Loan
- Use of Gold Nanoparticles for Cancer Treatment
- For showing off Wealth and Status.
When most people imagine gold, imagine a brilliant necklace or diamond ring with a signature. Most of the world’s gold expenditures are used in the production of Jewelleries.
Figures estimate that around 52% of total global gold production is used exclusively for Jewelleries, and countries like China and India continue to operate this high demand.
Why do we use Gold for Jewellery?
Gold has been utilized for thousands of years to make Jewellery. It could proclaim that gold is the perfect metal for Jewelleries for several reasons.
One of the main reasons for its eternal popularity is that it does not react with moisture, so it does not rust and does not resist stains. Visually, it has an incredible shine, and its yellow color is attractive for decorative Jewellery.
It’s a high alloy with other metals that opens up an excellent opportunity to create a wide range of alternative colors combined with Jewellery. The colors vary depending on the metals with which the gold is combined. Silver creates white gold, while copper creates a reddish hue.
Money / Finance
A gold coin is often most used after Jewellery. Because of its rarity, gold has long been used as a form of silver, and people have used gold medals for 6,000 years.
At one point, many world currencies set the gold standard per ounce. Although we no longer use gold to make money, it is used to make levers for coins.
Why was Gold used as Currency?
The relative scarcity of gold perfectly fits the concept of silver, as its lack and practicality have provided a solid foundation for long-term value and exchange.
Initially, gold coins were used as forms of commodity trading, but the number of overtime hours for these coins was normalized in foreign currencies to allow for smooth transactions. Even when the first paper money was established, gold remained a guarantee of its value.
Gold has been a famous artifact for centuries, and investors see it as a haven and an excellent storehouse of wealth.
Because these are tangible goods with long historical market performance, investors often buy gold to protect themselves from the risk of inflation and recession in the economy.
The most common form of gold investment is usually a gold bar or lever. You can also buy gold purses on the stock exchange.
Gold goes Digital
Gold has been digitized in various ways to open the investment of gold to those who want to trade actively. Whether in the form of exchange-traded funds (ETFs), gold price bets, or gold funds, precious metal plays a dominant role in the portfolio of investors.
Collateral for Loan
For example, in some countries, like India and China, gold is considered very valuable and can be used as collateral for a loan. As we move towards a more digitized financial system, tangible assets such as gold or silver will become more critical, and the use of gold as collateral may become more common.
Gold has played a useful role in the dental industry for almost 3,000 years and is used in crowns, fillings, and bridges. Gold is non-toxic and can contact without danger.
The truth that it is also such a hard-wearing metal and does not destroy in the mouth makes it perfect for dental treatment.
The work of gold in dentistry began to reduce in the late 1970s due to the increase in gold prices. Alternatives have been developed, but we have recently seen a revival in the use of gold for fears that inert jelly may affect long-term health.
The unique properties and uses of gold mean that it has been used to treat various health problems since around 2500 BC. C. Chinese doctors initially used pure gold to treat conditions such as smallpox and skin ulcers.
The ancient Romans also used golden ointments to treat various skin problems. Today, gold is still used in treatment, especially in treating inflammatory conditions such as arthritis, where injections of the gold solution are sometimes administered in particularly severe cases.
Because gold is very resistant to bacteria and non-toxic, it is often used in body implants where there is a risk of infection, such as internal ear implants.
Use of Gold Nanoparticles for Cancer Treatment
Colloidal gold nanoparticles are used more and more to carry out chemotherapy. Its small size and non-immunogenicity make its molecules ideal for specific drug delivery systems. Drug-specific drug molecules and ligands can bind to gold nanoparticles to target the tumor without redistributing it.
Some particularly tall buildings often contain some form of gold ornamentation. Mainly gold leaf is commonly used to decorate essential objects in buildings around the world. One of the most famous examples includes St. Michael’s Cathedral in Kiev, whose golden domes can be seen for miles and the Criterion restaurant in London with its ornate golden ceiling.
For showing off Wealth and Status.
For some people, gold is an indication of status, power, and wealth. The rich have always wanted to show their wealth in the form of gold, whether they wear a luxury wristwatch or an elegant jewel.
Today, gold is used to enhance iPhones, cars, and even make an exclusive credit card created by a bank in Kazakhstan. The card is in gold, diamonds, and pearls. Great respect for gold is also reflected in sports.
Gold medals and trophies are convertible with winners. Kings and queens always adorn gold crowns instead of more durable metals simply because of their global status.