this post was submitted on 04 Sep 2024
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Humanity was not responsible enough with bitcoin to learn how to turn electricity into actual gold. Some nerds going to start setting up Tesla coils in caves soon.
I mean... actual gold isn't crazy valuable these days, is it? It's used in quite a bit of electronics for its corrosion resistance and conductivity IIRC.
Gold prices have risen steadily for a long time, partly because of its use in electronics. Over $2500/ounce now. But another quirk of gold is the ease with which we can make very thin coatings of it over other materials, sometimes only a few atoms thick. So it is commonly used, but in very very small amounts per device.
Most of the gold's price comes from it being used in jewelry and as an investment. Less than 7% of gold is used by the tech industry
https://www.statista.com/statistics/299609/gold-demand-by-industry-sector-share/
Well, that is the amount gold that is mined or recycled every year that is used in electronics. The thing is though, a lot of the gold used in electronics is never recovered. So a considerable amount of the gold used in electronics is removed from from circulation in a way the gold in jewelry or bullion or coins isn't. It isn't the primary driver of gold's price increase, but it is a significant factor.