While a large percentage of gold mined worldwide is used to make items of great value – especially jewelry, currency collectible, and the same ownership – you may be surprised to find this precious metal is also appreciated in the construction of various household objects such as televisions and computers.
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This is because gold, like other metals, is a good electrical conductor. You may not compare the refrigerator work with an expensive wedding ring, but gold can be used in both.
- No matter the time, gold remains a good investment. According to the Motley Fool, an ounce of the gold price is close to nine hundred dollars in 2008, three times the value of the shares of Google.
- In South Africa, there are mines that go as deep as twelve thousand feet, topping off more than one hundred degrees Fahrenheit.
- Most of the stuff that people believe is pure gold, like a particular coin and the Olympic gold, the actual gold plated.
- Gold is an element that is very versatile. It can be made into yarn for fabrics or used for the design of chocolate.
- The world's largest gold mine, according to International Business Times, is the Grasberg gold mine in Papua, which has produced over two million ounces.
Challenges in the Gold Industry
If there is one product that can be considered recession-proof, it is gold. Gold never seem to lose value and will likely always be a high trade. This, of course, precipitated the challenges in meeting the demand for gold. According to BullionVault, the decline in skilled workers can contribute to the downward trend in production. Fears mining accident brought to global attention in recent years can contribute to this growing gap.
Although these estimates, the potential mining of gold and other precious metals remain as long as resources are available. We tend to prize gold as private property for years to come.