(Kitco News) – Gold nanoparticles can be integrated with chemotherapy to treat cancer. The McLaren F1 sports car uses gold foil in its engine bay as a heat deflector. And gold is used in semiconductors for cell phones and computers.
These are just some of the surprising industrial applications of gold, said Joe Cavatoni, head of global sales and regional CEO of the World Gold Council.
“You don’t have an iPhone unless you have gold, you don’t have an iPad unless you have gold,” he said.
Cavatoni also said the World Gold Council hopes to use blockchain technology to track gold transactions so consumers can be sure of the gold’s quality and source.
Cavatoni spoke with David Lin, anchor and producer at Kitco News.
Gold in racing cars and cancer treatment
The World Gold Council recently published its Golden thread a documentary series that can be viewed on YouTube. Presented by BBC presenter and mathematician Dr Hannah Fry, the series examines the various uses of gold in religion, art, science and industry.
“We are really proud of the work the team has done The golden thread series together,” Cavatoni said. “Everybody’s thinking, especially in North America, about futures contracts, about the next three months, about investments and worrying about the price [of gold]. But what people really miss is that gold is everywhere.”
Cavatoni said that he personally liked the use of gold in car engines.
Asked if he envisioned a situation where gold supply fails to keep up with rising industrial demand, Cavatoni said: “I think the supply side and the recycling side are more than enough to continue to supply feedstock into the system. “
Gold Bullion Integrity Program
In March, the World Gold Council announced it would collaborate with distributed ledger companies aXedras and Peer Ledger to develop the Gold Bullion Integrity Program (GBI). The program will record gold transactions on the blockchain, allowing the gold to be tracked and traced. GBI is currently under development.
“[The point is] to have a type of building a blockchain database to help the industry standardize the reporting, to track and trace the integrity of those gold bars and trace it back to supply so that you feel good and comfortable knowing where the gold is coming from from,” Cavatoni explained.
The program will be optional, according to Cavatoni, although he mentioned that “a group of organizations” within the gold industry already have a plan to implement the GBI.
Some gold investors prefer their gold to be off the grid and untraceable, and may worry that integrating gold purchases with blockchain technology makes gold easier to confiscate.
“An industry has to be trusted by people who want to be a part of it,” Cavatoni said. “If trust is an obstacle to more gold uptake, because some people think that being off the grid is a better way than being on the grid, we’d rather embrace trust and transparency and grow the industry in a legitimate way and make it better… Nothing we do is going to stop anyone just [taking] physical delivery of gold.”
To find out Cavatoni’s analysis of gold demand trends in 2022 and how investors can best benefit from gold, watch the video above.
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