Go to the shining embodiment of wealth. Not only is it used to make expensive products but it’s also used to add extra bling to luxurious items from smartphones to super-cars. But the other metals that are rarer than gold are much cheaper. So why is gold so expensive?
Gold flakes have been found in paleolithic caves estimated to date back roughly 40,000 years is marking the first known instance of human contact with the material. What exactly is gold? Gold is a relatively rare metal with lots of versatility it’s highly malleable, which means that it can be deformed or changed without fracturing the material what distinguished it from other useful precious metals is its totally unique bright yellow apparent. For more exciting stuff please subscribe to our Facebook Page.
These factors give gold many practical and superficial uses. If you’re a bride, gold is that perfect embodiment of love and emotion, if you’re an investor gold is an important portfolio diversification tool. People like to know that they have got an element of their wealth which they can feel. It looks beautiful it’s got a wonderful design on it and that adds a degree of emotions to the investment. If you’re a manufacturer she does someone make it smart phones or tablets gold is an element of Prestige and the atomic number 79 onsidered most noble of all of the noble metals. it’s a perfect material for conduct electricity and it doesn’t corrode it doesn’t rust.
Over many centuries civilizations across the globe became enamored with this beautiful metal such as the Ancient Egyptians not only did they use as a currency they also buried themselves in gold believing it to be the flash of the Gods. In fact the King Tutankhamun was laid to rest in 3 gold wrapped coffins in the most of which was made from sheets of beaten gold which would now be worth over $1 million dollars. For more exciting stuff please subscribe to our Facebook Page.
Despite humans mining gold for millennia, the complexity of this process hasn’t changed. Mining is just as challenging and difficult as it’s ever been before what’s changed probably is the the company labor intensity as people increasingly use technology. But some of the challenges aren’t necessarily associated purely with mine production they could be associated with the environments within which they’re operating and licenses that people needs to operate whether it’s a formal license from the government or social license from local communities.
Identifying gold mines is a daunting task it can take up to 10 years for geologists, chemists and engineers to examine a potential site and even then the likelihood of a mine being developed into a productive gold mine is less than 0.1 percent .Only 10 percent of these sites contain enough gold to justify further development. But above ground, gold is everywhere, on our fingers, around our necks and even in our mouths.
Gold is used in medicine, architecture and almost every electronic component, it is a reliable component of spacecraft circuitry but also in the lining of astronauts visors to protect them from the sun’s harmful heat and ultraviolet light.
So with all that in mind it might surprise you to know how little gold is actually here on Earth. If you melted down the world’s entire above ground stock of around 190,000 tons of gold it would form a 72 foot cube and if you divided up equally for every person, all get roughly an ounce of pure 24 karat gold each. So how does this volume divide out into different industries. We have 190,000 tons of stock of gold above ground the lion’s share of its in jewelry run about 50 percent, the next level down comes to private investment so that could be individual holding bars or coins or indeed individuals holding a share exchange traded funds and then you go Central Park central banks account for around about 17 percent of the stock of gold and final element of around 13-14 percent is technology dentistry. For more exciting stuff please subscribe to our Facebook Page.
Is the future of code as bright as its surface? new deposits of gold are increasingly hard to come by and increasingly difficult to locate. Geologist estimated only 55 tons remains buried away in the earth’s crust, which means if current gold mining rates continued we could run out of new found gold in just 20 years, so is gold mining continues to slow and the costs associated with mining increase to meet the challenge of extraction, gold could become even more expensive.
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