Gold Uses in the Modern Economy
A Look at Gold Uses After Ultra Lithium Enters the Sector
This week, Ultra Lithium announced the acquisition of 3 gold exploration licenses in Argentina. This move is significant; gold is officially the second commodity we explore. However, this doesn’t affect our commitment to lithium. Furthermore, it doesn’t change our identity as a go-to clean energy source. Nevertheless, we felt it appropriate to commemorate this new acquisition by looking at gold uses in the modern age.
READ: Ultra Lithium Diversifies Into Gold with the Acquisition of Three Gold Exploration Licenses
But first, let’s take a look at the history of gold.
When Spanish conquistadors found gold in the “New World,” they were surprised to learn the continent’s inhabitants already held the mineral in high esteem.
Applications Across Most Industries
Consequently, the value of gold seems to transcend culture. The pursuit of gold appears to be a byproduct of the human experience.
Without further ado, let’s break down gold uses by industry:
1) Jewelry – 38%
As indicated by the graph below, the jewelry industry takes the golden cake. Evidently, wedding rings, necklaces and other symbols of wealth or affection comprise the bulk of demand. Surprisingly, Olympic gold medals are primarily made of silver.
2) Electronics – 34%
It’s common knowledge that gold conducts electricity. As a result, it is used in connectors, switch and relay contacts, soldered joints, connecting wires and connection strips. Additionally, computer processors use gold plated pins.
3) Coins – 22%
Although digital currency is on the rise, the value of currency has long been tied to the value of gold. Consequently, the United States tied the value of money to gold until recently. Despite the change, coin manufacturing commonly uses gold. Surprisingly, the Canadian loonie doesn’t use gold.
Other Gold Uses
Additionally, dentists use gold in fillings. Evidently, it has aesthetic appeal and an inoffensive taste.
Meanwhile, doctors use gold to treat a rare condition where patients can’t close their eyes. Consequently, a small amount of gold in the eyelid acts as a weight.
There are many other gold uses across most industries. Ultra Lithium is proud to diversify into this exciting field, to explore mining operations where large quantities of this valuable element might be found.
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Ultra Lithium Inc. A team of clean energy experts with a finger on the pulse of clean energy news, ULI is a lithium exploration company with lithium holdings in Argentina, Canada and the US and gold holdings in Argentina. (TSX-V: ULI, OTCQB: ULTXF and Frankfurt: QFB).