Industrial uses of gold include cancer treatments, racing cars and mobile phones;  Gold will be integrated with blockchain technology – Joe Cavatoni

Industrial uses of gold include cancer treatments, racing cars and mobile phones; Gold will be integrated with blockchain technology – Joe Cavatoni

(Kitco News) – Gold nanoparticles can be integrated with chemotherapy to treat cancer. The engine compartment of the McLaren F1 sports car uses gold foil as a heat deflector. And gold is used in semiconductors for cell phones and computers.

These are just a few of the surprising applications of gold in the industry, said Joe Cavatoni, head of global sales and regional managing director of the World Gold Council.

“You don’t have an iPhone if you don’t 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 monitor and track gold transactions so consumers can be assured of gold quality and supply.

Cavatoni spoke with David Lin, host and producer for Kitco News.

Gold in racing cars and cancer treatments

The World Gold Council recently announced its Golden thread documentary series available for viewing on YouTube. Presented by BBC presenter and mathematician Dr Hannah Fry, the series explores the various uses of gold in religion, art, science and industry.

“We are really proud of the team’s work Golden thread “Everybody, especially in North America, is thinking about futures, about the next three months, about investments, and they’re worried about the price,” Cavatoni said. [of gold]. But people really lack gold everywhere.”

Cavatoni said he personally liked the use of gold in car engines.

Asked if he envisioned a situation where gold supply would not keep up with rising industrial demand, Cavatoni said: “I think the supply side and the refining side are more than adequate to continue adding raw materials into the system.”

Gold Bar Integrity Program

March. The World Gold Council has announced that it will partner with distributed ledger companies aXedras and Peer Ledger to create The Gold Bar Integrity Program (GBI). The app will record gold transactions on the blockchain, allowing you to track and trace your gold. GBI is currently under development.

“[The point is] to create a blockchain database to help the industry standardize reporting, track and trace the integrity of these gold bars and trace them back to supply so you can feel good and comfortable knowing where the gold is. from,” explained Cavatoni.

According to Cavatoni, the program will be optional, although he mentioned that a “group of organizations” in the gold industry already has a plan to implement the GBI.

Some gold investors prefer to keep their gold off-line and untraceable, and may worry that integrating gold purchases with blockchain technology makes gold confiscation easier.

“People who want to be a part of it have to trust the industry,” Cavatoni said. “If trust is a barrier to more gold uptake because some people think going off the grid is a better way than going on, we’d rather embrace trust and transparency, grow the industry in a legitimate way and make it better… None of that we do, no one’s going to get in the way simply [taking] physical delivery of gold”.

For Cavatoni’s analysis of gold demand trends in 2022 and how investors can best take advantage of gold, watch the video above.

Follow David Lin on Twitter: @davidlin_TV

Follow Kitco on Twitter: @KitcoNewsNOW

Disclaimer: The views expressed in this article are those of the author and may not reflect those of the author Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article assumes no liability for loss and/or damage resulting from the use of this publication.

Leave a Comment

Your email address will not be published.