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

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

These are just a few of the amazing industrial applications for gold, said Joe Cavatoni, Director of Global Sales and Regional Executive Director 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 that the World Gold Council hopes to use blockchain technology to track and trace gold transactions, so that consumers can be assured of the quality and supply of gold.

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

Gold in race cars and cancer treatment

The World Gold Council recently published its Golden thread documentary series, which can be seen on YouTube. Hosted by BBC presenter and mathematician Dr Hannah Fry, the series examines the various uses of gold in religion, art, science and industry.

“We are very proud of the work the team did to put the golden thread series together,” Cavatoni said. “Everyone thinks, particularly in North America, about futures contracts, about the next three months, about investment, and they worry about the price [of gold]. But what people are really missing is that gold is everywhere.”

Cavatoni said that he was personally attracted to the use of gold in car engines.

Asked if he envisioned a situation where gold supply could not keep pace with rising industrial demand, Cavatoni replied: “I think the supply side and the recycling side are more than adequate to continue to incorporate material. premium to the system.

Gold Bullion Integrity Program

In March, the World Gold Council announced that it would collaborate with distributed ledger firms aXedras and Peer Ledger to develop the Gold Bar Integrity (GBI) Program. The program will record gold transactions on a blockchain, allowing gold to be tracked and traced. The GBI is currently under development.

“[The point is] having the kind of blockchain database build to help the industry standardize reporting, track and trace the integrity of this gold bullion, and get it all the way to sourcing so you can feel good and comfortable knowing where it is gold coming,” explained Cavatoni.

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 will make gold easier to seize.

“An industry needs people who want to be part of it to trust it,” Cavatoni said. “If trust is an impediment to further adoption of gold, because some people feel that being off the grid is a better way than being on the grid, we would rather embrace trust and transparency and grow the industry legitimately.” and make it better… Nothing we’re doing is going to stop someone from just [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 news on Twitter: @KitcoNewsNOW

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has gone to great lengths to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage arising from the use of this publication.

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