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

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

(Kitco News) – Gold nanoparticles may be incorporated into chemotherapy for cancer treatment. The McLaren F1 sports car uses gold foil in its engine compartment as a heat deflector. And gold is used in semiconductors for mobile phones and computers.

These are just a few of gold’s surprising industrial uses, said Joe Cavatoni, Head of Global Sales and Regional CEO of the World Gold Council.

“You don’t have an iPhone if you don’t have gold, you don’t have an iPad if you don’t have gold,” he said.

Cavatoni also said that the World Gold Council hopes to use blockchain technology to track and track gold transactions so consumers can be sure of gold quality and sourcing.

Cavatoni spoke to David Lin, host and producer at Kitco News.

Gold in racing cars and cancer treatment

The World Gold Council recently published its golden thread Documentary series that can be viewed on YouTube. Presented by BBC presenter and mathematician Dr. Hannah Fry examines the various uses of gold in religion, art, science and industry.

“We are really proud of the work that the team has done The golden thread Series together,” Cavatoni said. “Everyone, especially in North America, thinks about futures, about the next three months, about investing and about the price [of gold]. But what people really miss is that gold is everywhere.”

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

When asked if he foresees a situation where gold supply cannot keep up with increasing industrial demand, Cavatoni replied, “I think the supply side and the recycling side are more than sufficient to continue bringing commodities into the system.”

Gold Bullion Integrity Program

In March, the World Gold Council announced that it would work with distributed ledger firms aXedras and Peer Ledger to develop the Gold Bar Integrity Program (GBI). The program will register gold transactions on a blockchain, which allows gold to be tracked and tracked. 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 those bullion bars and bring it all back to sourcing so you can feel good and comfortable knowing where the gold is gone,” Cavatoni explained.

The program will be optional, Cavatoni said, although he did mention 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-grid and untraceable, and may worry that integrating gold purchases with blockchain technology will make gold confiscation easier.

“An industry needs to be trusted by people who want to be a part of it,” Cavatoni said. “If trust is a barrier to greater acceptance of gold because some people think it’s better to be off-grid than on-grid, then we’d rather embrace trust and transparency and legitimately grow and move the industry forward.” better… Nothing we do will stop someone from just being [taking] physical delivery of gold.”

Watch the video above to hear Cavatoni’s analysis of gold demand trends in 2022 and how investors can best leverage gold.

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 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. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article assume no responsibility for any loss and/or damage resulting from the use of this publication.

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