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What is the use of gold?

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Post  adrian ss Tue Nov 03, 2020 8:33 am

What are the international major gold markets?

In order to establish rules designed to prevent market manipulation, abusive trade practices and fraud, the global gold markets are overseen and regulated by governmental and self-regulating organizations. Globally, there are four important international gold exchange markets, they are London Gold Market (London Bullion Market Association, abbreviated as LBMA), America Gold Market (CME Group), Zurich Gold Market (controlled by three banks - UBS, Credit Suisse and Union Bank of Switzerland) and Hong Kong Gold Market (Chinese Gold and Silver Exchange Society, abbreviated as CGSE). The Japanese gold market (Tokyo Commodity Exchange, abbreviated as TOCOM) is also important. By linking these markets, gold trading can be achieved within 24 hours of continuous trading in the worldwide network.

The London gold market is by far the largest global centre of OTC transactions. Its gold spot-price is fixed twice each business day at 10:30 am and 3:00 pm (London time) in USD, GBP, and EUR. London prices have a great influence on the world gold market price.

Which is the largest gold producing country?

Before 2006, South Africa was the world's dominant gold producer, followed by the United States of America, China, Australia, and Peru. More recently, other countries with greater land surface areas have surpassed South Africa. Since 2007, China has become the largest gold producing country, followed by Australia, United States, Russia, and Peru. South Africa sits in sixth position.

What is the use of gold?

According to GFMS as of 2012, a total of 174,100 tonnes of gold has been mined in human history. Currently, the world consumption of gold produced is about 50% in jewellery, 40% in investments, and 10% in industry. In industry, gold is commonly used in electronics, dentistry, commercial chemistry and other fields. Its characteristic of high malleability, ductility, resistance to corrosion and most chemical reactions, and conductivity of electricity have led to many more uses, including colored-glass production, electric wiring, and gold leafing.

Seems that we hang most of it around oue necks. Rolling Eyes
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Post  moredeep Tue Nov 03, 2020 9:45 am

And it gets a lot of people off their behinds and into nature for a few hours each day,weeks or months cheers cheers cheers
GO!!!! gold prospecting T15


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Post  dundiggin Tue Nov 03, 2020 11:41 pm

"seems we hang most of it around our necks" . If so, that is better than rope.... lol!

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Post  adrian ss Wed Nov 04, 2020 7:41 am

I can think of a couple of people today who could do well with some rope around their necks Aye!!

So is the 40% investment in the 10% used in industry or jewellery.
Jewellery seems to be a dead loss coz when you   go to sell it you are lucky to make spot price but generally it is less because most jewellery is bellow 24k.
People who sell their scrap jewellery and some not so scrap will only get the k weight value or less. If you have a few good nuggets then you stand to make a good profit to collectors if the nugget is attractive or unusual.

Investing in the 50% jewellery is not going to make you much profit even in the long term.
So investing in Bullion is likely the best way to go long term and especially if you buy and sell by the minute. Buy low and sell high on all of the ups and downs.
Doing that will give you profit and some big headaches tho.
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Post  bfloyd4445 Fri Dec 04, 2020 12:41 pm

I use the bit I have to remind me what real money looks like. It sits in vials on the top shelf of my desk. Would be nice to have a two three pound rock laced with gold for a change...maybe one of these days. The rock actually turned out to be a dud but the little guy is real...just so small

What is the use of gold? Dsc04712
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