Gold’s industrial uses include cancer treatments, race cars, and cellphones; Gold will integrate with blockchain technology – Joe Cavatoni
(Kitco News) – Gold nanoparticles can integrate with chemotherapy for cancer treatments. The McLaren F1 sports car uses gold foil in its engine bay as a heat deflector. And gold is used in semiconductors for cellphones and computers.
These are just a few of the surprising industrial applications of gold, said Joe Cavatoni, the World Gold Council’s Head of Global Sales and Regional CEO.
“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 certain of gold quality and sourcing.
Cavatoni spoke with David Lin, Anchor and Producer at Kitco News.
Gold in race cars and cancer treatment
The World Gold Council recently released its Golden Thread documentary series, which can be viewed on YouTube. Presented by BBC presenter and mathematician, Dr. Hannah Fry, the series examines the various uses of gold in religion, art, science, and industry.
“We’re really proud of the work the team did to put The Golden Thread series together,” said Cavatoni. “Everyone thinks, in particular 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 personally, the use of gold in car engines appealed to him.
When asked whether he foresaw a situation in which supply of gold failed to keep pace with its rising industrial demand, Cavatoni responded, “I think the supply side and the recycling side are more than adequate to continue to bring feedstock into the system.”
Gold Bar Integrity Programme
In March, the World Gold Council announced that it would collaborate with distributed-ledger companies aXedras and Peer Ledger to develop The Gold Bar Integrity Programme (GBI). The program will register gold transactions on a blockchain, allowing gold to be tracked and traced. The GBI is currently in development.
“[The point is] to have the type of blockchain database construction in place to help the industry standardize reporting, to trace and track the integrity of these gold bars, and take it all the way back to sourcing so that you can feel good and comfortable knowing where the gold is coming from,” Cavatoni explained.
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-grid and untraceable, and may worry that integrating gold purchases with blockchain technology makes gold easier to confiscate.
“An industry needs to be trusted by people that want to be a part of it,” said Cavatoni. “If trust is an impediment for greater adoption in gold, because some people feel that being off-grid is a better way than being on-grid, we’d rather embrace trust and transparency and grow the industry in a legitimate way and make it better… None of what we’re doing is going to prevent anyone from simply [taking] physical delivery of gold.”
To find out Cavatoni’s analysis of gold demand trends in 2022, and how investors can best take advantage of gold, watch the above video.
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 made every effort to ensure accuracy of 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 in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.