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

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

These are just some of the surprising industrial applications of gold, said Joe Cavatoni, global sales manager and regional CEO 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 the World Gold Council hopes to use blockchain technology to track and trace gold transactions, so consumers can be certain of the quality and supply of gold.

Cavatoni spoke with David Lin, presenter and producer at Kitco News.

Gold in racing cars and cancer treatment

The World Gold Council recently published its golden thread documentary series, which can be viewed 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 really proud of the work the team has done to put The golden thread together,” Cavatoni said. “Everyone is thinking, especially in North America, about futures, the next three months, investing, and they’re worried about the price [of gold]. But what people really miss is that gold is everywhere.”

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

Asked if he foresees a situation in which gold supply fails to keep pace with its growing industrial demand, Cavatoni replied: “I think supply and recycling is more than sufficient to continue to bring raw materials into the system”.

Gold Bullion Integrity Program

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 Program (GBI). The program will record gold transactions on a blockchain, allowing gold to be tracked and traced. The GBI is currently in development.

“[The point is] have the kind of blockchain database build in place to help the industry standardize reporting, trace and track the integrity of those gold bars, and trace back to supply so you can you feel good and comfortable knowing where the gold is coming from,” 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-grid and untraceable, and may worry that integrating gold purchases with blockchain technology makes it easier to confiscate gold.

“An industry must have the trust of the people who want to be part of it,” Cavatoni said. “If trust is a barrier to greater adoption of gold, because some people think being off-grid is a better way than being on-grid, we prefer to embrace trust and transparency and grow the industry in a legitimate way and make it better… Nothing we do will stop anyone from simply [taking] physical delivery of gold.”

For Cavatoni’s analysis of gold demand trends in 2022, and how investors can get the most out of gold, watch the video above.

Follow David Lin on Twitter: @davidlin_TV

Follow Kitco News on Twitter: @KitcoNewsNOW

Disclaimer: The opinions 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 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. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

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