The Function Of Precious Metals In Industry
Investing in precious metals is the best way to protect your retirement and create a safe haven. Precious metals have many uses, and the value of them go up when the value of the dollar goes down. This helps create a balancing effect for your portfolio. There are many things that make precious metals so desirable and valuable, and one of them is the many functions they have. The single most popular precious metal for investment purposes is gold, followed by silver. Precious metals used in industrial processes, meanwhile, include iridium, which is used in specialty alloys, and palladium, which is used in electronics and chemical applications. Keep reading to learn more about the function of precious metals in industry, industrial uses of gold, and industrial uses of silver.
Industrial Uses of Gold
- Jewelry. Gold is commonly used for jewelry. In fact, 78% of gold is made into jewelry every year. Gold is the most malleable of all the metals, which makes it very easy to create all kinds of great designs and jewelry styles. It can then be melted down over and over to be created into other designs or uses.
- Electronics. Precious metals conduct electricity better than alloys, making them a great choice for electronics, such as computers. Other electronics that commonly contain gold include remote controls, stereos, VHS players, DVD players, radios, and more.
- Dentistry. Although through progressed science and techniques the practice is now outdated, gold has been used in dentistry for thousands of years. Gold is biocompatible, meaning there’s an extremely small chance the body would react to it. It’s not considered to be toxic to the body, resists corrosion, and is durable and versatile.
- Awards and other status symbols. Crowns, trophies, and gold medals all contain gold, although most of the awards in modern days have a mixture of different medals. Olympic medals, Academy Awards, and many more desireable achievements all contain gold.
- Investing. Nowadays, a very common use of gold is through investing and using it as a possible source of currency. Gold has been used as a currency throughout history, and storing it as an investment in the form of coins and bars is still very common.
Industrial Uses of Silver
- Jewelry. Similar to gold, silver is commonly used to make jewelry. Silver is incredibly durable and is actually stronger than gold. It doesn’t dent, move, or bend as easily as gold does, but is also very lightweight and ideal for creating jewelry.
- Mirrors. Silver is the best reflector of visible light, making it deal for creating mirrors. Silver does require some upkeep, however. It can become damaged and tarnished over time.
- Tableware. Silver tableware is very popular and, for reasons similar to jewelry, silver is an ideal material to use for eating, cutting, and extreme temperatures.
- Photography. According to the Royal Society of Chemistry, silver salts are still important in producing high-quality images and protecting against illegal copying. Light-sensitive glass (such as photochromic lenses) works on similar principles. It darkens in bright sunlight and becomes transparent in low sunlight.
- Clothing. Yes, silver is often used in clothing! Silver has antibacterial properties and silver nanoparticles are used in clothing to prevent bacteria from digesting sweat and forming unpleasant odours. Silver threads are woven into the fingertips of gloves so that they can be used with touchscreen phones.
- Cars. More than 36 million ounces of silver are used each year in auto manufacturing, according to The Silver Institute. For example, the institute says, every electrical connection in a modern car is activated with silver-coated contacts. Starting the engine, adjusting power seats, opening power windows, and closing a power trunk are all accomplished using a silver membrane switch.
- Water purification. You’ll find silver in many of the millions of water purifiers sold each year. The institute says silver prevents bacteria and algae from building up in the filters of purifiers so that they can do their job—getting rid of bacteria, chlorine, lead, particulates (particles of dirt, rust, sand, and sediment), odor, and a group of chemicals called trihalomethanes.
About Priority Gold
There are many uses for gold and silver that make them so desirable and valuable. Investing in them for your future is the most practical use of all. If you are ready to invest in gold to protect your savings and secure your future, we can help. Priority Gold is one of the most trusted precious metals dealers in the United States with BBB A+ Rating, AAA Rating with Business Consumer Alliance, and 5 Stars Rating with TrustLink.
We specialize in providing precious metals investment services with Security, Liability, and Great Convenience for customers. Our team is committed to helping to streamline their precious metals purchases at a fair price, selecting the right precious metals portfolios, and meeting their important financial objectives. Whether you’re looking to rollover your IRA or open an entirely new investment account, we can help you.
We offer Free Storage for qualifying Gold & Silver IRA accounts, a fast & easy gold buying process, and smooth IRA Transfer. Priority Gold guarantees the highest standards of customer service, which comes with honesty, professional conduct, and the Ethical Code of Business.
For more information, visit us at prioritygold.com