Gold is "barely useful"? See http://en.wikipedia.org/wiki/Gold#Use_and_applicati... | Hacker News

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jefftk on Oct 5, 2011 | parent | context | favorite | on: Why Germany seems not to want a quick fix for the ...

Gold is "barely useful"? See http://en.wikipedia.org/wiki/Gold#Use_and_applications , especially "Industry".

You are right that the price of gold is far higher than it would be if people weren't using it for investing, though.

_csoz on Oct 5, 2011 [–]

"The world consumption of new gold produced is about 50% in jewelry, 40% in investments, and 10% in industry."

If the value of gold was determined by industrial demand only, it would be a fraction of what it is now.

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