Technology and industrial applications consumed 81 tons of gold in Q2, according to data compiled by the World Gold Council, an 11 percent year-on-year increase. The strong second quarter boosted H1 tech and industrial gold demand to 162 tons. The electronics sector was the primary driver of gold demand in the tech sector, with offtake increasing by 14 percent in Q2 to 68 tons.
This was offset by the growing demand for gold-plated jewelry in China. Gold is a useless Metal? Warren Buffett once said, “Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again, and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.” You’ll often hear this notion that gold is “useless” from commentators on mainstream financial networks.