The precious metals industry has been one of the most dynamic in the world in the past century and will remain so in the next two decades, according to World Gold Council (WGC) forecasts.
Each year since 1995, the WGC has estimated the percentage increase in global demand for gold, silver, platinum, and palladium, and measured gold equivalent supply, at 7-14%.
The next edition of its Gold Demand Trends report (published March 20) will predict that demand will rise by 10% this year, up from 8.9% in 2020 check the 22 carat gold price.
Over the next 10 years, annual growth is expected to average 7%.
By 2021, demand is expected to rise to 15% of the total global supply, compared with 13.8% in 2017.
This means total annual growth in the gold equivalent supply of 2.1%.
Gold, silver, and platinum are only the most widely traded and most recognizable precious metals.
While gold is the most widely traded of all, gold is still often left out of the conversation about precious metals check the 14 Carat gold price.
While gold is the most widely traded and recognizable precious metal, gold has a long history as a precious metal.
That means its history is going to be longer than the history of the other precious metals.
Interestingly, all of the other precious metals were once traded as actual commodities with physical possession of the metal.
We might even be tempted to argue that silver is even older than gold, given that silver was discovered by Peter Parker check out the silver worth.
But in modern times, gold has been the most widely traded and most recognizable precious metal for centuries.
Over that time, gold has undergone many transitions. For example, once used for the precious and ornamental aspects of jewelry, gold has since been replaced by other metals for this purpose, most notably platinum.
Much of this change can be attributed to technology. Today, gold alloys are increasingly used in industrial applications, particularly the refining of platinum.
By combining gold with various other metals, such as copper and nickel, scientists can create any shape, including complex shapes that would be difficult to achieve otherwise.
In addition to industrial uses, the ability to manufacture objects from gold is vital to many businesses and institutions around the world, such as the United States Mint. The United States Mint is responsible for the minting of the U.S. currency, including all United States gold coins.
The US Mint can only mint gold coins due to the scarcity of platinum, as platinum is more economical to produce than gold.
In the United States, the Mint also sells American Eagle gold coins. The official term for these coins is either gold bullion or gold American Eagle bullion coins, depending on whether the Mint is selling the coins as bullion or bullion coin sets.Gold coins have been popular since the creation of the American gold eagle in 1938.