Back in the day, gold was used for so many different things – as jewellery, currency and even for religious purposes. All those traits of gold from more than 30 years ago are still relevant today; in the next 30 years – the importance and uses of gold are expected to grow even more!
In a report released by the World Gold Council (WGC) in May 2018, it predicted that by 2048, gold would be in higher demand due to its increasing influence in various sectors.
Trend #1. Gold in technology, healthcare and energy production
The WGC foresees that gold will grow as a material of choice as these different sectors evolve in the coming years. This is because it is used in mobile phones, solar cell technology and it is even being explored to reduce of carbon emissions in cars. Gold is also currently used in malaria detection kits in Africa to enable field researchers to diagnose whether a person has malaria. This is especially the case in places where modern technology is not as accessible.
All these new uses of gold, can encourage the introduction of more revolutionary ideas and keep gold relevant in the future. As the demand for gold increases and the supply potentially decreases, those who have already stored a savings in gold could reap the benefit of already having something to fall back on.
“Gold remains the material of choice for a variety of applications across the technology space. That is expected to continue and evolve over the coming decades.” – World Gold Council Consultant Dr Trevor Keel.
Trend # 2. Trading of gold online and global demand
The increase of mobile applications that allow users to buy and sell gold online will play a major role in the development of gold in the next 30 years. With more of such apps in regions like India and China, the WGC foresees that these emerging markets, will be the driving force for gold demand in the next 30 years.
As the middle income group in these countries become wider, it is also expected that the demand for gold will increase, be it in the form of jewellery or as a way to store their wealth. This is why HelloGold’s revolutionary platform was created, to ensure that when the time comes for people to buy and sell gold, there could be an accessible and easy way for people to start.
“Most people expect the rising emerging-market middle class to be the big story of the next quarter century.” – Economist, author and Associate at the China Centre, Oxford University, George MagnusLet’s take a look!
From just RM1, anyone could start a savings in gold and build a secure future for themselves. With HelloGold offering the best gold price in Malaysia, there is no reason why you shouldn’t start saving in gold now so you can reap the benefit years later!
Trend # 3. Environmental impact on the mining of gold
As nations become increasingly aware of the environmental impact of continuous mining, the WGC expects that new innovations must be introduced to help address the importance of sustainability. When the demand for gold increases in the coming years, it will be more important for mining companies to find a way to meet that demand, ethically and sustainably.
This remains the industry’s biggest struggle.
Goldcorp’s Executive Vice President of Corporate Affairs and Sustainability, Brent Bergeron, said that organisations want to do good, but find it hard to balance between being environmentally friendly, and the reality of the business.
“Our projects are so large and our investments so significant that we tend to stick with what we know rather than consider how we can make new technology and new ideas work for us,” he said.
If gold is to remain relevant and meet the demand in the years to come, new technology must be created to address the rising concerns surrounding the environmental impact of gold mining.
You can download the full report here.