When people say that gold has intrinsic value that BTC doesn’t.
In 2024, industrial gold consumption was about 330t. About 90% of this was recycled from scrap, at a cost of only tens of dollars per oz, so only about 33t of new gold was needed. In 2024, mine production was about 3,700t, meaning that less than 1% of this was needed for industry. All above-ground gold currently used for value-storage (jewelry, bars, coins) amounts to about 184,000t. If suddenly gold was no longer wanted for jewelry, bars and coins, and global supply was redirected to industrial needs not met by recycling, we would have a 5,600 year supply available at current consumption rates without needing to dig any more out of the ground, at a tiny fraction of the current price. submitted by /u/Centmo [link] [comments]
In 2024, industrial gold consumption was about 330t. About 90% of this was recycled from scrap, at a cost of only tens of dollars per oz, so only about 33t of new gold was needed. In 2024, mine production was about 3,700t, meaning that less than 1% of this was needed for industry. All above-ground gold currently used for value-storage (jewelry, bars, coins) amounts to about 184,000t. If suddenly gold was no longer wanted for jewelry, bars and coins, and global supply was redirected to industrial needs not met by recycling, we would have a 5,600 year supply available at current consumption rates without needing to dig any more out of the ground, at a tiny fraction of the current price.
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