Jeff Clark Blog | The Uses of Precious Metals | Talkmarkets
Senior Precious Metals Analyst

An accomplished analyst, author, and speaker, Jeff Clark is a globally recognized authority on precious metals. The son of an award-winning gold panner, with family-owned mining claims in California, Arizona, and Nevada, Jeff has deep roots in the industry. An active investor with a love of ... more

The Uses of Precious Metals

Date: Friday, May 25, 2018 4:54 AM EDT

Precious metals have become an integral part in man’s day to day living. Aside from being a commodity for market volatility and economic disturbances, precious metals are used in different industries to make different products that are widely used for the advancement and comfort of living. From electronic devices to medical and beauty products, precious metals are widely used. What other major areas are precious metals used?

  1. Aircraft Engine
    Precious metals are some of the main components that are used in the aviation industry in order to manufacture aircraft engines. Commonly, precious metals are used in well over 20 parts of the aircraft engine including the blades, heat exchangers, vanes, etc.
  1. Household Devices
    Most household devices, like the refrigerator, mobile phones and computers contain precious metals. Sadly, the precious metals contained in these devices are disposable because once the device gets destroyed, recovery of the precious metal is almost impossible. The salvage and recovery industry is growing around disposing of old computer and phones, and then recovering the precious metals from the parts containing them. Also, catalytic convertors in automibiles.
  1. Medical/ Pharmaceutical Advancement
    The use of precious metals in the medical and pharmaceutical field can be clearly noticed in the past few years. This is because of the strong antibacterial properties which is extremely needed and useful especially in the medical field. They are used in a wide variety of medical and pharmaceutical products found in hospitals with the like of catheters, endotracheal tubes and hygienic coatings.
  1. Beauty Industry
    Surprisingly, the demand of precious metals used in the beauty industry is unwavering. Beauty products are embedded with precious metals, specifically gold because of its beautifying properties. Even makeups contain gold as the trend of glittering makeup is on the spot nowadays.
  1. Food Industry
    You read it right, there are foods that contain gold because of its healthy benefit. A restaurant in New York sells chicken coated in gold at a jaw dropping price, yet customers are still flocking into the store to have a taste of it.
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