Gold: Relationships
Every element and industry that Gold is linked to, and how. Each pair has its own card explaining the relationships between the two.
- Silver: Silver trades as the cheaper, more industrial cousin of gold: their prices share the same monetary drivers, part of the world's silver is mined alongside gold, and India is a top buyer of both for jewellery and savings. (researched)
- Computers and electronics: Electronics uses only about 5% of the gold bought each year, but chips, contacts and boards rely on it for corrosion-free connections, and discarded phone boards hold hundreds of grams of gold per tonne, making e-waste a second source of the metal. (researched)
- Copper: Gold is a valuable by-product of porphyry copper mines and is recovered at copper smelters; at Grasberg, gold, silver and other credits cut the reported copper cash cost by about 70% in the first quarter of 2025. Prices are only moderately correlated because demand for the two differs. (researched)
- Finance: banking, insurance, markets: Gold is a financial asset as much as a metal: central banks hold it as reserves, funds hold it for clients, and Indian lenders take it as loan collateral, so the gold price moves reserve values, fund flows and the size of India's gold loan book together. (researched)
- AI and digital platforms: AI and digital platforms depends on gold.
- Aerospace and defence: Aerospace and defence depends on gold.
- Crude oil: Their prices have moved together.
- Data centres and cloud: Data centres and cloud depends on gold.
- Diamonds: Their prices have moved together.
- Medical devices: Medical devices depends on gold.
- Platinum: Their prices have moved together.
- Semiconductors: Semiconductors depends on gold.
- Telecommunications: Telecommunications depends on gold.
- Waste and recycling: Waste and recycling depends on gold.