Gold flash-crashed on Monday, tanking about 3.8% in mere seconds.
All of this news has once again revived a favourite debate among economists: what is the point of gold?
Some argue that gold doesn’t have any intrinsic value as it doesn’t seem to serve any major functional purpose. Others claim that hoarding gold is a legitimate way to safely store wealth and to prepare for an economic crisis.
Believe it or not, there’s actually a place for gold in the real world, too. Below is a table from Morgan Stanley breaking down how gold has been used in the last few years.
The yellow metal is used in jewellery, electronics, and coins. And, somewhat interestingly, gold still has a major role in dentistry.
Check it out below.