Last week, Peter Schiff defended the intrinsic value of gold by briefly explaining how many uses it has beyond bullion investment. Many people have no idea how integral gold is to products they rely upon every day, not to mention exciting technologies of the future.

People who argue that gold is becoming less useful in the modern world simply don't understand the basic fact that the applications of gold are expanding every year, not shrinking. Either that, or they expect the human race to abruptly curtail its exploration of space, stop making high-end electronics, and find a more stable element for use in medicine. On top of that, gold detractors must assume that the age-old association of gold with prestige, success, and wealth is going to suddenly vanish from the earth.

So what makes gold so valuable outside of its monetary value? Gold has remarkable properties that make it indispensable in all sorts of industries:

Let's review the wide world of gold applications that you may not have known existed…

Electronics

By far, the most vital current use of gold is in electronics. Because gold does not tarnish and is an excellent conductor, it is used in nearly every device that has electrical connections that cannot afford to fail. These include microprocessors found in computers, cell phones, automobiles, GPS units, and any other piece of technology used in a variety of conditions. The device you're reading this on right now likely has about fifty cents worth of gold in it.

Medicine

Gold is used to treat some medical conditions like rheumatoid arthritis and lagophthalmos. It is even being developed for use in treatment of certain types of cancers.

More importantly, Gold's inherent stability and unique optical properties make it essential to modern diagnostic testing. Nano-gold is used in diagnostic tests of malaria, HIV-AIDS, hepatitis, sleeping sickness, and syphilis in remote developing countries throughout the world. According to the World Gold Council: