Gold flash-crashed on Monday, tanking about 3.8% in mere seconds.
The next day, China reportedly sold off one-fifth of a day's trade in just two minutes, and major gold mining stocks got slammed.
All of this news has once again revived a favorite 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 jewelry, electronics, and coins. And, somewhat interestingly, gold still has a major role in dentistry.
Check it out below.
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See Also:
- Gold crashed
- China just revealed how much gold it's been hoarding for the first time since 2009
- MORGAN STANLEY: These are the 15 best stocks for the next 12 months
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