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The Wall Street Journal reported that Apple’s latest gadget, the Apple Watch Edition, could mean huge things for the gold market considering the luxury timepiece is encased in 18-karat gold.
The Wall Street Journal reported that Apple’s latest gadget, the Apple Watch Edition, could mean huge things for the gold market considering the luxury timepiece is encased in 18-karat gold. The company reported that it expects to produce one million units of this gold model per month in the second quarter of 2015.
As reported in the market news:
Now, the internet is trying to calculate how much gold Apple will have to buy for the new watches, with some commentators speculating they could contain up to 2 troy ounces of gold per watch. If that’s the case, Apple would have to buy 750 tons of gold per year to produce 1 million watches a month.
That would take a huge bite out of global supply—the total amount of gold mined globally each year hovers around 3,000 tons, making the amount of gold in circulation roughly 4,000 tons.
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