Not really. Gold is used in electronics for its non-corroding properties.
Fine art and jewellery is about all its used for.
So that the gold that was used is still around.
I am with Bix and Buckminster that there is WAY more gold than any would admit. That if we knew how much gold there actually was in vaults, then gold might not be a precious metal anymore.
Silver is used in electronics..."Almost all electronics are configured with silver. From turning out the lights to turning on your television, if it has an on/off button, it’s likely that silver is playing an important role, behind the scenes.
Its excellent electrical conductivity makes it a natural choice for everything from printed circuit boards to switches and TV screens." (http://www.silverinstitute.org/site/silver-in-industry/electronic/)
Gold is mainly used in connectors that are plugged and in-plugged frequently, because of the non-corroding properties, but is actually a relatively poor conductor. It is #3 after SILVER, and Copper.
Barely better than Aluminum, here's a chart from memory, but I am an Electrician, so it's pretty close LOL!!!
Just adding info, I agree with your entire post except the very last 1/2 sentence.
Gold would still be a Precious Metal, but valued under SILVER. It was during the
Egyptian times of the pyramids, one Pharaoh had a sarcophagus of pure Silver!
Even based on Bix's largest estimates, Gold is still relatively scarce, just under Silver.
Except the Silver Supply is dwindling, ending up in landfills. It is estimated that
Silver prices must exceed $350/ozT to make recycling the more vague uses profitable.
It is useful in minute quantities in Many Items!