Posted by Francis Koh on 27 Feb 2015

Apple buying a third of world’s gold to meet demand for iWatch

Interest in the high-end model, featuring 18-karat gold casing, is picking up and the firm is already taking the necessary steps to have enough of them in stock. According to WSJ.com, Apple plans to start producing more than one million units per month in the second quarter of the year, anticipating high demand from Asian markets, mainly China.

Apple buying a third of world’s gold to meet demand for iWatch  http://www.mining.com/wp-content/uploads/2015/02/apple-buying-a-third-of-worlds-gold-to-meet-demand-for-iwatch.jpg 

This Apple Watch could cost as much as 10 iPads.

Josh Centers, from TidBits, estimates that each gold watch will contain 2 troy ounces (62.2 grams) of gold. So, based on the estimated sales figure, he concludes that Apple will need 746 tons of gold a year, or about 30% of the world’s annual production.

Read More: www.mining.com/apple-buying-a-third-of-worlds-gold-to-meet-demand-for-iwatch-14071/