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Table of Contents

• Introduction
• Economics Analysis
• My View and Recommendations
• Conclusion
• Reference

Introduction

For centuries gold is the most precious metal in the world. Gold is not just a piece of metal; it is a high price metal or emotion since the ancient time. According to some economist, gold is a monetary asset for size, depth, and liquidity, especially in the trams of economic. In another way, the gold market has dramatically changed over the year & this has continued in the last decade. The demand side of gold has got bigger and bigger because jewelry is the largest physical demand in the market. Although the recycled gold has risen in recent years as the gold demand increased.

Economics Analysis

Australia is the 2^nd largest gold producer on the whole planet. The gold industry of Australia is one of the largest gold exporters on the planet and Australia is the 3^rd largest export earner more or less than 150 years since gold found in 1851 in Australia. The gold Industry is very important for the people of Australia because the industry provides little major jobs in Australia and creates more employment for the people of Australia and in many regions (Alvarez-Berríos & Aide, 2015). When it’s come to mining the Northern territory are ahead in all states. It seems the gold industry in Australia expected to grow in future, and it comes with challenges in a highly comparative global market.

For many years’ gold is used as a medium of exchange and a store of wealth, to be exact in trams of economic duress. The gold has been exemplified most tangibly in forms of jewelry and money. Gold has been used as money or buys something since 4^th millennium B.C.  Although the proper use of gold as a currency is held in the 19^th and 20^th centuries, gold formed the basis monetary fund in the world. In every country, gold is used as a national currency in terms of stated quantity. In 19^th-century gold, the stock becomes very large with the help of national monetary with the adaptation of the ‘gold standard’ by maximum country in the world. Gold as a face of currencies extended in various forms thought to the early 1970s when the central banks and govt. continue to hold a large amount of gold as a reserve with the World Gold Council reporting that gold remains the 3td largest remains assets for 13% of all reserve globally after USD & euro-denominated assets (Ghosh, 2016).

In the 20^th century, the largest number of used gold in jewelry sector as a single use of gold. New technology and skilled worker are made that gold jewelry more affordable for a large number of societies. It is assumed that the total stock of above gold in the plant exists in form of jewelry. Carats are the expressed form of gold in the jewelry industry.

Gold has also used in core industry such as medical, dental, electronics etc. because gold has high electrical conductive, ductility and malleability properties. Although the high price of gold may affect the industrial use of demand and the supply of gold is not sufficient for industrial use.

My View and Recommendations

In order to address the solution, there were a few works to do in this industry. In this paragraph, we are going to highlight some of this problem. First of all, to improve the mining industry we have to improve or establish the infrastructure in the underground mines to dig more gold. To do this we need to establish better rail track to extract the gold and better electricity to give the proper light and safety equipment for the worker, by establishing some building to bring more work to stay.  And we need a more secure road to transfer the gold with more safety, to do this we have to establish more police post beside the roads and some highway with daily maintenance, by doing this we are able to move the gold more frequently. We have to locate possible gold mind area by providing an advanced technique for increase gold mining, by collecting soil samples.

If we need more gold then we need more workers, but the not just ordinary worker, instead of ordinary worker we need a more skilled worker who knows their job more prosily, and can extract more gold in a proper way (Bampina & Panagiotidis, 2018). In another hand, we have to provide them their own space and writes for they can do their jobs without any problem. Although all the workers are not trended properly, therefore if we can arrange some training program and awareness campaign that might help them to prepare properly.

The environment is always on the top priority list. So whatever we do make sure we are not allowing harming the environment. Because at the end of the daily environment is the most precious gift we got. Therefore, we have to plant more trees then we cut down due to establishing all the facilities.

Conclusion

Gold is always a part of human culture since the ancient time and it will be. We use gold for tread, costume, jewelry; technical department, medical use and the list will go on (Mittal, 2016). It shows its real power when it comes to the economics department. It is really thinkable that just a piece of metal can change the whole world economy. Gold is always actively traded metal in the world. The market is responsible for depth and liquidity of gold, and It continues to attract people as a source of wealth preservation, especially in trams of economic.

It is more than 150 years when Australia finds his gold mines but the industry remains a drive of Australian prosperity. Gold industry increase income of foreign money. The industry creates more job requirement and govt. gets more revenues. In another way the govt. and the authority responsible for mining gold in Australia need to do some work for a sack of a better future of mining and for the economy. At the last, we can say all the Australia had a great future in this industry.

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