“Apple could soon be a major buyer of gold, according to estimates of how much of the precious metal will be required to produce the 18-carat version of the forthcoming Apple Watch,” M Rochan reports for The International Business Times.
“Bullion dealer GoldCore has estimated that each gold edition of the Apple Watch could contain two ounces of gold, suggesting that Apple could use 746 tonnes of gold per year, or one-third of the total annual global mine supply,” Rochan reports. “The figure is based on estimates that Apple has ordered between five and six million units of smartwatches from its manufacturers, CNBC reported.”
GoldCore’s research director Mark O’Byrne said, ‘In the end it will probably come down to the price. Even at the lower-end [selling price] estimate of $4,000, it’s hard to imagine Apple shifting one million units each month.'”
Read more in the full article here.
MacDailyNews Take: Seems rather farfetched to imagine Apple consuming 1/3rd of current world gold production for Apple Watch Edition units, especially if they price that line properly (high), doesn’t it?