4 ms·
Eventually there will be asteroid mining, and like we already have a sense of 1 trillion dollars worth of palladium in an asteroid, there will be 1 trillion dol
by NotSammyHagar 10y ago
Eventually there will be asteroid mining, and like we already have a sense of 1 trillion dollars worth of palladium in an asteroid, there will be 1 trillion dollars worth of new gold - which did cost a lot to get. Google claims the entire mined gold in the world's history is 8 trillion, but tons (ha) have been lost over time. Anyway, you get 12.5% more in that first shipment. Maybe it will be a 100 years from now. And then we find another and so forth. Will that cause a panic? Will anyone care?
- xyzzyz 10y agoIf we find vast amounts of gold in asteroid, the price of gold will fall to just above the marginal cost of recovering that gold as long as it's lower than its current price -- this is some very basic economics. A good example to consider is aluminium. In early 1880s, the price of aluminium was around $10000 of today's dollars for kilogram -- actually the price of ounce made more sense, as you very rarely saw pieces of aluminium so large to weigh a kilogram back then. For example, the capstone for Washington Monument, weighing 9 kilograms, was the largest single piece of aluminium ever cast at that time. Then, in 1888, the modern process of aluminium was invented, and soon its price rapidly fell by orders of magnitude.
- NotSammyHagar 10y agoI agree with you. My point was that gold and all other elements and minerals on earth should likely go down in price tremendously in the next few 100 years, as we mine asteroids.