What do you think this will do to the price of gold?
For all you gold bugs out there, technology is not your friend
If the price of gold is based off its supply and demand economics (it is), then news like this is not good news for gold investors.
Sees:
(Source: https://twitter.com/CoinCornerDanny/status/1281860064907857920)
This article doesn't specifically mention gold but I have read numerous reports over the years talking about how much gold there might be out there on different asteroids.
As you can imagine, suddenly gaining access to a significantly greater supply of the precious metal won't be good for its price.
In this instance, technological advancements will not be good for the price of the shiny metal.
This is why bitcoin is a better gold, though quantum computers may someday be an issue.
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Asteroid mining will not bring the resources back to Earth. They will be used for fueling exploration/colonization further out.
The bigger threat to Gold on Earth is the fact that there is close to half a quadrillion in gold in our oceans. Right now it is a challenge since it is parts per trillion so there is no economical way to pull the gold out.
Give it some time and I would bet that is not the case.
Demographics also come into play. Millennials do not look at gold like Boomers do.
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And you know this how?
Even if the metals are shipped back to earth the price of gold will have to be higher than the total cost of mining. It will be vastly more expensive than digging a hole in the gold like currently done.
Good point. Unless of course it is done by a government that isn't looking to make a profit.
I know this in reading what is put out by those who raised money to mine asteroids. They are all looking at it the same way: due to the cost of bringing it back, the metals mined in space will be used for other space projects whether it be more exploration or construction for space colonization.
Bringing gold back to Earth only to crash the price would not make any sense.
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Been stacking silver & gold a few years now and crapped myself when I first seen stuff like this a few years back. The cost of mining in space will never be cheaper than mining on earth.
It's a very interesting topic, just thinking there are prob huge earth-sized gold and diamond-encrusted rocks flying around space
Like taskmaster said, there's plenty in the oceans here on earth which presents a greater threat.