That Giant Asteroid of Gold Won’t Make Us Richer | Metals Mine

  • That Giant Asteroid of Gold Won’t Make Us Richer

    From bnnbloomberg.ca

    Rejoice, people of Earth! News outlets are reporting that NASA is planning to visit an asteroid made of gold and other precious metals! At current prices, the minerals contained in asteroid 16 Psyche are said to be worth $700 quintillion -- enough to give everyone on the planet $93 billion. We’re all going to be richer than Jeff Bezos! OK, now for the bad news: This isn’t going to happen. Yes, 16 Psyche and other asteroids will probably be mined for their metals. But once those metals start hitting the market in large quantities, they’re unlikely to be precious for much longer. As any introductory economics ... (full story)

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bulltrap
Jul 8, 2019 3:07pm
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This thing again? They have been talking about this for over a decade (NPSystems brought my attention to it recently: https://www.metalsmine.com/showthrea...4#post12316054)

This article also fails to mention that in this hugely hypothetical scenario speculators can make a ton of money shorting the metal. I guess that falls under the
Quote
Think about how to use resources in an innovative way
by helping to bring the market price of something to a more accurate number.
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676f6c64
Jul 8, 2019 3:54pm
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But it will make us more glam!
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