Posted on 06/26/2019 8:02:12 AM PDT by bananaman22
Whether it was the Big Bang, Midas or God himself, we don’t really need to unlock the mystery of the origins of gold when we’ve already identified an asteroid worth $700 quintillion in precious heavy metals.
If anything launches this metals mining space race, it will be this asteroid--Psyche 16, taking up residence between Mars and Jupiter and carrying around enough heavy metals to net every single person on the planet close to a trillion dollars.
The massive quantities of gold, iron and nickel contained in this asteroid are mind-blowing. The discovery has been made. Now, it’s a question of proving it up.
NASA plans to do just that, beginning in 2022.
(Excerpt) Read more at oilprice.com ...
And if everyone in the US owned a personal copy of Action Comic #1 (Superman’s debut in 1938) then we could all sell them on ebay next week and be wealthy.
Or maybe Supply and Demand doesn’t work that way ...
Someone doesn't understand the basic economic concept of "supply and demand."
Does the Author of this piece understand the basic Economic concept of Supply and Demand?
Rarity is expensive, an overabundance of anything is cheap.
You beat me by that much. LOL
Does whoever wrote the headline to this article have no understanding of economics? Supply and demand? If billions of dollars worth of minerals are brought to Earth flooding the market they will not be be worth billions of dollars anymore.
And supply and demand will have no effect on the price, right?
You too...
We’ve all said the same thing. :D
Well, ClearCase_Guy beat us both...
Typical liberal mindset. No different from “Let’s flood the U.S. with illegal aliens, it won’t affect the wages of anyone who is already here.”
Reminds me of Hitchhiker’s guide. They land on a prehistoric world and invent money: Tree leaves. The problem is that because they are not scarce, it takes a boatload of tree leaves to buy a haircut.
Solution: Burn down the forests.
Even leaving aside the obvious supply and demand misunderstanding - unless everyone on Earth takes a spaceship to the asteroid to dig their own billion dollars worth of gold, the only way they will become fantasy billionaires is if government takes the gold from actual miners and redistributes it to them in return for their eternal political support.
But, we would all have access to a nice, malleable, electrically conductive metal that doesn't corrode. Also, it's kind of pretty.
Someone doesn’t understand the basic economic concept of “supply and demand.”
“Well, ClearCase_Guy beat us both...”
I think I beat you all, because I thought of supply and demand before I read any of your comments. ;)
Stupid! If everyone on Earth had a billion dollars, a loaf of bread would cost $4 billion.
And if there were that much gold, it would be cheaper than marshmallows.
Yes, there is an awful lot of stupidity in the world, and much of it is writing articles.
If there were that much gold it would be practically worthless. It’s scarcity makes it valuable.
Golds value is in its rarity. Introduce that much gold and people will pay to have it hauled off.
I was thinking the same thing.
If a precious metal was no longer precious or at least scarce, it’s value would deflate.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.