Giant space rock worth quintrillions in the gold market

in The City of Neoxian2 months ago

NASA is studying an asteroid called Psyche 16. This giant "space rock" could be filled quintillions of dollars in gold.

To put it another way there is $1,000,000,000,000,000,000's in that shiny bullion everyone likes to invest in and horde. Plus all those electronics, computers parts, use as a medical use in some surgeries, and whatever....


Psyche 16. NASA

NASA will be sending a probe to the asteroid in 2022. This probe will journey hundreds of millions of miles from Earth and finish its trip to Psyche 16 in 2026.

How and who and when and if this asteroid is actually mined for its potential gold is something we will find out in the next few years or so. If NASA's attachment allows for the public's investment via tax dollars allows the public to earn something from these space mining expeditions, then there is more potential for the public to support more research and development.

News source https://nerdist.com/article/nasa-studying-goldmine-asteroid-700-quintillion-dollars/

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Meh, with that much supply, the price of gold would drop like a rock.

Posted Using LeoFinance Beta

They wont be mining the entire asteroid at once and releasing all of the gold into the market at once. It would take decades to get even a fraction of it mined. Then the is the trillions it will cost in the long term to mine for the gold. It could bring down the cost of gold, but it wont make it drop like a rock. Collectors would also go after Earth gold, so there are possible new markets to add as well.

You could always sell your bullion before they start if you're concerned. It's going to happen. Gold and many other rare (on Earth) metals will be mined in space. The metal markets will change and adapt. Investors should be aware if they plan on living that long

Also, lol. Bring on the puns!