Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Space: the final gold rush frontier

IMG Auteur
 
Published : May 03rd, 2012
428 words - Reading time : 1 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...

 

 

 

 

Last week the company Planetary Resources held a press conference to discuss whether the production of precious metals on Near Earth Asteroids might soon become a reality.

Analysts, commodity producers and metals traders agree that Earth's precious metal reserves are steadily decreasing. In South Africa, gold is often extracted at depths of up to 6,000 metres, which is leading to big increases in production costs. According to recent analysis from the World Gold Council – an umbrella organisation representing miners, traders, and gold exporters – the volume of gold extracted throughout human history would only fill three and a half Olympic swimming pools, or 8,000 cubic metres.

Should Planetary Resources' plans become reality at some point in the future – a big “if” – they would of course drastically increase metal supply here on Earth. Experts are convinced that gold, silver and platinum production on Near Earth Objects can become a reality. The decisive question is how much such an ambitious project might cost. According to calculations made by staff members of the Collaborative Modelling for Parametric Assessment of Space Systems (COMPASS) at NASA’s Glenn Research Center in Cleveland, Ohio, producing metals on Near Earth Asteroids would have an approximate cost of $2.6 billion. During last Tuesday's press conference Dr Peter Diamandis, co-founder and vice-president of Planetary Resources, stated that those metals can be found in almost unlimited quantities in space. Even if a large amount of these precious metals produced on asteroids would most probably not find their way back to Earth, the ideatwinned with the right equipment and technological advancescould trigger space’s first gold rush.

An increasing number of successful entrepreneurs and investors are backing the project. According to Planetary Resources, cost-effective production will mainly depend on the water resources found on those asteroids. Minerals extracted through “ exploration telescopeswould be transported to Earth by space ships powered by energy from hydrogen. Though ambitious and somewhat outlandish at the moment, the company's founders defend their plans, arguing that throughout human history great ideas have mostly been met with rejection or great scepticism. This was the case with the first trip to the Moon, and with plans about offering pleasure trips into space. But today both these ideas have become a reality (thought admittedly the latter is only available to the very wealthy).

Should these production plans become reality and so flood the markets with metals from space, this would result in a drop in metal prices. But of course, we are still a long way from this particular (space) ship sailing.

 

 

Data and Statistics for these countries : South Africa | All
Gold and Silver Prices for these countries : South Africa | All
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
The Deepening Deep State
03:24Jim C.
Kunstler wasn't concerned about 'The Deep State' when he voted for Obama...since Obama's agenda seemed to coincide initially with Kunstler's own. ...
Documents Prove Massive Rigging ...
09 DecThe Recusant
Yes, yes. the PMs are manipulated. Perhaps some bank will have its wrist slapped. Then everything will return to normal. More price fixing and bank...
Silver Demand Ready To Explode
09 DecThe Recusant
Sorry Andy, but I don't believe in Santa anymore either. Believing silver "must" explode is no different than the market "must" implode. I've been ...
Guest Post: How to Trigger a Sil...
09 DecThe Recusant
Well, there you have it. Blatant manipulation and cover up by the CFTC and DOJ. So, what else is new? Let's see what Trump will do to stop this! [s...
Indian demonetization effect: 15...
09 DecJ T.
From reading the comments at the end of the article mentioned above in economictimes.indiatimes, the people who read it, if they actually did, are ...
India Confiscates Gold, Even Jew...
09 DecJ T.
Hopefully the naive, or ignorant, or worse, willfully ignorant, who have swallowed (once again) the MOP's lie (that's the Ministry of Propaganda......
The Rediscovery of Men
07 Decaccording-1
and now bernie has a brand new house. i smelled that the fix was in when he said he was running against filthy hillery. then at the perfect moment...
The Rediscovery of Men
07 Decaccording
i suspect that georgie S and his goons will crash the coin and try to starve our guts and spirits with fears we havnt felt perhaps ever. it will be...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS