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dom1971
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12 astonishing things about gold

- Perth Mint Blog -

If there were 3 billion tons of gold in the ocean it would be profitable to extract it. Even at 20 million tons one would only need to process 1% of the oceans in order to extract more above-ground gold than already exists on the planet. That's 8 trillion dollars at market rate. With the existing ocean currents a lot of the "heavy lifting" would already be done, leaving only the matter of extracting the gold as it passes by the system.

The fact that gold was created in a super-nova is no big deal to me. In fact every element higher than iron on the periodic table was created by some dramatic cosmic event long ago. Facts like these do little to make gold more "special" in my eyes. What interests me Vox is why you are so hell-bent on making it less "special". You would have us all believe that gold is as abundant as granite. In fact rarity has very little to do with value. One can purchase metals that are 100x rarer than gold for 1/100th of the price of gold.

If people chose to value something in a particular way, why argue it? What can you possibly gain from undermining some perceived value in anything? Better still, take the argument to where it is more deserved - like the diamond industry or the fashion industry. Surely people that value a tiny stone as equivalent to a year's salary (or even a lifetime's salary for some of the workers who mine those diamonds) must be completely insane right? Or how about a dress that uses $10 worth of materials hanging in shop window in Paris for $50,000? Surely there are better examples where fools are throwing money at something that has far less "real value" than gold? Yet here you are again bashing on gold.

How about illegal drugs? They must be "valued" at millions of times over their intrinsic worth. My personal favourite is the animal parts industry. It rivals the worldwide drug trade in size. People spend absurd amounts of money to obtain a tiny amount of rhino horn, ivory or much worse. To me, these materials have a negative intrinsic value because not only are they worthless, but they represent the rape and destruction of some of this planets most loved species.

Vox, you seem to bypass many absurd miss-valuations that exist in the world today - in industries far bigger than the gold industry (thus affecting far more people and draining far more "wealth" from positive areas of society) - and attack gold at every opportunity. What gives?

Commented 3935 days ago

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Beginning of the headline :As gold coin makers, we get to work with one of the most amazing materials in the Universe. Here are 12 astonishing features we’ve found cited about precious gold: · Gold is made in supernovas – massive cosmic explosions that hurl out materials which gather together to form planets. · Most of Earth’s gold is buried too deep to be recoverable... Read More

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