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Which planet has most gold?

Which planet has most gold?

By daniele

We all adore gold, and for millennia, we’ve searched the globe searching for the valuable yellowish metal not only in earth but now, finding in space also. Prospectors occasionally come across little more than a few golden shards in a stream. They sometimes find pay dirt a large vein with easy pickings. Unfortunately for all those gold prospectors, most of the metal is buried deep beneath our planet’s surface, making it almost unreachable. Instead of looking down, they should rather glance up.

Search for gold in other planets

People of Earth, rejoice According to news reports, NASA is reportedly planning a visit to an asteroid made of gold and other precious metals. The minerals of asteroid 16 Psyche are estimated to be worth $700 quintillion at current rates, enough to provide everyone on the globe $93 billion. We’ll all be wealthier than Jeff Bezos!

  • The unfortunate news is that this will not occur. Yes, the metals on 16 Psyche and other asteroids will undoubtedly be mined. However, once those metals begin to be produced in big numbers, they are unlikely to remain valuable for long. As any freshman economics student knows, price is a function of relative scarcity; flood the market with gold, and it will go from a rare commodity to a common decoration. When supply grows, so does the price.
  • But there’s a deeper reason why a massive golden meteorite wouldn’t make the world enormously wealthy. It’s because most wealth isn’t derived from large chunks of metal. It is derived from the ability to build objects that fulfill human aspirations.
  • A steel factory is worth a lot of money since it may be used to create parts for vehicles, buildings, and other things. Because you may live in it or rent it out, a house does. Even if they aren’t recognized in official statistics, the talents and knowledge in your head are a type of riches. Even a sandwich is a source of riches until it spoils.

A massive asteroid laden with gold, on the other hand, contributes merely a smidgeon to real wealth. The metal would have a variety of industrial uses. It would create lovely jewelry and dental fillings. Still, it would not usher in a new industrial revolution, substantially reduce the cost of products and services, or make human life considerably better or more comfortable. Gold does not attract high prices because it is uncommon; many rare items have little or no commercial worth. It’s because it’s uncommon in comparison to the desire for it. There’s no way a golden asteroid could create quadrillions of dollars of additional real wealth since it wouldn’t boost the world’s overall demand for gold.