I sometimes wonder why gold is so valuable. Sure it looks good, and it doesn’t tarnish, so i makes a great coating on things to prevent corrosion. And its a good electrical conductor, but so is silver or copper.
It is Rare
Rare, you say? But is it rare? We believe the Earth’s core is full of gold. And now we think this can leak out of the core to the surface. [1] Also there is an huge 150 mile long asteroid (Psyche) that is believed to be tons of gold, and NASA has sent a probe to it, to investigate. [2] The asteroid minerals are estimated at $700 quintillion dollars. That is enough to make everyone on Earth a multi-billionaire, if it didn’t crash the price of gold. [3]
If this asteroid was ever streaking towards the Earth, I would have very mixed feelings. On one hand, we are all rich!! On the other hand, we may all die!!
Of course, news of an asteroid in space didn’t even dent the price of gold on Earth, because we all know how expensive it would be to get there and bring that asteroid to Earth. And we also know that much gold would make gold pretty worthless, if it was on Earth.[3] And gold that is under 1800 feet of solid rock, also doesn’t stir the price of gold, here on the surface.
What if gold is actually very common, and also accessible? And are we some day going to find vast deposits on the surface, or in some asteroid impact? If so, will the price drop, or will we start using it to corrosion-proof our chain link fences? We could use it in wiring too, so I doubt that it will ever drop below the price of copper or silver, due to that industrial use. But if that happens, it’s use as a long term investment won’t be so great.
Caveate
I should point out that I am not saying this just to make the price go down, so I can buy some cheaply. Honestly. You can trust me, because you read this on the Internet. They can’t print it on the Internet, unless it’s true, right?
(That said, you should see all of the disclaimers that an AI suggested that I add to my Internet blog site)
Reality
That said, I think gold prices will remain high, in the short term, because everyone seems to buy that, when stocks, fiat currencies, or other economic outlooks look risky. But given that I am not rich, maybe my economic opinions need a grain-of-salt?
References
[1] https://www.popsci.com/environment/earth-core-leaking-gold/?utm_term=pscene052325&utm_campaign=PopSci_Actives_Newsletter&utm_source=Sailthru&utm_medium=email
[2] https://en.wikipedia.org/wiki/16_Psyche
Disclaimer. Last updated June 10, 2025
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