Astronomy / Space The golden asteroid that could make everyone on Earth a billionaire

[Northpin]

Mundane nickel-iron asteroids often contain very high concentrations of precious metals relative to the surface of the Earth.

This asteroid is 140 miles in diameter. It's iron and nickel content alone, if it could be sold at current prices (obviously it can't, but this is just for scale purposes) is dozens of trillions of dollars. Relative to the nickel-iron content, the precious metals are a small portion, but still far greater than what's been extracted by humans thus far.

I do agree that even as a regular iron/nickel asteroid is potential value is mind-blowing.
However, my problem is with the article linked in OP from RussiaToday where is saying "The massive quantities of gold, iron and nickel contained in this asteroid are mind-blowing"

Edit: guess we will have more data in the next 7-8 years if the NASA mission actually takes off

 

[lysan]

Gold is good for a lot more than buying stuff, so many applications that use gold and could be even more if the supply was abundant.

 

[Alien]

If everyone on Earth was a billionaire, a loaf of bread would cost $1,000,000

 

[firemane]

In either of these cases, no ordinary person is becoming a billionaire.

It is very likely that regular people can become a billionaire if that asteroid is ever brought to Earth. It can cause massive inflation and currency devaluation. You may end up paying a billion dollars for a can of soup. There are plenty of places in the world where you pay thousands in the local currency for a soda.

See, there's sunshine everywhere.

If everyone on Earth was a billionaire, a loaf of bread would cost $1,000,000

Exactly.

 

[Patrick_68000]

You're going to need the gold to pay the fines for parking on a double yellow line in Westminster

Killjoy !

 

[Patrick_68000]

Right now, btinging back 10 grams of asteroid back to Earth costs about 80 million.

It's expensive the gram of gold.

 

[EISENHORN01]

Gotta love elements created from supernovas, supernovum, big, explody stars.

And you’ve got the champagne ones for the drunks amongst us

 

[Iskariot]

The golden asteroid that could make everyone on Earth a billionaire

I am afraid that is not how it works.
10 people will become gazillionaires.
Most of us will have to pay more rent, more taxes, more for gas and electricity etc.
And in the meanwhile many will have died of starvation, or have been killed in some war of the ultra rich elite against some un-submissive third world country.

 

[EUS]

Right now, btinging back 10 grams of asteroid back to Earth costs about 80 million.

So, approx $248M to strictly ferry an ounce of gold.
Gotta mine it out of the asteroid first.
Think I'll pass on the IPO of whichever company wants to tackle this.

Maybe haul the whole thing back to near orbit, not unlike "The Martian Way" by Asimov.

 

[Patrick_68000]

I am afraid that is not how it works.
10 people will become gazillionaires.
Most of us will have to pay more rent, more taxes, more for gas and electricity etc.
And many will have died of starvation, or have been killed in some war of the ultra rich elite against some un-submissive third world country.

Unfortunately it would be very likely.

We would all be slaves of these super rich.

 

[Manticore]

 

[Maolagin]

So, approx $248M to strictly ferry an ounce of gold.
Gotta mine it out of the asteroid first.
Think I'll pass on the IPO of whichever company wants to tackle this.

There have in fact been companies founded on this idea. A few of the smarter ones are even still in business, mostly on the basis of marginally-related space technology development work. Don't think any of them have ever made it as far as an IPO.

That said, my prediction is that no more than a trivial amount of metal will ever be brought to the Earth's surface from this asteroid. By the time there is a sufficient industrial base in space to do so remotely economically, it will be more economical to keep those metals in space for use in space.

 

[Patrick_68000]

Tragic !