Goldbugs live in the past, it's antediluvian thinking, waffling on about how it's 'money', which it obviously isn't and reminiscing wistfully about the good ol' days when gold was worth something. And of course the great collapse which will enrich goldbugs and impoverish the rest of and haven't there been hundreds of posts like that?
Gold hasn't been money for a couple of hundred years, paper money is ''money' and so are credit cards. and in the future some kind of digital money will turn up, so 'stacking' gold bars will be regarded as very eccentric indeed. As Kartik Gada explains, technological progress is exponential. I used to debate with peak oilers who reckoned we were running out of oil, and that it would be all over by the year 2,000. I predicted a collapse in the oil price and that's exactly what happened as new technology like deep sea drilling and hydraulic fracturing arrived.
More gold is being discovered all the time with satellite imaging, drones, automatic drills, drill bit sensors, data analytics etc., and in the future mining asteroids and planets for minerals is certainly on the cards. Hayabusa 2, a Japanese spacecraft launched 7 years ago, despatched a series of landers, sampled an asteroid, returned to Earth orbit, dropped the sample off and resumed its mission to other planets.
Not far from where I live there's regular space missions with all kinds of new high-tech equipment.
Even the gold owned by the the US Treasury attracts hardly any attention, it's worth has diminished over the years and a fair amount of it is used as a tourist attraction in New York to show how things were done in the old days. Even goldbugs will have noticed that interest in gold has declined since the advent of digital money.
And for those of you that think mining asteroids or other planets is impossible.......
