I remember reading something about 'seawater Gold' a few years ago. I have no idea of the economics/feasibility/timeline for this particular mining endeavor and any resulting (future) 'over-supply risk.' The recovery cost basis might be very very high? http://news.nationalgeographic.com/...ning-gold-precious-metals-oceans-environment/
Me too me too. On a different note of the same song. I always heard there was lots of gold in the ocean, but it was never cost efficient enough to try and recover. I always heard XXX amount of gold every square foot or something like that
So would gold prices go down if they mined all of that? I'm not very knowledgeable about how the PM markets work.
lol me too. NOAA jawboning down POG is a novel approach though. If I read it right, Nautilus Minerals is looking to extract 1,200,000 metric tonnes per year at the Solwara 1 Project site. @ Au 34 g per mt, that's optimistically reaping 38.4 mt Au per year, or 1,235,000 ozt. Sounds like alot, but it's not. In 2011, Au demand was a whopping 4,067.1 tonnes. This project alone could not provide 1% of global Au demand in 2011. Not a dent, even. So if -- by 2019 -- current global supply/damand stays constant (big IF) and these proj multiply/proliferate quickly (another big IF) and 10% more Au could be brought to market (third big IF) this new Gold source might eventually ding Gold-Price ~15-20% tops. Correct? I wouldn't worry about this affecting POG in the near future. NEVERMIND! lol But these undersea robot mining companies might become hot stocks to own... some day. (What are the candidate undersea robot companies?) NUS 'looks' cheap right now but it's a very very aggressive 'junior miner' stock (~2x more volatile than GDXJ) caveat emptor! http://www.nautilusminerals.com/s/Investors-StockInfo.asp And NUS is in danger on the Pink Sheets? Oh that's bad, bad news! http://www.miningweekly.com/article/nautilus-minerals-to-delist-from-aim-2013-02-01 http://ih.advfn.com/p.php?pid=squote&symbol=USOTC:NUSMF
Gold from seawater is a scam, anyone saying else wise is a liar. Many many investors have been duped by it. If it sounds too good to be true it probably is.
Expressed that way, YES. But this is basically a dredging op of massive, concentrated sulfide mineral deposits, NOT THE SAME THING. ("Don't throw the Gold out with the Seawater" lol) http://en.wikipedia.org/wiki/Seafloor_massive_sulfide_deposits http://www.nautilusminerals.com/i/p...finition_and_Cost_Study_Rev_3_21_June2010.pdf
Howdy folks, Nice article and good to know. Will it impact the supply of gold in an appreciable way? I doubt it. It's not much different than mining the asteroids in space. Will it happen? Sure. Will it be profitable? Perhaps. Will it impact supply? Not really. That's because it's very expensive 'supply'. This is true for all natural resource commodities - gold, silver, oil, coal, iron, ad nauseum. All the cheap stuff has been found and what remains becomes more and more expensive to obtain. Up in Michigan there is a gob of very pure copper. This is 'float' copper folks, and that's the best. Float copper are almost pure nuggets of copper that tend to float to the surface of the ground. They're still finding them all over the copper range. http://www.google.com/search?q=floa...aM0QH8mIC4Ag&ved=0CAcQ_AUoAA&biw=1280&bih=843 What is interesting is that there's still real deposits but they're too deep and under Lake Superior. Makes for tough and expensive mining. Whelp, it's the same thing for most every extractable substance known to man. Gold included. There's still lots to be found in nature, but it's harder to find and much more expensive to mine. peace, rono
This doesn't really matter much to price. There is already plenty of gold and it doesn't impact the price. There is many times more gold than silver available on the open market today, something like 7 times more (7 BOz gold vs. 1 BOz silver approx. taking into account recent COMEX and HSBC purchases). Gold is a monetary metal, so that's what moves it, since gold is the only money that can't be devalued. Silver on the other hand as a dual role industrial metal would be more impacted if it could be extracted from seawater, but I haven't heard that to be a possibility as it is with gold.
I think there was one of those gold from seawater inventors on "Shark Tank" last season if I remember correctly.... They pretty much laughed him off the stage.... http://sharktanksuccess.blogspot.com/2012/12/gold-generator.html
Unless there are bars that just have to be brought up to the surface gold investors have little to worry about. There will probably be enormous costs and other barriers preventing this from increasing the gold supply very much.
