Okay, I'll play along. Assuming this happens, yes, it is possible that a huge influx of precious metals into the marketplace will completely drop the price of gold, platinum, etc. As this relates to coin collecting though, I guess that's why we should "collect what you like". Even if the price drops out, at least we'll have some great numismatic treasures that we enjoy.
The numismatic value of the coins is based on more than just the metal content though. So, maybe the metal content portion of the value of the coin will drop, but it won't be worthless.
aww but itll be like a 1975 penny on good condition, what 5 cents give or take a couple im not saying itll be worth 5 cents but itll drop so badly that ull loose ur whole bullion portforlio to just a value already printed on one green piece of paper
Spider---I don't think that will ever happen...I DO see a drop coming in the coin market because prices have been on a high for a few years now and its about time for it to fall but I don't think the "space" will do it. If silver ever gets as good as your say we will have silver coins again! Speedy
I don't doubt the human race, but I think myself, and some of the "older" guys have a better grasp of human nature. Everything, and I do mean EVERYTHING is tied to money. Why don't we have hover cars? Why don't we have high quality universal health care? Why is our coinage getting worse and worse in quality? Why? Money. If the cost exceeds the gain, it will never happen. Scientist can already prove astroids contain precious medals so what's the point of getting even a sample, let alone mining it. Your first ounce of gold will end up costing you $500 million, if not $1 billion or more. For that kind of money, I can get tons of gold right here on good old earth. To add to my point, think about this, if it was worth it, we'd have been mining the moon 40 years ago...which is much easier/cheaper to reach than astroids or comets.
There may be a day when it's cost effective to gain precious metals from heavenly bodies, but it will be a long, long way away. There could be some technological revolution that will make it sooner--but the odds seem laughably remote.
so u guys doubt NASA? I do believe that we are far off from actually do this but in saying in my lifetime i expect this to become a very realistic issue
Gross Revenues less expenses equals earnings before interest and taxes. Take your taxes and interest out of the mix and this is a ZERO money business proposition...and a waste of time.
I doubt we will see circulation silver coins again, even if silver becomes so abundent it becomes almost worthless. Silver is not as hard as nickel or steel and would not last as long in circulation. Besides Iron, nickel and copper are used because they far more common and found in larger deposits. If Gold and Silver were to become worthless, Iron, nickel and copper would be less then worthless.
I can see space mining becoming relavent, if, IF we colonize space. Then the cost of transportation to the surface of earth would be eliminated. But being on the NASA mailing list for the past 5 years, we are WAY WAY WAY off from colonizing anything but our own planet. The human body simply can not cope. Everytime we learn something new in space, we learn 10 more things that have an extremely low fault tolerance, that if out of balance will kill us. So back to my point. I can picture mining in space, but never for the purpose of getting the metal to the planet surface.
