There is an estimated over $500 trillion in and under our oceans.
So the idea that gold is scarce is not accurate. We just havent accessed it easily at this point. Once we do, prices will collapse.
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I imagine a world where gold is valueless or not valued as much. Makes the fuss over it for decades kind of a joke.
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Decades? Try thousands of years.
Few people remember that aluminum use to be the metal of royalty even though it was plentiful. The problem was extracting it.
Gold has maybe 30 years left in my estimation.
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This makes me question the call by many for the return of the gold standard given this information.
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Yeah, that's a silly idea
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Ironic that they make that call on a medium that came from fiat. People do not realize that if we still were on the gold standard, we would be still living life the 1950s.
Innovation came as a result of expanding the money supply globally. An elastic money supply is vital for a variety of reasons, not just fending off recession.
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The future of gold is something else. It will be used as a metal, or as a great conductor of heat and electricity, or maybe in art but not as a store of value.
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The rarity made it a great store of value historically. However, that could come to an end as we find more ways to extract it.
Technology does not favor scarcity.
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