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U.S.-based Planetary Resources to mine asteroids for Platinum and Gold

"One asteroid with a 500-meter diameter has as an equivalent the amount of platinum group metals produced over all of human history, Anderson said earlier. He also said the platinum resources of one 50-meter asteroid could be worth $50 billion."

"Planetary Resources' founders include Peter Diamandis, who helped finance SpaceShipOne, the world's first private spaceflight, as well as Google chief executive Larry Page, former Microsoft executive and space tourist Charles Simonyi, former Goldman Sachs head John Whitehead and film director James Cameron."


If all goes according to plan, wouldn't this be absolutely devastating to the world economy?

Also here: http://www.businessrevieweurope.eu/money_matters/businesses-...


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If they succeed at this it

If they succeed at this it will truely kick off the space age. Other companies will rush to compete when they see the kind of profit they could access.
I think it was Elon Musk(a few years ago) who didnt see the worth of mining asteroids and I still think that view is crazy. I got to hand it to him for delving into space, but I have to wonder why he couldnt see the potential in accessing the heavy metals in asteroids.

To climb the mountain, you must believe you can.

Why would mining precious

Why would mining precious metals have a bad effect on the economy? You might be right if we were on the gold standard...but since our currency is worthless paper all an additional supply of precious metals would do is drop the price of gold as a commodity and hence high end electronics that use it as a conductor.

I think how we think of Economy is going to change, but even so-

This is not a problem. In fact, it'd make going to a Gold/Platinum based economy easier, as there'd be more coins to circulate. They may not be worth as much, but they'd still be "sound."

Aside from that, economy is changing. What is money when you can grow your own food, collect water, and build your own technology from scratch.

Look into "3D Printing" "Open Source Ecology" and "Permaculture/Food Forest"

Jack Wagner