Gold is one of the most valuable metals on Earth due to its durability, near indestructibility, and beauty.
Because it never loses its luster, gold has been cherished by humans for thousands of years. Experts believe that the gold available on Earth came from meteorites that struck the planet around 200,000 years ago, according to Science Daily. Gold is also abundant in the Earth’s core. In fact, experts estimate that the core contains enough gold to cover our planet with a layer several centimeters thick. Gold is also an essential metal for various industries, widely used in technologies including communications, computing, and jet engines.
Gold has been used in dentistry for nearly 3,000 years. The first book published on dentistry, edited by Artzney Buchlein, appeared in 1530 and showed that ancient dentists treated cavities and dental diseases with gold leaf. Thousands of years later, gold is still used in dentistry for fillings and orthodontics. In fact, gold is a metal that is biocompatible with humans, meaning it can come into direct contact with the human body without causing harm to health.
Since gold in the Earth’s core is inaccessible, we can only mine it from deposits found in the planet’s crust, and there are many gold mines around the world. According to the World Gold Council, the largest gold producers are Russia, Australia, Canada, and the United States.
Gold is often found in connectors, switches, etc., helping to prevent corrosion in phones. According to the World Gold Council, a mobile phone contains 50 mg of gold, which is a very small amount. However, when multiplied by the 1 billion mobile phones produced annually, the total amount of gold reaches a significant figure, around nearly $500 million. Gold can also be found in components of desktop and laptop computers. This precious metal is used in memory chips and CPU motherboards, allowing computer parts to connect smoothly.
According to NASA, we may have reached what some experts call “peak gold,” meaning that most of the gold in the world has already been mined. In 2019, the total gold production reached 3,531 tons, down 1% from 2018. Gold production is predicted to increase slightly in 2022 to 3,588 tons, but experts forecast that after 2024, gold mining output is expected to decline at an annual rate of 0.8% until 2026.
Hannah Brandstaetter, a spokesperson for the World Gold Council, stated that as exploring new areas for gold mining becomes increasingly challenging, it is likely that we have reached the peak of gold extraction. This does not mean we will see any immediate changes in production, but over the decades, output may gradually decline. And of course, the scarcer it becomes, the more expensive it will be, according to Insider.
Today, precious metals are used to treat arthritis patients. Gold is used to reduce swelling, heal bone damage, and alleviate joint pain and swelling. The process of gold treatment is very slow, and patients often need to be “injected” with gold for 22 consecutive weeks to hope for recovery.
Gold mining companies have various methods to determine how much gold lies underground. The United States Geological Survey reports that the amount of gold reserves underground is about 57,000 tons. However, many experts refer to this figure as “moving target,” meaning new ways to extract it from the Earth may be discovered. This includes advanced technologies that have been implemented at some mining sites.
But since the gold supply is theoretically limited, it may eventually run out. In 2016, it was estimated that there were only about 20 years left before the extractable gold reserves would be depleted. Of course, this does not mean we will stop searching for it, and it is possible that in the future, we will mine gold on other planets.
Psyche 16 is located in the asteroid belt between Mars and Jupiter, approximately 750 million km from Earth. This asteroid is estimated to contain gold worth nearly $10,000 trillion. If successfully mined, it is estimated that each of us could own gold worth trillions of dollars. NASA stated in a statement: “This will be a remarkable journey. Psyche 16 is considered a unique asteroid in terms of its composition in the Solar System.” NASA believes this asteroid has “survived” collisions between planets during the formation of the Solar System. This means that Psyche 16 could provide insights into the composition of the Earth’s core and other planets. NASA hopes that exploring Psyche 16 will yield clues about the developmental history of planets by examining the primordial materials of Psyche 16. In addition to gold, Psyche 16 also contains a large amount of platinum, iron, and nickel. However, if we successfully mine this asteroid and bring those precious metals back to Earth, it could significantly impact commodity prices and potentially lead to a collapse of the global economy. |
