The Yellow Metal And Its Future
Gold is seen as one of the most precious metals in the world and recent studies show that most of it has already been minted. So the one might ask “What is the future of gold?”.
What we all have to take into consideration is the fact that most of the gold that has been minted up to this day is in the possession of Central Banks and private investors. Some research shows that the bars owned by individuals account for 236 tons of gold. Most of the yellow metal that has been minted up to this date is still being used in proportion of 85%. What this means is that in our jewelry there might be gold that has been used by the Incas or even by an Aztec King.
Seeing that there isn’t so much precious metal in the ground, scientists have started to look for it in the sky. In 1998, a NEAR spacecraft passed close by to the asteroid Eros and unveiled some important data. The potato – shaped rock contains about 3 % metal. Looking at the size of the asteroid, NASA researchers have estimated that the rock must contain about 20 billion tons of gold and similar amounts of aluminum and palladium.
Prospectors have started to create new and improved methods of detecting gold. There is a better chance of finding the gold that has been overlooked in the past by using these methods. A few gold deposits have already been discovered and the mining process has begun.
The mining companies will now have to be more careful and attentive with the way they treat the environment. For a single ounce of gold, 250 tons of rock has to be removed. There is also the problem with the cyanide solution that is used for the extraction and refining procedures. But the companies that are using these questionable procedures will be soon alienated by jewelers.
This type of problems will surely not stop the demand for gold. Maybe it will make us think about our life, our heritage and our history.
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