16 Psyche-the Motherlode

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The National Aeronautics and Space Organization (NASA) which always comes up with new development have once again come up with a new invention 16 Psyche. But this time the space organization is planning to visit asteroid made of gold and other precious metals.

The minerals contained in asteroid 16 Psyche are said to be worth $700 quintillion at current prices which is enough to give everyone on the planet $93 billion.

According to reports, 16 Psyche and other asteroids will probably be mined for their metals but once those metals start hitting the market in large quantities, they are unlikely to be precious for much longer.

Something like a golden asteroid happened once before. It was about in about 1500 that Spain conquered South and Central America and discovered large deposits of gold and silver. These metals were being shipped back to Europe and used them to pay for government expenditures mostly wars as gold and silver were used as money at that time. But at present these metals are no longer used as money nor are the value of modern money pegged to the value of gold or any other metal. And therefore, the arrival of the giant asteroid would probably not cause consumer prices to go up and would instead simply cause gold prices to crash to almost zero.

This resulted that a giant asteroid won’t make us all billionaires.

However, a golden asteroid owner could conceivably try to pull a similar trick by launching advertising campaigns to get people to start using gold for more things, building materials, perhaps, or clothing.

The impossibility of extracting untold riches from 16 Psyche teaches two important lessons about how wealth really works.

NASA also announced that it will be launching a mission ‘Discovery Mission’ to the asteroid and the mission is expected to be ready by 2022 for launch. It’s estimated that it will arrive at the asteroid by 31 January 2026 but not before they make a fly-by of Mars in 2023.

This object is over 200 km (120 mi) in diameter and contains a little less than 1% of the mass of the entire asteroid belt.

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