The diamond business is estimated at being a $30 billion annual industry.
However, companies like De Beers and Petra Diamonds have to regulate the flow of diamonds on the market because if they didn’t, the gemstone would become so common that its oversaturation would make them virtually worthless.
Similarly, the bankers of Goldman Sachs are planning to discover precious metals, which could bring them an incomprehensible amount of profit.
But if they aren’t also cautious, in theory, it could crash the entire world’s economy.
The Daily Mail U.K. reported:
“Bankers from Goldman Sachs hope to build an ‘asteroid-grabbing spacecraft’ to make billions from mining space metals.
The celestial objects are thought to be loaded with tonnes of precious metals and minerals, including pricey platinum, worth quadrillions on Earth.
A 98-page report from the banking investment company claims that mining asteroids for precious metals in the near future is a ‘realistic’ goal.
‘While the psychological barrier to mining asteroids is high, the actual financial and technological barriers are far lower,’ the report reads, according to Business Insider.
‘Prospecting probes can likely be built for tens of millions of dollars each and Caltech has suggested an asteroid-grabbing spacecraft could cost $2.6bn.’
Nasa has also expressed an interest in finding mineral-rich asteroids.
In January, it announced plans to find 16 Psyche, one of the most mysterious objects in our solar system.
16 Psyche is located in the large asteroid belt between Mars and Jupiter, and may have started as a planet, before it was partially destroyed during the formation of the solar system.
Now, it is a 130 mile (200km) wide chunk of metal, made up of iron, nickel and a number of other rare metals, including gold, platinum and copper.
Lindy Elkins-Tanton the lead scientist on the Nasa mission and the director of Arizona State University’s School of Earth and Space Exploration, said: ’16 Psyche is the only known object of its kind in the solar system, and this is the only way humans will ever visit a core.
‘We learn about inner space by visiting outer space.’
If the asteroid could be transported back to Earth, the iron alone would be worth $10,000 quadrillion (£8,072 quadrillion).”
That number is unfathomable and impossible to comprehend, but for comparison, the world’s entire gross domestic product (GDP) is approximately $70 trillion.
And then there’s the United States, which owns just north of $20 trillion.
However, harvesting these precious metals could have potentially devastating consequences.
The Daily Mail U.K. concluded:
“Experts have warned that its value would be large enough to destroy commodity prices and cause the world’s economy to collapse.
But that hasn’t stopped a number of other companies besides Goldman Sachs from expressing their interest in mining asteroids.
Start-up firm Deep Space Industries intends to launch a fleet of unmanned ships to intercept small asteroids as they speed past our own planet, possibly finding metals such as platinum.
‘Deep Space Industries is an asteroid mining company, developing the technologies to find, harvest, and supply the asteroid resources that will transform the space economy,’ the firms website reads.
Chief executive David Gump, who produced the first ever TV commercial shot on the International Space Station, said: ‘Using resources harvested in space is the only way to afford permanent space development.
‘More than 900 new asteroids that pass near Earth are discovered every year.
‘They can be like the Iron Range of Minnesota was for the Detroit car industry last century – a key resource located near where it was needed.
‘In this case, metals and fuel from asteroids can expand the in-space industries of this century. That is our strategy.’”
If Goldman Sachs were successful in their mission, then they would obviously become the richest company in the world – and who knows what other precious metals we might discover.
But they should be prudent and control their market in the similar way which the diamond industry is controlled – otherwise, the world’s economy could possibly verge on total collapse.