The 16 Psyche and other asteroids will probably be mined for their metals. But once they start hitting the market in large quantities, they’re unlikely to be precious for much longer.
It’s painful to own gold that may fall in value and doesn’t generate any income – but it could be more painful to own bonds that may fall in value while generating negative income.
The gold mining industry that built South Africa and produced about half of the yellow metal that’s ever been dug up seems now to be in terminal decline.
Today’s case for the gold standard is based on the view that these recent decades of good fiat money management are a historical outlier and cannot be sustained.
