Psyche is an asteroid that NASA is currently studying, whose precious metal value is estimated at a phenomenal $700 quintillion. For the first time ever, we are exploring a surface not made of rock or ice, but of metal. If you haven’t heard of Psyche before, the video clip below is a good place to start.
As the video mentions, the asteroid (named '16 Psyche') orbits the sun between Mars and Jupiter. This particular asteroid is special because it spans over 200km and is believed to be the remnants of an old planetary core from the early formation of the solar system. If this is true, scientists believe it could be made of over 95% metal!
This morning, we had an office debate with regards to the time frame to which we can expect to hear about this 'space metal' arriving to earth from Psyche. NASA doesn't believe it'll reach the asteroid until 2026, and that's before excavation can really begin. Some argued, with the speed at which technology is innovating over recent decades, we could potentially be seeing metal arriving in less than 100 years. Given how we are still waiting for flying cars and readily available hoverboards that we can buy for our kids at Christmas, it may be more likely that these expectations might be a little too optimistic.
Did you know - Psyche was first discovered by the Italian astronomer Annibale de Gasparis on 17 March 1852 from Naples and named after the Greek mythological figure Psyche?
One thing that is worth considering is if it is true that Psyche’s metal could make us all billionaires, wouldn’t that suddenly make being a billionaire completely irrelevant? NASA does admit that this asteroid would change space exploration from an expensive government program to something that could create limitless prosperity, but how would we regulate that, and who owns all that wealth?
The good thing is that this is all far off into the future and not something to worry about for now.
We're all going to have to pay attention to this over the coming decades – hopefully by then my daughter will have the hoverboard she wants, and it won’t cost me too much.
Precious metals continue to be one of the safest investment options available to us, whether it is silver, gold or rhodium you are collecting. As always, we recommend our clients conduct their own thorough and additional research. Contact one of the team via 01769 618618 or [email protected]