Gold isn’t rare. So why is it valuable?
ฝัง
- เผยแพร่เมื่อ 23 พ.ย. 2020
- Gold is arguably the most precious metal in the world, but how rare is it really? We went on our own gold panning expedition to find out.
Correction (6:08): While there was active gold mining around Butte, Montana, the Berkeley Pit mine pictured was primarily a copper mine.
Further reading:
“Gold Panning is Easy” guidebook:
www.betterworldbooks.com/sear...
Article on the cosmic origin of gold:
www.quantamagazine.org/did-ne...
Study on gold-rich asteroid bombardment:
www.nature.com/articles/natur...
Gold Council statistics on gold supply:
www.gold.org/about-gold/gold-...
Earthworks “No Dirty Gold” campaign:
www.earthworks.org/campaigns/...
International mining standards guidance:
www.oecd.org/daf/inv/mne/OECD...
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What other elements should we explore next?
Gallium or Bismuth
Uranium
vibranium
Plutonium
Uranium and if possible, naturally occurring aluminium
2021: Is gold actually that rare?
2077: Is water actually that rare?
2077* cause... ya know.
Salt water - nah, not rare at all. Drinkable water - you bet
@@StRanGerManY unless you could desalinate water... which is not cheap, but at least you know it won’t get more expensive
@@stuff6181 cyberpunk 2077 reference lol
The Verge 2070: Turns out, it isn't. It's just too expensive for getting more of it to be profitable.
Also, The Verge 2070: It's surprisingly easy to make your own humans.
This dude could've caught fish worth more than the gold he got
Yeah, that's kinda the point of the video.
I cannot even
He gets more TH-cam viewing money than fishes you'd said for now
@@focidhomophobicii2426 Yeah.
As a gold panner myself, I can say that the money from it, is just a bonus. The real pay is the chase, the day out there on the river and the friends you make!
TLDR: Gold is all over the place but there's not enough of it in one place
Hero
Ty
I heard if you add it all up you can fit all the gold in the world in two olympic swimming pools. That seems kinda rare to me.. Especially if we keep sending it to space on the electronics and not retrieving them before they burn up in the atmosphere.
@@walterroux291 what about the gold bars in banks
What is meaning of TLDR
Title: Gold isn’t rare
Ends up finding two gold molecules.
He was making a video. he did a little bit of panning in a river and even in that short time , with no experience, he found some specks of gold.. There was nothing strange or extra small about the gold he found. that's the normal size of gold people would find who were doing it as a living
every day or so they would find a tiny speck and eventually, after months and months, it adds up to enough to take into town and sell. That's the normal procedure.
If you found an appreciable sized nugget you'd be over the moon.
saying gold isn't rare doesn't mean there's 20 kilos of it lying on the floor under your bed that your dog dragged in. . It's spread out and difficult to get at ; broken up into tiny bits in river beds and fixed in the Earth where it has to be mined.
Gold is showered onto the Earth by exploding supernovas, it's not created here.
Imagine if i went up into the atmosphere and showered the earth with millions of tons of biscuits broken into tiny crumbs? we'd know the biscuit wasn't rare as such but it would still be extremely difficult to find.
@@khasab6124 lmfao wtf....
@@khasab6124 or you could just make biscuit crumbs
You mean atoms
Lol 😁
I probably have more gold in my motherboard then he found.
You do
More than*
@@thegreatafrican3367 Then, than, same difference.
True
@@saulgoodman2018 probably not, maybe a 20 year old motherboard and the components in a computer but not a modern computer, companies have gotten so efficient with using precious metals in electronic components there barely is any in modern computers.
"Gold isn't rare"
It has been confirmed, he lives in the nether
try watching the video first maybe?
@@jinxy7869 try getting the joke first maybe?
Lmao if this is original then you deserve way more likes
@@PrestonBozeman It is actually, but somebody else probably wrote it too considering that gold is abundant in the nether.
hah funny number
Like my parents always said: if there's a gold rush, don't go digging for gold. Sell pickaxes instead.
XD what a good quality comment
smart
aye thanks for sharing! I think ill remember this forever!
Damn
This is genius you'd profit more of the pickaxes.
Idk why people are giving him such a hard time for not finding much. He didn't go to a gold mine he went to a random bend in a river.
Title of the video: Gold isn´t rare. That´s why. lol
@@BenJaMin2099 and that’s about the only reason he could come up with too. Most metals like copper, aluminum, iron, zinc, etc get mined more in one day then the amount of gold we have in all of history. Fiat currency can be printed into oblivion and is constantly losing value because of it. Other countries have seen hyperinflation because of the government printing to much to fast. And yet gold and silver have always held and gained value with inflation due to rarity and actual purposes in industry. It’s a protection of wealth more then a get rich investment.
@@timscoviac unless you are the Spanish you went on their colonial mining spree for silver and gold. They mined so much silver that indeed cause silver's value to plummet and cause inflation.
Because he said it wasn’t rare, then could barely find any because it’s actually...
@@profuji7945 It's not rare, it's just not concentrated
the problem is scale, yes it's peppered all over the place, but it's hard to collect together into a useful amount.
That’s what he said in the video
Kinda make me wonder what if metal like silver, copper, gold, and every rare earth metal are all concentrated in a single massive highly concentrated deposit rather in small chunks all over the world. Would the price go up? Or down?
@@tonykristhiofan1113 it will be highly expensive if it's only found in one country.
@@tweentycenturyrock why?
@@tonykristhiofan1113 Because that single country would control the entire market. They could set the price at whatever value they want.
Let me remind you last time you tried to find meteorites in dust and you failed spectacularly!
Oh, we remember...we seem to have an obsession with absurdly tiny things.
@@VergeScience its an obbsession...i dont know, im kinda quirky i guess
@@VergeScience Talking about ur pp?
@@prantikchakraborty8052 Damn
@@prantikchakraborty8052 "Boom. Roasted"
This guy is literally the npc you find at the edge of the river bank in rdr2
Lol same thought
Man wants to go directly to bedrock? And he's digging straight down? Somebody needs to give him some lessons.
Lol good times
@@SOLIDSNAKE. they ended for u???
@@aayushkarnxb024 yes very much so
@@SOLIDSNAKE. Ohh, sad to hear that...
@@aayushkarnxb024 why? People tend to change their interests over the course of time. Let's better hope, that Snake is happy doing some fun stuff of his own.
Ye we know gold is easy to find, gold ore can be found from y level 32 to 80 buddy
And for more gold, just go to the badlands
Pff just go to nether
You need 60 mining to mine this ore
bruh, just turn on creative mode
you need iron pickaxe
"Gold isn't rare" like everyday we stumble our toes into golden rock.
Did you even watch the video? He said we know where gold is, but it is often far more expensive to mine than it will pay out.
@@a_hamburger2957 then its rare
@@johnsmithwatson that doesn't make it rare
@@joeldeakin2003 if you cant get it then yes, it is rare.
@@argenisjimenez8118 but they can. It's not scarce or rare, it's just not worth extracting if the cost is higher than the value.
"Gold isn't rare". Of course, everyone know, that netherite is the rarest mineral
emerald is rarest.
@@faruk4310 no it isnt all you need is 32 sticks
@@eikosimino5579 😂 so true
@@faruk4310 not anymore sorry
@@eikosimino5579 Except trading.
NGL, this was a stretch..
This guy: "Gold isn't rare."
Also This guy: finds virtually none.
You obviously didn't listen to what he was saying in the video.
that doesn't mean it's rare
Haha.. was thinking the same
Its still not that rare compared to other stuff
@I love you but 1 in 250 Million atoms means there's an atom of gold in every quarter sized sphere of material. That's not very rare.
As a material that doesn't rot, tarnish, or otherwise decay, it's a great thing to base your currency off of.
Lmaooo people be snatching coins 🤣🤣🤣🤣🖐️
If you want a currency that is completely unresponsive to market changes like growth and shrinking (bubbles popping)! Every time there was an event (like covid or famine or irrational tulip mania etc...) the base could not shift and we would see many recessions (which for the record is why we went off the precious metals standards).
if you want to waste valueable material by hoarding gold bars in vaults and spend huge amounts of energy and resources securing it and transporting it, and if you don't care about the counterparty risk of having your money in someone else's vault that you will never see or get close to, and you also don't care about it being inflated away as more gold is mined every year, and you don't care about the risks of forgery, and you don't care about the people's lives and land destroyed thru the process of mining It, go ahead and use Gold as a currency and store of value
@@renasouza8261 Gold is getting hammered lately because it is illiquid. When these bubbles pop traders, corporations, and financial institutions need liquidity so they liquidate any gold holdings, causing gold to tank. It might be a somewhat secure long term investment hedge but it is lousy for a hedge against short term volatility or systemic collapse as it is so often so highly valued form.
Mercury do be laughing at this comment
I remember seeing a guy on TH-cam years ago, who made his living by mining for gold in the sidewalks near jewelers in NYC, small diamonds sometimes too.
Haha what
Yea i do too
Yea I saw that video to was pretty cool
Cody's lab
I'm picturing a guy robbing a bank and jewelery store lol
I’m pretty sure the value in gold is that it lasts forever, and one of the most stable pure elements we have
Maybe that's why it's valuable: "crushing work & very long odds".
"Its not that rare"
Could fit the entire global supply inside a 21m cube.
21 mile cube that is
Yeah that's still 9261 cubic meters of each side is 21m. Just moving that much dirt is a pretty big dig. A 21m cube does sound much smaller though
Least rare of all the common base metals ... yeah right
@@superwario3644 thats about a third of this guys 21 meter cube
@@superwario3644 i thought it was far less than that - more like a single truck
Next content: Humans aren't rare, but why are we priceless? 😂
Priceless? Well... "At any given time in 2016, an estimated 40.3 million people are in modern slavery, including 24.9 million in forced labour and 15.4 million in forced marriage." - International Labour Organization
@@flourbvoy1269 are we discussing black market or sensible market?
To the government we are not!
@@paulwhat322 what people think you worth is not exactly what you worth
The Narrator from "Fight Club" disagrees with you.
I've been gold mining in the outback of Western Australia. The stuff is literally scattered around in nuggets. Only problem is, it's 50°c, no water and it's buried amongst rocks that are 70% iron so your metal detector gets a tad twitchy. A mate of mine goes every weekend and has bags of nuggets. His problem is, he can't part with a single one.
Gold is like a disease for some people, who accumulate gold and won't let it go, like me.
Is this why Australia has a coin minted with a nugget and literally "Nugget" on it? Haha. I always thought it was a bit meta to mint a gold coin which pays homage to gold.
Of course not. It's GOLD!!
GOLD IS RARE enough, it's properties make it more valuable
True dat. Platinum is rarer than Gold, but, less per ounce.
gold is scarce enough... insert rest of your sentence
* its properties
@@daveb.4268 Iridium has platinum beat... It just not as shiny
@@OlafoWaffle iridium?
Documentary narrator: Gold isn't rare per se.
Also documentary narrator: That works out to 1 part per million.
How dare you?!? He said not rare. Your social score is taking a hit.
Compared to rare earth elements, that is fairly abundant.
its less than 1ppm. its actually between 0.0011 ppm and 0.0031 ppm.. thats approximately "1 part per hundreds of millions"
It's not hard to find, but it's hard to get out, that's what he said.
@@Ghryst For the record he was saying that was the abundance in gold mines not in general.
I can’t believe he missed saying “let’s start Gold-Digging” when he saw his friend
Im gonna save you some time so you dont have to watch the full video, pretty much gold is rare and thats why its expensive.
"Gold is valuable because we all agree it is"
Wrong sir, you're thinking of the US Dollar
Well I don't remeber agreeing to that.But right.Who am I right?They gonna ignore me just because.
@@herrot1 you agree on it by using it, I guess
And everything else that's not a basic necessity of life.. Gold, Diamonds, gems, currencies.. It's all the same. But There's nothing wrong with that. Food, fuel and shelter are pretty much the only thing that really has intrinsic value for us.
no it is because the gov says you will pay taxes, fines, etc with it. and of course the gov has the power to enforce that.
Yea same with literally every currency basically
Pro tip: Y-level 28 is usually the best layer to find gold. Also the Mesa biome is a great spot for high amounts of gold.
The meta has changed
My exams are tomorrow and this popped up in my recommendations
thanks man
says "gold isn't rare" but failed to mention that all gold ever mined in all of history cant even fill up the Washington monument.
🤣😭😂
Yup. We have been mining it for around 5000 years and we now only have a decent amount but still not anything compared to the other materials we have
It's also because the rate and yield at which gold ore makes it to a minable area is extricated slow.
Stop laying you little shiz there litterly statues the size of the monument built out of gold
@@ahmedalfatih7723 and there’s literally millions of buildings and bridges and vehicles made out of steel and aluminum. Compared to most other metals and materials gold is rare. Experts say all the gold ever mined would fit into two Olympic swimming pools roughly. Which is one reason it was a good choice for a currency, it’s rare but not to rare so there’s just enough to be used as such. Liquidated. Along with being stable and non corrosive and eye appealing.
You literally just showed how rare gold is.
It's not rare if it can be found in any river banks across the world. Its just too tiny so you have to be patient
@@IanD. So you're saying it's 'common' in all river banks across the world?
@@jackclifford299 yes
He said it's just so worthless it's not worth mining, that's not what rare means.
Lets just say.. He found less titanium and uranium than gold.
I was expecting this to be a basic microeconomics lesson.
U mean macroeconomics
@@radwanjama6932 the way macroeconomics describes supply, demand, and utility better fits what they were discussing in this video, but yeah, macro better describes the way the gold market works
Far from It...
This was actually a pretty bad explanation. Someone should remind about the proof of work mined gold has. The labour makes it more valuable too.
@@zachbrown7272 it's definitely macro economics
Ok youtube now I watched it, thanks for popping it out for a week continuously 💀
You summed it up. I tried it a few times. Found a few flecks once up in Maine. Good hobby, gets you outside, but the odds of finding something significant is very very low.
4:13 - my brain- "you will need an iron pickaxe for that. The shovel won't get you to bedrock"
Yeah so stupid
Also you will need steel pickaxe to break through the bedrock layer
Where he's digging, you need earth moving equipment. Wide slow rive like that, probably at least 20 feet to bedrock.
@@thekinginyellow1744 I'm sorry I don't know a thing about digging.....I was just making a joke about minecraft😅😅😅
@@boopdeboop4342No worries. At least it wasn't an Azur Lane joke!
“Yea, it’s not so rare!” Finds a tiny grain of gold after dayssss of work. 🤦♂️
technique matters... you would never find copper or aluminum this way.... meaning they are rare!?!
@@Kay0Bot Rare means rare. Gold is 0.004 ppm (parts per million). You can use whatever technique, but rare means rare.
No, if you can just go to a river side and find gold, it’s not rare at all. It’s just hard to extract. It’s not like you can just go to a river side and find silver or titanium.
@@easyluckable but you will find a tiny part of it. Aluminum and other metals you were talking about are common when you dig deep. That's it. If you dig deep you find so much that you wouldn't have room for it. Gold is rare. Meaning that whatever you do, you will find a small amount.
@@Kay0Bot copper is found this way in areas it is native to, You will never find gold panning for it in areas that lack it.
Back some 50 years ago when I was a kid, I had relatives who lived in Colorado. We’d go visit them every year and we often went camping in the mountains. My uncle would bring pans that we’d use to pan for gold in the creeks. It kept all of us kids busy for hours as we searched for tiny flecks of anything shiny.
I once found a piece of gold that was more than just a fleck - not much more but it was a tiny pebble that was gold and shiny. We took it to a "trading post" kind of store that had a sign saying they’d pay cash for gold you panned from the rivers. The guy offered me like a quarter for it, and I thought I was rich! I’m not sure if what I found was really gold or if the man was just being nice to a little kid, but I always wanted to spend all day panning for gold whenever we’d go up into the mountains after that.
Had this video suggested and thought it looked interesting, didn't know it would be in my town though! Awesome!
Never thought I'd see a dude in a Toyota Prius prospect for gold. 😂
"Gold isn't rare"
me: searching gold for 10 yrs and not finding
step 1: watch video
if you have anything electronic, you already have some. It's not rare, just hard to get to. If you had a mining company, you could easily find it.
@@GloomGaiGar Yes it's not hard to find some, the question is can you find *enough* to make your time spent worthwhile.
nah i found it in one searcg
Try searching for gold digger. That would be easy
Considering there's more gold bonds then there is gold that will ever be mined, I'd say it's pretty rare
It’s unique in its properties, identifiable, relatively “rare “, storable, transferable, and in its own way visually attractive.
In short it serves as an effective means as a trade commodity of values to represent assets in open exchange between two or more parties.
There's more gold in my headphone jack this he found
This video is beautifully written and shot.
and dead wrong.
@@Ghryst did you really watch it?
@@anakinskymonke3670 entirely, thats why my critique is authoritative
@@Ghryst well said
And infantile in its theory
So, you find the pure element gold or is it a molecule, which needs to be separated?
when you try showing how unrare gold is and spend hours getting a few pennies worth, when working at mcdonalds couldve bought you more gold.
Exactly
Asking the tough questions, like "is shiny yellow river rock hard to find?"
Yes
Not a rock it's a metal which happens to be one of the best conductors of electricity which also doesn't rust or tarnish, so it's not just a shiny metal
i read that trees are probably more rare in the universe than diamonds or any of this precious metals, but we just burn them like nothing
edit: after reading the comments, i got a question.... at what point a bunch of atoms start to move with purpose, and get to have the ability to take decisions ?, like the proteins inside our cells, that are capable of achieving a number of complex task without a brain.
one answer that i can get is that every single atom in this universe has the potential to become alive, they are all like seeds, that when the opportunity comes, are able to grow into something
but there's probably a more scientific explanation for that
Tree is cellulose, primarily carbon. Carbon is everywhere in the universe. Tree material is not that rare
@@houghwhite411 But the point isn't that "tree material" is rare or not. It is about trees as a organisms that are very rare in the universe.
@@houghwhite411 yeah its big brains time
@@AlexOjedaCopa Life in general is rare. So rare in fact that we know of literally just one planet housing all of known life.
@@houghwhite411 Diamonds are just carbon as well
Well that was very enjoyable to watch, great work mate.
Why is gold considered so valuable. It is not the rarest metal, it is not the most useful, so why the worship of this yellow metal.
This exact thought crossed my mind on seeing this post. Gold has existed for ages and yet its demand, quality and worth still stands high. Mining gold isn’t easy tho, so is investing.
At some point i felt bitcoin is digital gold. Any ideas on this matter ?
Bitcoin vs Gold
That’s a nice thought, research shows that Bitcoin has always drawn comparisons to gold.
Bitcoins unique traits makes it an attractive and versatile store of value and payment method. It’s portability makes it a choice for investors every day.
Sometime ago i saw a post saying binary option is a type of gold trading. If that’s true, i would love to join.
To successfully trade the markets, you need to learn and follow successful trading rules. This is how the best traders in the game, traders who have mastered the best trading rules and market timing, make consistent trading profits.
Next Video : "Diamond Is Just Charcoal Man.."
it is actually
@@haissaig7137 no it is not. It is made out of the same atoms, but in a completely different arrangement. So it's not the same at all. It's like saying you and and a tree are the same
@@thibaultlibat368 its carbon that what i meant
@@haissaig7137 yeah, so diamond isn't just charcoal
I thought it was coal not charcoal
There really should have been more on the practical uses of gold in this video. It’s chemical properties are really unique.
Dude, define "rare".
Just take a look at the dictionary or the periodic table and think for one minute about what that by itself means. Gold is relatively rare. At least on planet earth it is.
so explain how chuck of gold say 4 oz become a 4 oz chunk of gold it its so small and how does it become a chunk of gold does gold attract other particles of gold and weld their selfs together
Honestly I just like the way Gold looks. Even if the price ever fell drastically I would still love to have some Gold.
I buy silver coins, but they oxidize. I have a couple 1/10 ounce gold coins and I wish they were 1 ounce haha.
A video about titanium would be awesome too! 👍💪
That might be a bit hard...
Titanium is extremely abundant, 10% of Earth's surface, approximately. The thing is that it's terribly hard to refine, as it presents mostly as Titanium Dioxide.
Or bismuth
"I clearly know nothing about gold, mining or investing or history for that matter, so I'm gonna do a documentary about gold . " Millennial in puffy jacket
Ahhaha
"It's not being used for anything practical, but it holds value. Largely because we all just agree that it does. " - Gold digger
Not true at all. If you look at you’re history. Mankind needed something to be used for trade as a currency. And food items or gases or liquids are not good for being currency as that don’t store well. And are not rare. Metals last a long time and out of a lot of metals, gold and silver are more rare then most of them. There’s a lot more copper, aluminum, zinc, tin, steel, etc in the world. And also because it is eye appealing. Gold has a rare color for a metal. Both are easy to work with and malleable, can be formed into whatever someone wishes. Gold never corrodes. Both are rare, but not to rare like other metals. So there’s just enough to go around while being rare still, it’s still able to be liquidated. Other metals like platinum groups are way to rare to be practical for a currency and are hard to work with. Gold and silver are among the best conductors of electricity as well and have demand in industry as well. All the gold ever mined would only fit into two Olympic swimming pools roughly. It’s still rare compared to most metals. So it makes for a perfect physical currency. Both are great to hold onto Incase we see hyperinflation by the way. They both have always held value during such events while fiat currency’s collapsed as it has in other countries. Because you can’t print precious metals into oblivion, they maintain rarity and have actual uses in industry unlike paper money.
Short answer: because Shiny!
Long answer: because SHINY?
Really well-made video and very captivating. What is that guitar music at 9:05?
Basic but interesting... Thank you for sharing!
Gold Bar's where I go for my snowboarding gear on the way to Mt. Stevens. Nice haha
More gold in a dumpster behind Best Buy. lol.
Him: *looking at dirt.*
Also Him: "That could be something!"
There are a lot of little gold particles that cannot barely see through dirt, and collecting it using mercury or other methods (but must have safety precaution). You did not even know how gold mining works.
@@revenant1092 well, listen Clarence, it's a joke idk if you got that.
@@HayderAbdulridha that is not my name tbh.
I did not even laugh at it tbh because I tried this stuff back when I was 17. There is nothing funny about gold mining like this guy did.
Maybe we have different sense of humor.
Gold is one of the best conductors of electricity. If you didnt know every mobile phone in the world has a little piece of gold in them
u in washington state?
Well, gold has functional purpose in electronics and space related technology.
You just proved that gold is rare and that’s why it’s valuable.
Just because he didn’t find it in great abundance in this river bank, doesn’t mean it’s rare. I mean, he didn’t find silver either, so that must be even more rare with that reasoning.
Gold is not entirely valuable for the reason that it’s rare. There are things that are even more rare but they have a lower price than gold. The price of gold also comes from what we think it should be worth.
@@schievel6047 Gold is it's price because everyone loves how it looks and it's used in electronics everywhere. Once tech companies grow a brain and see that silver works better than platinum or gold in electronics, the price of silver will shoot up and the price of gold will shoot down
@@snakevenom4954 Does silver work better than gold and platinum? That's actually interesting, where can i read more about that? Been thinking of investing in precious metals
@@herpsenderpsen i doubt it, since silver tarnishes, which is not something you want for electronics. If the solution to cheaper electronics was just "use a cheaper metal" they absolutely would be doing that.
Crustal abundance of gold is about the same as crustal abundance of bismuth, which costs less than 1 dollar per ounce. Gold is difficult to extract and a lot of people insist on buying it and putting it down a hole somewhere.
Nothing have a value on it's own, it's the people who decide it.
I work for the industry. The way I like to think about it is that gold is the carrot on a string hanging in front of an animal on a hat that they can never reach but keep walking towards, all along the way discovering other occurrences of metals like lead, copper, zinc, antimony, tungsten, etc, that are economic in value but would never have been found if not for the exploration of gold.
I enjoy gold mining more then bitcoin mining.
well i mine Ethereum so
@@imfine5528 none of your business
and it brings more profit...
@@oofig bro is it profitable
@@fintechkumar9821 yes lol
"Its just being used as a thing that has value, Its not being used for anything practical but it holds value largely because we agree that it does"
Sounds like Bitcoin to me.
nah u can actually use bitcoin .. its generated from mining power .. that mining power can be used to simulate reality and can solve every problem .. like cure for cancer .. free energy .. and so on . not to mention bitcoin itself is revolution against banking system that destroyed the world and created insane social and economical gaps ... and by bitcoin i mean cryptocurrencies in general !
@@wingman751 I was speaking about Bitcoin. I know crypto can do more, like Ethereum, but Bitcoin is really like gold. You can send it to people more easily though.
Literally no money on earth is backed up by anything anymore
Crypto is not different from real money in any appreciable way
Regarding 9:32, money nowadays is fiat currency, because the central banks of governments have declared it to be money. However in olden days, money used to be based on precious metals such as gold or silver. Nowadays excessive government spending deficits and inflation have long since caused money based on gold or silver to no longer be feasible. On April 5, 1933, President Franklin Delano Roosevelt forced Americans to sell their gold to the U.S. government for $20.67 per troy ounce as mandated by his presidential Executive Order 6102. On August 15, 1971 President Nixon declared that the United States would no longer allow foreigners to redeem their U.S. dollars in exchange for gold bullion from the United States Treasury which in essence repudiated the Bretton Woods Agreement from 1944. The gold reserves of the United States currently are 8,133.5 metric tons. Although the highest price of gold rose to $2,078 per troy ounce on August 6, 2020, the Federal Reserve which is the central bank of the United States still uses the archaic value of gold priced at only $42.22 per troy ounce established from February 12, 1973. Meanwhile the National Debt of the United States has skyrocketed to more than $28.24 Trillion and climbing ever higher every second. The U.S. Dollar has become weaker due to the Federal Reserve's Quantitative Easing & Economic Stimulus policies.
Lol for the entire video i was thinking this was the discovery Channel but then i saw your channel name 😅
3/100 of an ounce? You mean... a gram?
As a hobby gold prospector myself, and as they found out first hand; yah it's hard to find. When you actually go out to prospect placer gold and have to move hundreds of pounds of dirt just to find a gram of gold you get a sense of why gold gets its value.
It's expensive because of its uses and applications. Unlike diamonds which are pretty much useless until a jeweler smacks a price tag on it.
Dude just revealed this man’s personal gold hotspot to the internet
Alternatives to mercury usage would've been interesting 🤔🤓
It would have to be able to amalgamate with gold
but mercury is all natural
your channel has some great content that you deliver in "down to earth" manner
The "Eureka" at the end was priceless! 🇭🇲🤗
Imagine that you have microscopic pieces of bread all over your house and there is nothing else to eat, and 10 people live with you. You get to put a lot of pieces together but it takes a long time and in the end you have enough for a dinner. of course everyone is going to pay a lot for it
The pure joy when he found the tiny speck of sparkly rock, is the real gold
Use metric pls. Oz?
We all agree that it has value because it has characteristics: Nonperishable, (relative) scarcity, low volatility in price, fungibility, divisibility, transferability. It amazes me that people don't understand the basics of what determines what asset becomes a store of value.
A 3 to 1 alloy of titanium and gold ostensibly has some pretty exciting features (not to mention some Iron Man street cred) - such as being 4 times harder than titanium, high biocompatibility, having superconducting properties at 20 Kelvin, and holding onto that superconductivity in magnetic fields 10s of telsas strong.
Seems like a better use of gold than sitting in vaults.
Yes, I like something more conductive than copper or silver while I'm chilling in my room at 20 degrees above absolute zero.
Is actually quite rarer than Central Banks digital currencies. And you have to put effort into finding it.
There is a HUGE deposit of Gold under The Federal Reserve Bank of New York. Finding a big deposit is a lot easier than getting to it.
Well its not that rare when you are looking for it in gold rich area :))
A little disappointed he didn't touch on the fact that gold is a superconductor...
Not sure why everyone missed the point of the video and a ton of haters but I thought the video was great!
"Just dont dig straight down"
Why didn't you tell that earlier. I have lost my elytra to lava.
Also the deeper you Dig the hotter it gets so you can tell lava beneath you if the mineshaft is 800 °c
My friends and I fell into a deep cavern, then started running from spiders....when we saw the pool of lava we were already dead, all of our loot just burned away.
gold isn’t rare, it’s common in tiny quantities. But all the gold in the world can only fit in 3 Olympic swimming pools
That's the supply of gold, all gold already mined. Not all gold in the world. More gold is mined every year and as it's value go up the rate that It is mined at increases too
Incorrect, that's the gold we currently have mined, the heart of the core of the earth is made up of gold and platinum, now you know how much gold is there
@@amishmittal4536 There are TINY amounts in the core. Current estimates are 1 part per million of gold and 4 ppm of platinum. Gold is incredibly rare on earth by nearly every metric.
@@jonjo2598 still its too much since the earth is just too big
@@amishmittal4536 Rarity is on a relative scale, not an absolute one. If there are 1 parts per Trillion of a particular atom but we happen to be mining from a nebula with the mass of a million suns (1.3 million Earths), it is not less rare than gold is on earth. It would be more rare.
That place is beautiful, where is it?
The other 61% is what gives gold its value, not just the general agreement that it has value. People do not make jewellery out of gold for no reason: it has the colour of sunshine and brightens your world any time of day. It has genuine intrinsic value--use for another purpose--which Btcers don't want you to comprehend because they have created a digital fiat, which has no more value than the USD it is designed to replace.
With that beard you kind of look like an old timey gold panner 😂
When you mentioned asteroids, I thought of Jimmy Neutron’s aster-rubies.
seems like you could create a filter that goes across the faster moving parts of the river, that specifically collects gold? Would have to research a chemical process in order to attract it though. Might be difficult since gold is fairly non-reactive.
Gold is rare, but the properties of gold allow for it to be used efficiently.