SpaceX announces the fruits of their first space mining operation. They have brought an asteroid that contains more gold than has ever been mined on Earth, back to Earth orbit. They also have an economical way to get the gold down to the surface.
What happens to the gold market?
If it was brought down all in a short time?
If it was brought down at a slow and steady pace over years?
The problem is keeping the cargo from vaporizing on the way down. Also not hitting the surface with the power of a large bomb and scattering all over the place.
The dragon capsule can only return 8871 troy pounds. A launch of a single capsule cost 61 million USD. 13;500 USD per troy pound of gold. A total cargo value if it is all pure gold of 120,000,000 USD.
in short time? It would collapse
Slow and steady pace? same scenario. I think everyone would sell everything in the moment they read this news, i dont think anyone would keep their gold if they know in some years it will be worthless, maybe some rich douchbag will buy a lot of gold and someday some technology will need a lot of gold and the grandsons of that rich son of a bitch will be even richer
Current generation of investors (us) split between a comfortable majority who stick to stocks and fiat currency--the 10% of /biz/ who rode the risk wave of the 2017 depression and made it big--while the unintelligent and libertarians invest in more gold.
A select few--either from the new money group or aspiring entrepreneurs--will go all in on the delivery and production technologies, creating a sizable space mining industry.
Supreme projecting: liberal governments like the US and Canada bring back the gold standard while buddying up to the aforementioned gold tycoons, who become the new 1%. Crypto dies quickly; fiat currency s supplanted by gold, the monetary production of which can now be plentifully controlled. Poor libertarians become the new indebted liberal minorities. Everybody else gets moderately richer, but not so much as the "goldmen."
You can safely hedge against this future by buying Ethereum.