The gold we currently have is as a result of human mining and refining, however, much of the gold in the world is still buried deep underground – in the ocean. To get the gold out would require an immense amount of technology. It has taken half a century for mining technology to improve on what we currently have. To keep up with rising demand for gold we would have to improve technology and fast. But how much gold is still buried deep within the earth’s crust?
One consensus amongst the scientific community claims there to be enough gold to give the earth a 1.5-foot coating. According to Bernard Wood, a geologist from Australia that would give us approximately 1.6 quadrillion tons of gold. The problem is that all that gold is immersed in tonnes of molten lava. So where else can we get gold easily- the ocean?
According to the U.S National Ocean Service, there is plenty of gold deposit on the seafloor. The gold found in the water alone measures approximately 20 million tonnes. This is enough to give every person on earth nine pounds. Extracting this gold might be more costly than mining it. And if we could a little bit of it would cause a number of progressive price changes. Could we mine this gold? Many economists disagree with this theory and claim that golds scarcity and price do not reflect the possibility for this much gold to exist beneath the earth’s crust including the ocean.
China, the world’s biggest producer and consumer of gold, has set its sights on marine gold. According to Stef Kapusniak, a UK-based engineer for a company that makes remote deep-sea vehicles, China has acquired more mining and exploration areas in the ocean than any other country in the world. The Chinese have also been working to improve their mining capabilities. It is believed that China has acquired 80% percent capabilities for building the technology to mine and develop boats to take mining operations to sea.
What would happen to the gold market if China or any country succeeds in getting the gold out of the sea? The increase in supply may cause the price of gold to drop. When this happens the market will be flooded with people who want to sell bullion that have not been used. Market fluctuations are inevitable, but the demand for gold seems to be coming from all fronts. With its growing use in various industries it is expected that the demand will rise as the market for smart phones, computers, and various other electronic devices is expected to rise in the next ten years. For instance, the smart phone and electronic device giant Apple is expected to rise by 10.9% in the next year. That means more products needing gold will be made by this manufacturer. Governments are also increasing their gold reserves, Russia and India are buying more gold, so is China and other eastern countries. So maybe demand will still manage to keep the gold price from dropping too low.
What the markets will do is anyone’s guess. For now, we can only speculate as mining from the ocean floor has not happened yet. It is important that we keep track gold that is currently in circulation and the best people who can help recover the gold that’s not been used are the gold bullion buyers that ordinary people can sell bullion to.