Deep-sea gold mining, while still a fledgling industry, continues to contribute to the worldwide gold rush. With potential deposits amounting to hundreds of trillions of dollars lying on the ocean floor, investors are clamoring to wet their whistles. New demand from Indian and Chinese markets means gold is on everyone’s mind. Indigo Precious Metals trades in gold, silver, platinum and more, and offers world-class storage solutions for your precious metals. Our high-security Singapore-based vault is the ideal facility for all your storage requirements. Learn more at www.indigopreciousmetals.com for current gold prices and expert advice on investment.
Under the Sea
Gold, the world’s most popular precious metal, meets the demand for jewelry, medical equipment, electronics components and more. With mining sites all over the world, business remains as lucrative as ever. But gold appears in the places you least expect it. Recent discoveries have reportedly revealed large deposits of gold on the moon of all places. There are also numerous gold veins much closer to home, that is, at the bottom of the ocean. Miles beneath the waves numerous deposits of precious metals and minerals like gold, zinc, silver, copper, and platinum lie in wait. Scientists have known about these deposits for decades but only recently have advances in mining technology made harvesting these rich veins possible. The precious metals and minerals frequently accumulate around underwater geysers where temperatures exceed 600°C. Experts estimate that the total deep-sea gold deposits there add up to more than $150 trillion. That’s equal to nine pounds per every person on earth according to the National Ocean Service.
Market Backlash
Despite the potential wealth to be made, such vast volumes of gold spell troubles for gold prices. Nautilus Minerals aimed to pioneer underwater mining operations back in 2013, targeting coastal areas like Papua New Guinea. Today, it’s in places like these they harvest hundreds of millions of dollars’ worth of the precious metal. Using remote-controlled mining tools, they drill into the tough mineral ores and pump it miles upward to waiting vessels. There they can harvest the minerals and metals without contaminating surface waters, which could be detrimental to local sea life.
Environmental Impact
A relatively new practice, deep-sea mining has so far proven a profitable venture for investors. But what is the downside? First of all, with so much gold to harvest, introducing such huge quantities to the market causes prices to drop. The more gold mining companies introduce, the further they devalue the gold already in circulation. Many difficulties come with the underwater mining industry. Not only is the technology required expensive, but concerns from coastal residents, conservationists, and fishers complicate plans further. Naturally, environmental groups are concerned about the negative effects deep-sea mining has on the local marine life. This limits the array of sites available to mine for precious metals, keeping much of the larger deposits off-limits. Whether deep-sea mining makes significant headway in the world of precious metals remains to be seen. But, we can all agree, the potential speaks volumes.