Given the rapid industrial development, the critical dependence of modern civilisation on oil, and the fact that oil reserves are depleting quickly—so much so that some claim we are nearing "peak oil production"—do you believe oil could become a scarcer and therefore more valuable asset than gold?
Or do you think that humanity will find other alternative energy sources and that the transition from oil to new forms of energy will be gradual?
Oil reserves are fine. Researched hydrocarbon production pretty heavily last year and it's good for many many decades. That said maybe asteroid mining crashes gold.
How are we judging this? Total market size or unit price?
Gold is going to lose its monetary premium to bitcoin eventually, which will reduce it's value by something like 90%. It will still have a higher price per ounce than oil, but the total market cap might be lower.
This is a very interesting distinction. It shows how well an economic mind works. 😊
I had the unit price in mind.
That would be a huge change. I suspect gold will always be over $100 an ounce, because it is incredibly useful. Maybe it'll go lower if Elon manages to tap one of those asteroids that are almost pure gold.
That's a good point. And I agree.
I believe that in approximately 30 years oil will be obsolete for energy production. I think so, because of the reserves of Helium-3 found on the dark side of the Moon. Through it, we will have clean energy and with a small amount, we would be able to produce massive amounts of energy production
" oil reserves are depleting quickly" I don't knwo how much of it is true and how much propaganda to keep prices high. It has been decades that the "experts" say we are running out of oil.
Very true. How can anyone really know?
No idea.
Maybe the only way would be scanning the entire planet
And how can we do that?
True, oil industry make every damn year records profits (even during pandemic). That’s crazy to me
There is plenty of oil for many more years. Besides, technology is finding new ways to power machines.
Gold will always be gold.
Oil will always be oil.
Bitcoin will always be bitcoin.
As we develop more, things become obselete.
Its just part of life.
Alternatives already exist. They just are less attractive/not shown/hided because of bad decisions.
Sun is free to use and unlimited, why would anyone not want free energy? Same as geothermal heating, etcetc
About oil reserves, they are ok and don’t worry that people with money (fossil fuel industry and oil countries) will find more even if it means destroying people lifes (kill, expropriate, loot).
What worries me is that it means more pollution. People are a joke.
I think so.. To me it's already far more valuable. Who wants gold? Shiny rocks are cool and all but we need energy.
Nah, check this:
view on youtu.bedeleted by author