Silver/USD is at its highest since 2013

[mindrust]

When those assets that performed better are copper, aluminium and iron then sorry but the title of precious metal seems a bit of delusion!

Of course of course, and finally, in 2025 we will have the crisis that should have been in 214,2015,2016..
But it will for sure happen next year or do we have to wait again for 2035? Or 2045?

Good, tell me the price of bitcoin in USD, yuan, ruble and riyals without googling.  
Waking up my ass, half of the board here thinks the currency of China is the yen and you think they dislike dollars.

When you say rub you are talking about that toilet paper that got devalued three times and that has its CB with a rate 3 times higher than the US?
The same superpower that is in a special operation for 3 years and half a million soldiers lost?  

Wow, judging by your angry response, I can see that my post hit a nerve pretty hard.

The good thing is, the world decide what is precious metal and what is not. Silver has been a precious metal for more than a few thousand years...

As for the rest of your comment, I don't see any point in continuing this debate with you.

[stompix]

Wow, judging by your angry response, I can see that my post hit a nerve pretty hard.

Angry? You must be joking, I'm having a ton of fun!
Image, it's 2024 and somebody is posting on a forum that the US will be forced to pay its debt in rubles!
Common, not that Rick and Morty is on pause this is like the most entertaining thing on the internet!
And even funnier is that you're serious!

The good thing is, the world decide what is precious metal and what is not. Silver has been a precious metal for more than a few thousand years...

Exactly, and since you see it is performing worse than a thousand other options, seems like the population has decided that silver is just....meh!
I'm pretty sure it will do great when whatever you're seeing in your crystal comes true!

The USA will be forced to pay its dollar debt in rubles.....

[mindrust]

Since continue with your false accusations, I have to respond to this post.

Angry? You must be joking, I'm having a ton of fun!

That's good to hear. I thought you were having a tantrum because you are posting a lot of those emojis. I don't really want to cause an heart attack over there.

Image, it's 2024 and somebody is posting on a forum that the US will be forced to pay its debt in rubles!

^{[false accusation 1]}

That's what will happen if (pay attention to this word) the US loses the next world war. Do you think the loser will get away without getting any punishment? Whether the US will be the winner or the loser is another debate. I didn't say anything about the outcome of that war. So you are making it like I said that the US will certainly be paying its debt in CNY or RUB. No. That's one of the two possibilities.

Common, not that Rick and Morty is on pause this is like the most entertaining thing on the internet!
And even funnier is that you're serious!

I am dead serious. I don't care what you think of me though.

Exactly, and since you see it is performing worse than a thousand other options, seems like the population has decided that silver is just....meh!

^{[false accusation 2]}

Nope. Just google what precious metals are and share the result with us here please. The population still thinks silver is a precious metal. I'd like you to show me the proof that says otherwise.

I'm pretty sure it will do great when whatever you're seeing in your crystal comes true!
The USA will be forced to pay its dollar debt in rubles.....

Again, the false accusation #1. I didn't say that's going to happen for sure. Having hyperinflation is also a potential outcome.

I don't know what's wrong with you but you act like your life depends on the well-being of the US. I don't think even the politicians in the US are as US-fanatic as you are. Have you seen the national debt of the US? Let me tell you, It is a lot. One way or another, that debt will be paid back. I already told you the possible scenarios, please don't make me repeat myself.


Since you like to continue, forget about the part above and please don't respond to it because there is no point in arguing with you further. I only want to hear one thing from you:

Just tell me what will happen next?

How will the US pay ~$35 trillion back? Do you think the US will be having trade surpluses any time soon? Will they sell their gold? What's the game plan?

Do you think the USD will keep being the world reserve currency? Is it sustainable? If so, for how long? 5 years? 10 years? 100 years? Forever? What's your guesstimate?

Let's talk the real stuff if you have anything to say.

[stompix]

I could tell you a story of the kettle and the pot but maybe you're going to pop a vein so I'll have mercy on you!

I will still take the time to remind you that's not nice to ask people questions and demand they answer when you don't do the same, but anyhow since I'm always in a good mood making fun of doomsayers and they completely lack knowledge of economics, I'll entertain you

Since you like to continue, forget about the part above and please don't respond to it because there is no point in arguing with you further. I only want to hear one thing from you:
Just tell me what will happen next?
How will the US pay ~$35 trillion back? Do you think the US will be having trade surpluses any time soon? Will they sell their gold? What's the game plan?
Do you think the USD will keep being the world reserve currency? Is it sustainable? If so, for how long? 5 years? 10 years? 100 years? Forever? What's your guesstimate?

They will pay it back just as they have served their debt forever, since unlike Russia and China which have debt lol in USD, nobody is asking the US to take debts in rubles or yuans, and most important if you get your nose from those doomsday clocks and things you will see that the ratio of US debt to GDP is on a continuous decrease for 3 constant years!
Also, if you stop to read Chinese and Russian propaganda you will see this:
https://www.livemint.com/economy/china-vs-america-us-gdp-rises-6-3-outpacing-chinas-4-6-to-become-world-s-biggest-economy-11706236229488.html

US gross domestic product rose 6.3% in nominal terms, compared to China's 4.6% gain in 2023. The US economy is emerging from the pandemic period in a better place than China’s.

https://fortune.com/2024/05/27/china-economy-outlook-growth-us-gdp-forecast-aging-population-demographics-high-income/

You will also find out that China has a bigger debt than the US, and again, it's in $
https://asia.nikkei.com/Spotlight/Caixin/China-s-debt-to-GDP-ratio-climbs-to-record-287.8-in-2023
Because it's easier to say you're only $100 in debt while your kids own $100 000, like the Chinese government does with both provinces and prefectures allowing them to have external debts.

Also, trade surplus...of yeah, the horror
Russia had a 9-year trade surplus, it defaulted in the 90's, the URSS had a trade surplus forever, it crashed down, Germany had always had a trade surplus and never managed to catch in GDP per capita with the US, and most importantly, it's a different thing for each country.
Let me give you an extreme example:

Vietnam is one of the largest exporters in the world, it has a $371 billion export, now....there is a problem, their GDP is 408 billion...so...
The trade balance is meaningless in value. if you spend $100 to export $101 it's a worse deal than spending $100 to import $105 that will make your economy grow by 10%, the US has never had a positive trade balance over 1%  since ww2, Russia has always been positive and they work for 210$ a month!

Do you think the USD will keep being the world reserve currency? Is it sustainable? If so, for how long? 5 years? 10 years? 100 years? Forever? What's your guesstimate?

Since you love the talk about wars so much, when was the last time that a global power that held the dominant global currency was attacked and defeated on home soil or lost 70% of its resources and territory, an event that led to its demise?
So, 10, 30, 50 years...it all depends on when Canada decided to invade and defeat the US  
And seeing that Russia in Ukraine is progressing by 2.78 km2 per day, this will take about a few tens of million years.

[boykaz]

You know, there's always chatter about paper money versus the real deal when it comes to metals. And yeah, figuring out where currencies are headed is like trying to predict the weather sometimes. Hyperinflation's a legit worry, but whether we're heading down a Weimar Germany road or something completely different, well, only time's gonna spill the beans on that one.

[mindrust]

You know, there's always chatter about paper money versus the real deal when it comes to metals. And yeah, figuring out where currencies are headed is like trying to predict the weather sometimes. Hyperinflation's a legit worry, but whether we're heading down a Weimar Germany road or something completely different, well, only time's gonna spill the beans on that one.

The US has been paying its debt with more debt since they have removed the gold-dollar peg. It went all downhill from there. The clown car crashed once in the early 2000's with the dotcom bubble, and then crashed again in 2008 with the mortgage bubble. The debt is growing exponentially and will be in the hundreds of trillions in a few years..

In 2000, the US public debt was $5.6 trillion. In 2011, it went to $15 trillion. Right now it is ~$35 trillion. Another decade or two, it will be in the hundreds. Maybe even much sooner.

People like stompix think they can forever free ride the rest of the world but British and Roman Empire also thought the same thing. One doesn't exist anymore and the other is far from its former glory.

[cryptosize]

https://brandonquittem.com/bitcoin-rhythms-of-history/

The next global reserve currency will be... BTC. Not RUB, not CNY and definitely not USD or EUR. This will happen by 2030 at the latest (possibly even earlier if China invades Taiwan by 2027).

All (public/private) debt will be erased. Nobody will pay back anything (they'll tell you we should all make a new "inclusive" start from zero for the sake of "Social Justice"), but all debtors will be forced to give their property (land, houses, cars etc.) to creditors as a compensation.

That's the very essense of "you will own nothing and be happy".

Remember: fiat money is fake, while tangible goods are well... tangible.

The BRICs will not be able to create something like the USD (it took huge efforts of propaganda, from Hollywood's portrayal of the "American dream" in movies a century ago, to Scrooge McDuck diving into dollar coins -> mainstream/pop culture propaganda tailored for both adults and little kids).

That's why they're dumping dollars slowly but surely, because they know there's a Great Currency/Debt Reset incoming.

BTC will be the kryptonite they (WEF and its cronies) need for dedollarization. So keep calm and keep stacking sats.

Nobody will measure commodities (such as oil, gas, copper, wheat etc.) in USD by 2030, everyone will count them in sats and the BTC mainnet will mostly be a settlement network for country/bank transactions (expect transactions to cost no less than $1000, especially if BTC reaches 1 million USD by then).

It will basically be Gold Standard 2.0, only this time they'll tell you CBDC is "backed" by BTC (well, not really, but big countries like China already have huge BTC reserves to prop up their local currency). Russia must also have a secret stash.

BTC for the elites, CBDC for the plebs. Red vs blue pill.

Bookmark me for future (2030+) reference.

[cryptosize]

I forgot to put the links that explain how the Great Taking/Reset will be performed:

https://thegreattaking.com/read-online-or-download (free pdf)
https://www.youtube.com/watch?v=dk3AVceraTI (Documentary)
https://bombthrower.com/the-great-taking-the-latest-anti-mainstream-conspiracy/

Worth a read.

[cryptosize]

People like stompix think they can forever free ride the rest of the world but British and Roman Empire also thought the same thing. One doesn't exist anymore and the other is far from its former glory.

Some people have had a rough childhood in the USSR, so they truly believe USA is the "savior" of the world (even though they cannot even save themselves these days ).

The thing is, Communism is coming back, with a vengeance. They're not hiding anything at all, it's in plain sight.

I'm not worried about the capitalist Russia, I'm worried more about children who will live to see the EU transforming into a EUSSR/China hybrid.

Just like USSR, EUSSR has tons of overregulation (banning plastic straws in the EU will surely save the world from pollution! ), very little production, minimal innovation... seems familiar, doesn't it?

Every empire eventually falls. The Byzantine, the Ottoman, you name it.

Most people living in the current status quo have denial to accept the bitter truth.

I mean, imagine paying taxes and insurance your whole life, only to realize that eventually your pension funds will be decimated due to hyperinflation? Who would like that? Even 401k isn't totally safe.

It happened in Romania and it wasn't pretty.

[cryptosize]

The US debt is growing exponentially and the only way to pay that much debt is printing even more debt > hyperinflation

It will be either Weimar Germany or there will be WWIII soon. I don't think the USD will go down silently and peacefully.

The USD is not going down at all, rather its the most popular commodity there is outside the US.
Only US Citizens blast the $ where ever they are. You hate what you know.

I live in a country where is was halfway forbidden to name the Dollar, still that didn't stop the people adopting the Dollar as most popular currency.
On the colombian border the peso is the adopted currency.  

When you have 2 shitcoins (i.e. USD vs TRY), you're going to choose the lesser of 2 evils.

That doesn't make the USD any less of a shitcoin/Ponzi...

Worth a watch: https://www.youtube.com/watch?v=OuOcnGAv4oo

There are strange hype about silver in the twitter that i can't understand. Looks like nothing changed for this metal however people are buying it much more in the recent months

The green transition will increase demand for silver (it's needed in solar panels).

There are strange hype about silver in the twitter that i can't understand. Looks like nothing changed for this metal however people are buying it much more in the recent months

It is underpriced af that’s why people are hoarding it. I don’t think there are many commodities that haven’t reached its last ATH recently. Silver is one of those rare assets. It hit $50 in 2011, then crashed and it hasn’t been recovered from that crash ever since.

Gold made a new ATH and went above $2400 but silver is still struggling. If you check the historical gold/silver ratios, you’ll see that either silver is cheap or gold is expensive. Since gold isn’t expensive, it means silver is cheap.

That’s a sure bet.

Sounds like the BTC vs LTC situation.

LTC is still undervalued and some people speculate an ETF is in the works...

The US debt is growing exponentially and the only way to pay that much debt is printing even more debt > hyperinflation

It will be either Weimar Germany or there will be WWIII soon. I don't think the USD will go down silently and peacefully.

Yep, unless there's a WWIII or the US performs some kind of financial wizardry, it seems inevitable that US citizens are going to be using Canadian dollars or Mexican pesos (or maybe euros) as their preferred currency.  But somehow I have a feeling that none of those things are probable except for a war--and that's frightening.

With regard to silver and gold, I'm not sure their recent rise is tied to deteriorating economic conditions.  That could be the case, but if you remember the years leading up to 2011, it was really just speculation that drove gold and silver to all-time highs (though silver had reached $50 in the 1980s because of the Hunt brothers if I'm not mistaken).  That might be what's happening now, because asset prices have been rising across the board for some time now, with metals (including copper, too) lagging stocks and crypto for years.

The only way US can get out of this mess is if they manage to invent AGI or human-like robots first.

This would easily boost GDP/productivity 100 times (I'm not kidding) and make the current debt look like a joke. Back in 1971 (Nixon shock) Intel invented the very first CPU/microprocessor (Intel 4004).

Will it happen this time around? It's not very likely in the current political/social climate.

I expect AGI and/or human-like robots to come from Asia (most likely China).

Why? Because China values meritocracy, while modern America values wokeness.

If you were wondering why Intel got left behind compared to TSMC, it's because Intel started focusing heavily on diversity hires a decade ago.

This caused an exodus of top-notch engineers and an influx of PoC/purple-haired wackos.

The collective West is going to pay a huge price of its hubris... just like Russia exported hookers after USSR fell, the West will export OnlyFans thots.

Gold and Silver are pricing the incoming interest rate drops. Meaning; People are increasing their positions in precious metals (and bitcoin) to front run the hyperinflation scenario which is expected to happen in the near future after the FED drops the interest rates.

We're still in 2024, it's a bit early for hyperinflation.

I expect it to begin in 2027 when China will invade Taiwan -> no more high-end microchips -> disruption in supply chains (100x worse than COVID/Ukraine) -> hyperinflation (imagine a Xiaomi phone jumping from €200 to €5000 in a single day or an RTX 4090 costing as much as a Tesla).

EURO is an abomination. As you can see above; Germany, Norway and the Netherlands are doing the hard work while the others do the leeching. If EURO was only used by Germany, Norway and the NL (and maybe France since it has some real economy), then it would be a strong af currency but not in its current state. It is crap as it is.

Norway is not in Eurozone last time I checked.

France doesn't have a real economy anymore, we don't live in the Minitel era.

They don't have cheap uranium from Africa anymore to fuel their nuclear factories, it's a declining former colonialist empire.

The euro has always been a fiat currency, it was never tied to the Gold Standard. It's all smoke & mirrors.

Regarding Germany, you have to realize that they have a huge advantage in ICEs (internal combustion engines) and they're willing to suicide by adopting the green/climate agenda of EVs.

Guess who's the leader of EVs? China. They even have a huge amount of rare earths.

The game has been in rigged by WEF in a certain way (West is destined to fall, while the East will rise). Too bad most western citizens don't realize it and they're too busy "discovering" their favorite gender/pronoun.

Good for those that have brought some silver but even at their highs right now, I don't think that it's ever enough for me to convince that the prices for this precious metals going is ever going to go up anytime soon, I'm pretty sure that it won't be able to beat bitcoin anytime soon. It's not really advisable to hoard gold, silver, or any precious metals because they're difficult to store and in dire situations where there's still a government in existence, they'll definitely seize those because they're going to need to keep up the government and what better way to get money than to sell precious metals that's either from the vault of your country or seizures from the people in their domain.

Metals don't have a supply cap, unlike BTC:

https://theprint.in/opinion/giant-asteroid-has-gold-worth-700-quintillion-but-it-wont-make-us-richer/260482/

[WillyAp]

When those assets that performed better are copper, aluminium and iron then sorry but the title of precious metal seems a bit of delusion!

Copper we run out in 2030 I think, helium before that.
Hording copper is a good idea if you have a lot to spare.

When you have 2 shitcoins (i.e. USD vs TRY), you're going to choose the lesser of 2 evils.
That doesn't make the USD any less of a shitcoin/Ponzi...

There is more to life than black and white. I call that verbal extremism, everything or nothing, always or never. Only one of the 2.
That leads to a narrow mind set. Everything is fine if it pays your bills. 

[STT]

People said in the 1970s we'd run out of various commodities and its not yet occurred.   What tends to happen is the price rises and more difficult production and investment is justified by that higher market price.

We dont know future prices but Copper is likely to continue rising.  It also depends how technology develops, thanks to wireless technology less copper is needed for physical communications links for example.  Thats good as demand is already very high but its fair to say commodities are in a bull market for multiple decades imo.

Silver has good demand from its base elemental properties, some of which are superior to any other metal.   I think its a vital part of solar power so will continue to do well, it is a semi industrial metal compared to gold or more precious metals so its market dynamic is more volatile imo.

[mindrust]

People said in the 1970s we'd run out of various commodities and its not yet occurred.   What tends to happen is the price rises and more difficult production and investment is justified by that higher market price.

We dont know future prices but Copper is likely to continue rising.  It also depends how technology develops, thanks to wireless technology less copper is needed for physical communications links for example.  Thats good as demand is already very high but its fair to say commodities are in a bull market for multiple decades imo.

Silver has good demand from its base elemental properties, some of which are superior to any other metal.   I think its a vital part of solar power so will continue to do well, it is a semi industrial metal compared to gold or more precious metals so its market dynamic is more volatile imo.

Silver is a better conductor than anything but it also oxidizes faster than both copper and gold. Copper is a better conductor than gold and slightly worse than silver but it suffers from the same problem as silver does.

Gold never oxidizes and its conductivity is almost as good. That's why electronics manufacturers use gold when durability is needed more than conductivity. Take a look at your CPU's pins, they are all gold plated because if those pins get oxidized, your computer won't work.

In the end there is a need for all three of these metals and that need will never go away I think.

If silver price doesn't move anywhere for more than a decade, it only says one thing: "BUY"

[kryptqnick]

The precious metal closed 6.5% higher at $31.49 an ounce Friday, the highest since February 2013. It has soared 32% this year, outpacing gold and making it one of the year’s best-performing major commodities.

Not only silver is at its 10 years high, it also closed the day with a record high gain, 6.5%. (gold is >$2415) It looks like they are running out of paper and can't suppress the metal prices with their worthless papers anymore. I can't really believe that though, can they really run out of paper?

The US debt is growing exponentially and the only way to pay that much debt is printing even more debt > hyperinflation

It will be either Weimar Germany or there will be WWIII soon. I don't think the USD will go down silently and peacefully.

Well, with Russia's imperialism, it doesn't sound too unlikely that WW3 is somewhere around the corner. But with all of that playing with fire that the USA has been doing for decades with the USD and especially over the last few years, I must say that the currency is doing really well. Inflation rate is low, percentage of global foreign currency reserves in the USD is very high (and no other currency is even close to competing with it). Plus, there is some explanation of silver growth in the article you've linked that has nothing to do with USD overprinting or US foreign debt: silver being a key metal for solar panels.

[The Sceptical Chymist]

The US has been paying its debt with more debt since they have removed the gold-dollar peg. It went all downhill from there.

I merited your post because of the statement above, which does seem to make sense even though there's no way in hell any country is going to go back to having a gold-backed form of currency.  The merits have nothing to do with the argument between you and stompix, which I don't want to get in the middle of.  Just clarifying that.

Silver dropped a little since I posted here last, but not by much.  Meanwhile the stock market is all in the red today and I'm still waiting for a crash or a major correction that never seems to come.  How long can a bull market last?  I mean Jesus, this one started right after the crash in 2009!  With all the debt the US has and the state of the world economy ebbing and flowing over the past 15 years, you'd think there would be a break at some point....but nope, everything in the stock market just keeps going up, and precious metals haven't quite kept pace even though gold is soaring.

I'm rooting for silver as always, though.  It's the poor man's gold, so it's been my favorite for many years.

Copper we run out in 2030 I think, helium before that.
Hording copper is a good idea if you have a lot to spare.

I don't know where you got those notions from, but since a lot of people recycle copper I don't think we're going to run out of it, much less in six years.  Helium I have no idea about, but that'd suck for all the kids' birthday parties that depend on balloons.  AFAIK there's no substitute for helium.

[WillyAp]

I don't know where you got those notions from, but since a lot of people recycle copper I don't think we're going to run out of it, much less in six years.  Helium I have no idea about, but that'd suck for all the kids' birthday parties that depend on balloons.  AFAIK there's no substitute for helium.

Recycling is in no way as far as most people wish it'd be.
No reason to be alarmed but its a scenario where countries could go to war over.

https://www.economist.com/business/2023/03/30/copper-is-the-missing-ingredient-of-the-energy-transition
Paywall free https://archive.is/Sfnfw

[NotFuzzyWarm]

<snip>

Copper we run out in 2030 I think, helium before that.
Hording copper is a good idea if you have a lot to spare.

I don't know where you got those notions from, but since a lot of people recycle copper I don't think we're going to run out of it, much less in six years.  Helium I have no idea about, but that'd suck for all the kids' birthday parties that depend on balloons.  AFAIK there's no substitute for helium.

According to USGS data, since 1950 there has always been, on average, 40 years of copper reserves and over 200 years of resources left.

That is from https://internationalcopper.org/sustainable-copper/about-copper/cu-demand-long-term-availability/

Helium however is of major concern: With production facilities coming online in Qatar and Indonesia we will be good well past 2030 but - we are running short per https://www.iflscience.com/is-planet-earth-running-out-of-helium-70630 thankfully many critical uses of it are implementing conservation through better insulation and temperature shielding methods & for semiconductor and welding processes are minimizing usage as much as possible but nonetheless this valuable and irreplaceable gas IS running out.

Back on topic.... There are only about 20 years of known silver reserves left per https://www.physicalgold.com/insights/how-much-silver-is-there-in-the-world/

According to estimates from industry sources, if silver mining were to continue at current annual rates, there are roughly 20 years’ worth of identified and undiscovered global silver reserves remaining. However, that assumption is based on silver extraction levels remaining constant and no new reserve discoveries.

[DeathAngel]

I say good for the silver holders who didn’t have much to celebrate over recent years. Silver is not an investment I am interested in, Bitcoin is better in all aspects but I am always happy to see people doing well making money so congratulations to the silver guys, if there are many here.

[Sithara007]

I don't know where you got those notions from, but since a lot of people recycle copper I don't think we're going to run out of it, much less in six years.  Helium I have no idea about, but that'd suck for all the kids' birthday parties that depend on balloons.  AFAIK there's no substitute for helium.

According to USGS data, since 1950 there has always been, on average, 40 years of copper reserves and over 200 years of resources left.

That is from https://internationalcopper.org/sustainable-copper/about-copper/cu-demand-long-term-availability/

Helium however is of major concern: With production facilities coming online in Qatar and Indonesia we will be good well past 2030 but - we are running short per https://www.iflscience.com/is-planet-earth-running-out-of-helium-70630 thankfully many critical uses of it are implementing conservation through better insulation and temperature shielding methods & for semiconductor and welding processes are minimizing usage as much as possible but nonetheless this valuable and irreplaceable gas IS running out.

Back on topic.... There are only about 20 years of known silver reserves left per https://www.physicalgold.com/insights/how-much-silver-is-there-in-the-world/

According to estimates from industry sources, if silver mining were to continue at current annual rates, there are roughly 20 years’ worth of identified and undiscovered global silver reserves remaining. However, that assumption is based on silver extraction levels remaining constant and no new reserve discoveries.

The methodology that you use is flawed. For metals such as gold and silver, low grade ore is present in earth's crust in relative abundance. As of now, it doesn't make any economic sense to extract metals from this low grade ore because of two things - technology is not very advanced and cost of extraction is more than the market cost of the metal. And in near future, both these aspects can change. And this will cause significant changes when we calculate the total reserves for precious metals such as gold or platinum.

[NotFuzzyWarm]

Which is exactly what that last link I gave says... One bit you got wrong is that current extraction technologies are ARE very advanced. As for the cost of pushing the tech to further limits - ja that will all depend on market values supporting it.

As for silver reserves - that is a well documented known amount. Ore deposits that also happen to contain silver are well known and the amount of silver left them is fact. Being a 'byproduct' of other metals mining ja I assume it is possible to refine old ore tailings piles to extract what (much) older tech left behind but again it must be cost justifiable.

What is needed is someone like Elon & company to starting mining asteroids. It is more than likely that eventually it will be cheaper than trying to keep chasing every bit of ore on Earth...