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In Your Dreams

Bob Hoye
Institutional Advisors
Posted May 7, 2012

The front page of the April 26, 2012 National Post, complete with an image of an asteroid, headlined:

"Asteroid's Appeal to Millionaire Miners"

Main participants are filmmaker James Cameron and Google founder Larry Page, and the headline should have been about billionaires. That this did not come out on April 1st suggests they are serious. But, there could be something to it.

Soaring prices for commodities seem to do weird things to a certain class of thinkers – often found in government. The huge booms in base metals in the 1960s and 1970s provoked some intellectuals, such as Paul Ehrlich, who in the 1960s touted grievous shortages and world-wide famine by the late 1970s.

With this, all kinds of intellectuals got in the play and became certain that the ocean floors were literally covered with base metals. Governments scrambled to seize the wealth by getting excited about "Law of the Sea". There were endless headlines and many United Nations conventions. Eventually, with the bear market for commodities that began after 1980, the issue became quiet.

If Cameron and Page get some traction this could lead to the establishment getting excited about "Laws of Space" that could inspire a run of conventions as various countries each strive to control "minerals in space".

The trading floor cynic thinks that it's another example of "Pie in the Sky".


Company plans to mine asteroids orbiting near the Earth

Irene Klotz, Reuters Apr 26, 2012 – 3:09 PM ET

CAPE CANAVERAL, Fla. - Google Inc executives Larry Page and Eric Schmidt are among those bankrolling a venture to survey and eventually extract precious metals and rare minerals from asteroids that orbit near Earth, the company said on Tuesday.

Planetary Resources, based in Bellevue, Washington, initially will focus on developing and selling extremely low-cost robotic spacecraft for surveying missions.

A demonstration mission in orbit around Earth is expected to be launched within two years, said company co-founders Peter Diamandis and Eric Anderson.


May 4, 2012
Institutional Advisors

321gold Ltd