The narrator embarks on a journey to understand the value and rarity of gold. He starts by researching the history of gold, its uses, and how it's mined. He learns that most gold comes from hard rock mining, which is a difficult and often hazardous process. The narrator then joins an amateur miner in Washington state to search for placer gold, a type of gold that can be found in streams and rivers. After a day of digging and sifting through hundreds of pounds of earth, they find a tiny fleck of gold. The narrator reflects on the gold industry, highlighting its environmental and human costs. He notes that the demand for gold drives millions of people to engage in small-scale mining, which can lead to mercury poisoning and other dangers. The narrator concludes that the value of gold is not just about its rarity, but also about the economics of mining it. Despite the challenges and costs associated with gold mining, the narrator suggests that the allure of gold is still strong, particularly during times of uncertainty.
Here are the key facts extracted from the text:
1. Gold is one of humanity's oldest treasures.
2. Gold came from outer space.
3. Gold is formed in the earth's crust and mantle through the process of super hot water dissolving gold deep underground.
4. Gold collects in areas called veins.
5. When a vein surfaces via erosion, the gold is weathered away into little bits and carried downstream by rivers, forming placer gold.
6. The key to finding placer gold is its density, which is about 19 times denser than water.
7. Gold is typically found in areas where a river slows down, such as along an inside bend or where water deflects around a big rock.
8. Gold has been found all over the mountains in Washington.
9. The biggest single use of gold historically is jewelry, accounting for almost half of all gold ever mined.
10. Gold is used in dentistry for making long-lasting fillings.
11. Gold is used as a conductor in electronics.
12. There are coronavirus tests that use gold.
13. About 75,000 tons of gold are being used as a store of value, accumulated by governments, banks, and investors.
14. Most gold comes from hard rock mining, which involves digging up and processing veins of gold while they're still in the earth.
15. Hard rock mining is difficult and dangerous work, and the chemicals used can leak and pollute groundwater.
16. The demand for gold drives millions of people to engage in small-scale, often unregulated mining, exposing workers to mercury poisoning and other dangers.
17. The industry has a reputation for crushing work and long odds.
18. For every ton of rock processed in an average deposit, you can expect about three hundredths of an ounce of gold.
19. The gold supply is often more about economics than geology.
20. Mining companies have a lot of gold resources that they're avoiding because mining it would cost more than it's worth.
21. There are ongoing efforts to improve gold mining, including campaigns for better labor standards, environmental protections, and oversight.
22. International mining agreements have come online, as have stronger guidelines within mining companies.
23. There are gold deposits across the sea floor, and some early efforts to mine them.
24. Asteroids in our own solar system contain troves of precious metals.
25. The value of gold is not just about its rarity, but also about the cost of extracting it.
26. Most gold is dug up for beauty, status, or abstract value.
27. The value of gold often increases during times of uncertainty, such as the pandemic.