We haven’t mined 100% of the earth so how can we say that gold is rare? There could be massive reserves everywhere.
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It is currently rare. True, there could be a massive deposit somewhere, but we don’t know where it is. Possible gold does not really affect the actual supply of gold. The economics of gold depend on the actual supply, no the potential supply.
If we were to find a supply of gold and gold were then to become as common as sand or something like that, then it would decrease in value and no longer be that valuable.
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