In one of the most jaw-dropping figures to emerge in space-resource discussions, the asteroid 16 Psyche—located in the main asteroid belt—has been estimated to contain metals, including gold, iron and nickel, to the tune of roughly US$700 quintillion. The figure has grabbed headlines as a sign of what the future of space mining could hold—but it also carries huge caveats.

The asteroid is thought to be the exposed core of a former protoplanet, stripped of its outer layers during early solar-system collisions, leaving a dense metal object of approximately 226 km in diameter. While the valuation is metaphorical (the money is not going anywhere soon), the reality is that NASA’s probe—launched in October 2023—will arrive at Psyche in 2029 to map and study its internal composition, not to mine.

Why this matters:

• If such vast metal reserves exist in space, they challenge our notions of “scarcity” and resource extraction on Earth.

• Yet extracting them remains purely theoretical: the cost of travel, mining, transport and refining in space would be immense.

• A sudden influx of gold or other precious metals could disrupt Earth’s commodity markets and value systems.

• The mission also offers scientific insights into planetary formation, metallic cores and the early solar system.

In short: The gold-rich asteroid headline is real enough to spark wonder, but the practicalities—from ownership, logistics and economics—mean we’re decades from actually turning space metal into Earth-mine value.