Will there ever be a replacement for precious metals?
Gold or silver or platinum have always been considered as precious metals and traded like currency, do we ever think of adding a new metal to this group ever ? Specially ones which common people can own. Will steel ever become precious metal or aluminium ? Yes they can, if mining gets tougher, more expensive, availability reduces or someone finds a new and noble use of it. Come to think of it they are all production related and not really focussed on the consumer except for new and noble use. If we draw out a formula against these things, we wouldn’t be totally wrong to say cut the production irrespective of the demand and enlighten enough number of people with money to spend about the possibilities of future dearth or total unavailability and there you go, sit and see the product raising in value.
I can see one day coal (not really a metal) getting there. If we keep shutting down coal mines the supply of it drastically reduces and consumption entirely stops (no one wants to burn it to produce energy), that equation should in my opinion increase the demand. One other advantage of coal is its character of being harmless even upon holding it close to oneself unlike Uranium.
Clean water became virtuous long time back when we started bottling them, clean air has not become noble yet because no one has been able to package it in a stylish way which can also be carried always on you. Let’s wait and watch what else can become precious?