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phoenix

The rise of AI and what it means for stackers

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The NHS will introduce artificial intelligence software next year to diagnose cancer, self-driving cars are 10 years away from taking over the roads and robots can already do many precision tasks better than us. In 30 years it’s likely the majority of people could be replaced at work by machines. What happens then? If machines undercut labour costs, what happens to global currencies when no-one has an income from work? It will redefine society.

What happens to PM in this world? With their cultural value (and industrial) it seems that gold and silver should retain meaning as world currencies fluctuate. I won’t retire for more than three decades so these changes will impact hugely on my old age. But no-one is really talking about it.

What do you think?

 

 

 

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I'm not too worried, where I work they have lots of machines but they fail, they breakdown regularly and will always need people to run them, on top of this they are very expensive especially the AI you are talking about but the price of gold will most likely increase.

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What Clens said, basic income is the way forward in the face of automation. We already have it now but its the unfair version called benefits. 

Gold and silver will always be valuable, just depends like you say on what drives the future value, industry culture or monetary. No on knows, which is why we are suppose to diversify, despite the desire to buy only gold and silver with every spare fiat going. :P

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The advances of AI are overstated.  As someone who studied this subject in the 90's the state of the art has barely moved, what is called AI is really machine learning.  Give a system so many examples, so much input that it processes so fast it can arrive at a decision appearing to be "intelligent".  There are great advances in various fields to utilise this, but not to the degree some like to forecast.  

The jobs taken up by machines will free human labour for other more productive purposes.  We've had technological revolution before and each time the population find new work in new areas. The system detecting cancer will just mean more patients can be diagnosed earlier, mass screening becomes possible, still need doctors to actually carry out personal consultation, treatment, and nurses to provide care.  On the other hand robotics have been replacing manufacturing for decades, and no one paid much attention to that change. 

Main thing for PM is the increase use of silver in technology will support or raise price.  Gold maybe not so much as its too expensive to use in quantity and so valuable that recycling is a commercial operation.  Chap i know works in recycling plant, they spend hundreds of thousands on machines and processing line to reclaim materials from electronics).

 

Edited by Martlet

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