| Author |
 Replies: 25 / Views: 2,573 |
Page 2 of 2
|
|
|
|
Valued Member
United States
118 Posts |
Quote:
The US national debt is now equal to 250,000 tons of gold. As a comparison, it would take 6,250 semi-trucks to haul it around. Actually it would take over 12,000 semi-trucks to do the job. Loaded semi-truck can weigh 80,000 lbs but can only take about 45,000 lbs load which is almost 20,5 tons |
|
Rest in Peace
United States
9104 Posts |
Never recall CNBC being called above ground, but...  Are those gumbint amounts, or total amounts. Interesting to see that China plans to add as much as the first place total. |
|
Pillar of the Community
United States
4008 Posts |
Quote:
World Gold Counsel claims a total 165,000 tonnes of gold have been mined in human history, as of 2009. An interesting stat since decent records of this probably do not go back more than about 200-300 years. That seems pretty minimal compared to about 8,000 years of recorded human history and the many tens of thousands of years before that. Just a thought.  |
|
Rest in Peace
United States
9104 Posts |
Gotta remember, in early times, it had to be laying on the ground. Just like oil, they didn't have the technology to drill a mile through rock.
|
|
Pillar of the Community
United Kingdom
2838 Posts |
@ Ed_B WGC also add: Quote:
The best estimates available suggest that the total volume of gold ever mined up to the end of 2009 was approximately 165,600 tonnes, of which around 65% has been mined since 1950. Must admit its a strangely worded website and we know what Mark twain said about statistics. India is the worlds largest consumer of gold (500-700 tonnes per year!) accounting for about 20% of world demand! |
|
Pillar of the Community
United States
4008 Posts |
Quote:
Must admit its a strangely worded website and we know what Mark twain said about statistics. Indeed we do. I believe that he also said that "figures lie and liars figure", which is similar. Quote:
India is the worlds largest consumer of gold (500-700 tonnes per year!) accounting for about 20% of world demand! India has had a long history of gold used as a way to preserve family wealth. It is not at all unusual for a woman in India to wear several gold rings, bracelets, and necklaces made of gold. When hard times come, which they usually do, these are sold off one at a time to feed the family and pay the bills. With luck, these last until better times come and they can again collect gold jewelry to protect themselves against the next financial disaster. Asians are acutely aware of such problems. They have seen many governments fall and their currencies become worthless. They have seen the suffering caused by dying currencies and have no desire to participate in the next one. Gold, on the other hand, ALWAYS has value, no matter who is in charge at the moment. There is a lesson in this for all of us. Those who have had experiences that we have not are telling us that gold (and probably silver too) are REAL and can weather most any financial, social, or political storm... so it is good to have some of them for financial protection. |
|
Valued Member
Australia
193 Posts |
|
|
Rest in Peace
United States
9104 Posts |
Quote:
I read today that the private holdings of gold in India is approximately 18,000 tonnes; which is about double that held by the U.S. government. When I look at these various sets of numbers, I want to know what they're comparing. Gold in gubmint/biz vaults? The family gold of an Indian woman is far less likely to be dumped on the market than a country's gold reseves. If you spent ten years accumulating 100 ounces of gold, you're very unlikely to sell it. If you bought it last month when a CD became due, a 10% rise might be plenty of incentive. Another article on why the gold market isn't like past gold markets is the attitude of buyers from India: http://www.streetauthority.com/exch...igher-458505 |
|
Bedrock of the Community
Australia
21788 Posts |
South Africa would have the biggest gold reserves. Problem is that they are yet to be mined.
|
|
Pillar of the Community
 United States
830 Posts |
Good link Fred, thanks! This was very interesting: Quote:
Action to Take --> The change in consumer behavior in India regarding gold looks to be a long-term change. India's current population is about 1.2 billion people. The middle class is already about 50 million in size. This figure is expected to grow tenfold by 2025 according to the U.S. State Department, thanks to India's expected annual GDP growth rate of between 7% and 10% during this period. And with more middle class Indians that can not only afford more gold for the traditional festival season, but also for investment purposes, this only bodes well for demand for gold in the years ahead. |
|
Pillar of the Community
United States
4008 Posts |
Thunder... does all that mean that India can now start paying back the billions of dollars that they received over the years in foreign aid? No, I really didn't think so. :-/
|
|
Pillar of the Community
United States
1231 Posts |
Quote:
The US national debt is now equal to 250,000 tons of gold. As a comparison, it would take 6,250 semi-trucks to haul it around. It is 2.5 times heavier then a modern US aircraft carrier. It weighs more then every person in the state of Mississippi combined Nod, where in the world did you find the weight of every person in the state of Mississippi? |
|
Pillar of the Community
 United States
5953 Posts |
I have property in Mississippi but don't live there so is my weight included or not?
|
|
Pillar of the Community
United States
1064 Posts |
Great link, certainly gives one a lot to think about!
|
|
Pillar of the Community
United States
667 Posts |
Very interesting read and more info to think about.
|
|
Page 2 of 2
|
Replies: 25 / Views: 2,573 |
Page 2 of 2
|
First Page
Posted 08/15/2011 9:58 pm
