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 Replies: 25 / Views: 2,572 |
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Pillar of the Community
United States
830 Posts |
According to CNBC this morning (above ground of course) are: #1 USA 8965 tons #2 Germany 3748 tons #3 IMF 3101 tons #4 Italy 2701 tons #5 France 2683 tons But before you start thinking the US is rich, at today's price of $1740/oz that (if my math is right) is $454,518,801,165 or about 454.5 billion worth of gold and our debt is 14.5 going on 17 trillion. But it does leave one wondering what would happen to the price of gold IF the US decided to start dumping gold on the market (assuming its still real gold in the vault)  Edited by GoThunder
08/15/2011 10:19 am
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Pillar of the Community
United States
5832 Posts |
I wonder about the same with the number of gold in the government vault.
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Pillar of the Community
 United States
830 Posts |
China apparently is #6 right now on that list, but... Quote:
China, the largest producer of gold, had announced last year that it would considerably step up gold reserves in the next decade to the tune of 10,000 tons. Currently, the Chinese gold reserves stand less than 1200 tons. Quote from this link: http://www.commodityonline.com/news...154-3-1.html |
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Pillar of the Community
United Kingdom
2838 Posts |
Quote:
(assuming its still real gold in the vault) Would be interesting to know how much of the stated amounts have been leased and subsequently consumed. |
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Valued Member
Canada
442 Posts |
If anything it shows just how staggering 14 trillion really is!
It takes about 9000 tons to pay off just a HALF a trillion dollars!!
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Pillar of the Community
United States
667 Posts |
When the UK just announced they were going to sale their gold back in 1999 the gold market fell 10%.
The UK sold around 395 tons between July 1999 and March 2002 doe an average price of $275 an ounce.
The plan was to take that money and reinvest into such things as bonds, currency etc.
They received around $3.5 Billion today that gold would be worth $19 Billion give or take.
Timing is everything. :) Of course 20 -20 vision into the future is priceless.
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Pillar of the Community
United States
4989 Posts |
U.S. is a superpower that can mint the world reserve currency in unlimited quantity.
That Gold in Fort Knox is just a waste of space they should mint some cool coins and unload it at a discount to U.S. consumers. What a nice windfall that would be (!) Great stimulus and it would help promote the hobby.
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Pillar of the Community
United States
3294 Posts |
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.
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Pillar of the Community
United States
830 Posts |
Wow, interesting stat Nod  Is that more than all the gold in the world (above ground)? |
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Pillar of the Community
United States
3294 Posts |
Yes, there is an estimated 165,000 tons of gold that is out of the ground, so even if the US owned all of it, will still be 85,000 tons short.
It also means that there is about 3/4 a toz per person if it was all shared evenly.
Edited by nod2003
08/15/2011 3:55 pm
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Pillar of the Community
United Kingdom
2838 Posts |
According to one article I read "it would take a 100% mining devotion for two years to repay all the gold and silver leases outstanding."
World Gold Counsel claims a total 165,000 tonnes of gold have been mined in human history, as of 2009.
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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 |
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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. |
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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.  |
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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.
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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! |
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Replies: 25 / Views: 2,572 |
Posted 08/15/2011 11:48 am
