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 Replies: 18 / Views: 4,295 |
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Pillar of the Community
United States
4211 Posts |
I have never weighed mine either Buddy  Maybe 5 oz. or close to it anyway. |
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Pillar of the Community
Russian Federation
5177 Posts |
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Not much. Most is held by various nations including their central banks and major private banks. Of course the paper gold market is far larger than the physical amount in existence. This. Of course, much of the various banks' gold stashes is in form of assorted coins. But there's a lot of bars too (especially for the larger amounts). And of course a big fraction of the gold that is not held up in banks is not coins, but assorted jewelry (rings, chains and the like). |
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Bedrock of the Community
Australia
21788 Posts |
Typically, around 2,500 tonnes of newly mined gold is produced each year.
Somehting like triple of that is recycled from existing old gold.
I would think that only a tiny proportion of the typical total of 10,000 tonnes would be produced into new gold coins.
Lots of gold coins get melted down every year to be made into all sorts of new gold products, including coins.
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Pillar of the Community
United States
1314 Posts |
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Pillar of the Community
Russian Federation
5177 Posts |
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I highly recommend people take a look at his chart (too big to show here) and you will see why some people are stackers. I don't believe this chart, it says that there's several times as much above-ground gold as there is silver. (If that is actually true... I'm definitely buying silver while I can still afford it.) |
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Valued Member
 United States
280 Posts |
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Pillar of the Community
Russian Federation
5177 Posts |
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"8.3. Total gold coins minted worldwide since the beginning of time as a percentage of all gold ever mined: 4.66"
Is this correct? That the total amount of gold coins ever made comes out to ~5 times as much gold as there was ever mined? Looks plausible; a lot of gold coins were made of melted down earlier coins (and/or jewelry, which was itself in turn often made of melted down gold coins). However, I have no idea where they got the figure involved that precisely (though it could easily just be the result of dividing 140 by 30, or other similar proportional amounts, without paying much attention to the error bars). |
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Bedrock of the Community
United States
94367 Posts |
I think Scarp's original question was about the percentage of gold in collector's hands, i.e. coins with numismatic value. I don't think the reference was to investor holdings, central bank piles, or jewelry.
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Pillar of the Community
United States
1316 Posts |
I have about 0.25 oz in my collection plus a few grams in various old home electronics. :)
Edited by Collects82
10/20/2016 6:43 pm
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Pillar of the Community
United States
1119 Posts |
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it says that there's several times as much above-ground gold as there is silver. I believe that's several times the value, although I trust no one. |
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Bedrock of the Community
United States
11951 Posts |
I don't see how that chart is correct ..
I don't think anyone could guess how much gold is in
collectors hands.
I don't think anyone could guess how much gold has been hidden/buried though out history.
As for modern gold .. Eagles .. maple leaf... etc.
I guess a guess could be made there ..
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Pillar of the Community
Russian Federation
5177 Posts |
Quote:
I believe that's several times the value, although I trust no one. The chart says there's several hundred times the value, and though the numbers are disguised (by measuring silver in ounces and gold in tons), dividing by the ratio of prices (which is per ounce in both cases) gives ~5 times as much gold as silver. Though it could be because it measures more narrowly than "above ground" (it's true that a lot of silver is stuck in assorted industrial uses where it's not cost-effective to recycle, and perhaps silver utensils also play a role). |
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Valued Member
United States
280 Posts |
I thought 8.3 means the total amount of gold coins ever made is only 4.66 PERCENT of all the gold ever mined.
Edited by Scarp9603
10/21/2016 04:46 am
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Valued Member
United States
280 Posts |
"after the government had officially bought up all privately held gold, the Treasury estimated that there was still some $287 million worth of gold coins in private hands." At $20.67/ounce, that would be about 14 million troy ounces, worth about $19 Billion today http://www.latimes.com/opinion/op-e...2-story.htmlEdited by Scarp9603
11/20/2017 10:30 pm
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Valued Member
United States
280 Posts |
Edited by Scarp9603
08/29/2019 2:30 pm
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Replies: 18 / Views: 4,295 |
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Posted 10/20/2016 01:38 am
