The|Coinologist.

Always Buying Coins, Currency, and Cool Stuff.

Gold Facts

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Gold being at record highs,needless to say this stockpile is “Worth A Fortune!”

Written by Robert L. Wilson

August 12, 2011 at 12:08 pm

2 Responses

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  1. Ok I am going to C&P this. As I was trying to remember the figures from memory, I thought I will get hung if I get this wrong. So I thought it was only about 20 cubic metres produced thus far but here is an insight to how little gold there is. You will have a chuckle when you see the price…

    It is amazing, but the total amount of gold in the world is a surprisingly small quantity. Here’s how you can calculate the total amount that is available.

    If you look at a page like this one, or if you look it up in an encyclopedia, you will find that the annual worldwide production of gold is something like 50 million troy ounces per year. Gold has a specific gravity of 19.3, meaning that it is 19.3 times heavier than water. So gold weighs 19.3 kilograms per liter. A liter is a cube that measures 10 centimeters (about 4 inches) on a side. There are 32.15 troy ounces in a kilogram. Therefore, the world produces a cube of gold that is about 4.3 meters (about 14 feet) on each side every year. In other words, all of the gold produced worldwide in one year could just about fit in the average person’s living room!

    This cube weighs 1,555,210 kilograms (3,110,420 pounds). A recent spot price for gold was $256.10 U.S. — using that number, all of the gold produced in a year is worth $12,805,000,000. That’s a lot of money, but not an unimaginable amount. For example, that’s about how much the Pentagon spent launching the GPS satellite system. NASA’s budget in 1998 was $13.6 billion.

    Figuring out the total amount of gold that has been produced by man is a little harder. To get at some kind of estimate, let’s figure that the world has been producing gold at 50 million ounces a year for 200 years. That number is probably a little high, but when you figure that the Aztecs and the Egyptians produced a fair amount of gold for a long time, it’s probably not too far off. Fifty million ounces * 200 years = 10 billion ounces. Ten billion ounces of gold would fit into a cube roughly 25 meters (about 82 feet) on a side. Consider that the Washington Monument measures 55 feet by 55 feet at its base and is 555 feet tall (17 x 17 x 170 m). That means that if you could somehow gather every scrap of gold that man has ever mined into one place, you could only build about one-third of the Washington Monument.
    Source: How Stuff Works

    Shayne

    August 12, 2011 at 10:24 pm

  2. A COIN OF 1000000 CANADIAN DOLLARS 100 KILOS OF FINE GOLD 0.99999 , YEAR : 2007 ,

    MINTAGE : 5

    GILAD ZUCKERMAN

    August 20, 2011 at 6:09 pm


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