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Author Topic: Here's Why They Call Them "Precious" Metals....  (Read 366 times)

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Offline Bill Quick

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Here's Why They Call Them "Precious" Metals....
« on: January 24, 2013, 10:34:28 AM »
How Many Olympic-sized Swimming Pools Would It Take to Hold All of the World's Gold? | Les Jones
So there is no fixed volume for an Olympic-sized volume, though if you have to quote a number 2.5 million liters seems reasonable. Based on that number Fontevecchia is correct that it would take about 3.27 Olympic-sized swimming pools to hold all of the world’s gold reserves, based on 2007 reserves of 157,000 metric tons.
By the way, at today's spot gold price, the total global gold holdings would be worth about $8,289,600,000,000.00.  That's eight trillion, 289 billion, 600 million dollars.  It's actually a bit more than I expected, but I hadn't actually worked it out since gold prices skyrocketed over the past several years.
"You can get a lot farther with a kind word and a gun than a kind word alone."  --   Al Capone

Online Flight-ER-Doc

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Re: Here's Why They Call Them "Precious" Metals....
« Reply #1 on: January 24, 2013, 10:54:02 AM »
TERRIFIC.  The entire worlds gold holdings would only cover 1/2 or so of the US national debt.

http://www.usdebtclock.org/

Makes me feel all warm and tingly....
Yes, I'm a physician.  No, I'm not YOUR physician.  Nothing I say here is medical advice.

Do I treat Glocks like I treat my lawn mowers?  No, I treat them worse.  I treat my defensive weapons like my fire extinguishers and smoke detector - annual maintenance and I expect them to work when needed


Offline Bill Quick

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Re: Here's Why They Call Them "Precious" Metals....
« Reply #2 on: January 24, 2013, 01:12:56 PM »
Which is why we will never be on the gold standard again....
"You can get a lot farther with a kind word and a gun than a kind word alone."  --   Al Capone

Offline Mr. Bingley

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Re: Here's Why They Call Them "Precious" Metals....
« Reply #3 on: January 24, 2013, 03:23:31 PM »
up to 9.2 trillion basis today's close of 1667.90/oz! We're almost there! :D


 

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