Fun Facts about Gold!
gecko109
Posts: 8,231 ✭
A golfball sized solid piece of gold would weigh 1 kilogram, or 2.2 pounds!!!
It would be worth about $24,000!
If a can of Coke was turned into a solid piece of gold, it would weigh an astounding 13 pounds!
With 4.5 billion ounces mined thus far, if all of the gold ever mined by humans was divided equally among every person on earth, you would have just over 2/3 an ounce.
A cube of gold 14 inches on each side weighs a ton, 2,000 pounds!!!
New gold production adds almost 2,600 tons per year to the total amount of "above ground" gold. That equates to about a 2% per year "inflation" rate of gold.
That total new gold production, worldwide, would fill an average sized living room.
1 ounce of gold can be "beaten" out to cover 300 square feet!!!
It would be worth about $24,000!
If a can of Coke was turned into a solid piece of gold, it would weigh an astounding 13 pounds!
With 4.5 billion ounces mined thus far, if all of the gold ever mined by humans was divided equally among every person on earth, you would have just over 2/3 an ounce.
A cube of gold 14 inches on each side weighs a ton, 2,000 pounds!!!
New gold production adds almost 2,600 tons per year to the total amount of "above ground" gold. That equates to about a 2% per year "inflation" rate of gold.
That total new gold production, worldwide, would fill an average sized living room.
1 ounce of gold can be "beaten" out to cover 300 square feet!!!
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<< <i>cool facts, now tell me this, is gold rarer than silver? I have heard many reports to the contrary >>
"Going back a century, virtually every major country in the world was using gold and silver as currency. Today, no country uses either metal as currency, yet gold has been hoarded by the central banks of the world, but not silver. In all of history nearly 5.0 bilion ozs. (155,000 tonnes) of gold have been mined with over 90% of that gold still existing. On the other hand, of the total 45 billion ounces of silver ever mined, about 9% remains, the rest has been consumed."
9% of 45 billion ounces = 4 billion ounces of silver
90% of 5 billion ounces = 4.5 billion ounces of gold
Draw your own conclusions.
Source
4.5Bill oz of gold =~ $3.2T
(at spot)
And consider, in the past month the treasury has issued $about $2.7T in bailout money. Almost enough to buy every oz of gold and silver remaining!
So the question to ask is... what happens when the big money and momentum really starts to move into PM's?
If every dollar of every currency were to be backed by gold & silver, what would gold and silver be worth?
Camelot
<< <i>
<< <i>cool facts, now tell me this, is gold rarer than silver? I have heard many reports to the contrary >>
"Going back a century, virtually every major country in the world was using gold and silver as currency. Today, no country uses either metal as currency, yet gold has been hoarded by the central banks of the world, but not silver. In all of history nearly 5.0 bilion ozs. (155,000 tonnes) of gold have been mined with over 90% of that gold still existing. On the other hand, of the total 45 billion ounces of silver ever mined, about 9% remains, the rest has been consumed."
9% of 45 billion ounces = 4 billion ounces of silver
90% of 5 billion ounces = 4.5 billion ounces of gold
Draw your own conclusions.
Source >>
Guys, you are coin collectors, use some common sense. In my mind, there are likely between 1 and 2 billion ounces just in 90% U.S. silver still out there in hoards, bags and basements. That's only about a roll of quarters in junk silver per American. If the number is a lot less, how did the country function economically if there was so little coinage in circulation? There is likely another similar amount in sterling silverware between the U.S. and U.K. Silver utensils used to be a big thing for wedding gifts and anniversaries. A single basic set of formal sterling flatware can easily be 100 ounces. For a large dining room it might be 1000 ounces of sterling.
Then there's all the 1000 ounce bars that many hoarders seem to prefer, any other foreign coin that was mass produced. Just in post-1986 production of silver eagles and U. S. silver proof sets alone there are a couple hundred million ounces. Whatever the case, I find the number presented to be dubious at best. Anyone can write anything they want. It gets reposted and then linked, and then taken as fact by the novices.
If silver was really that rare the price would be higher. Warren Buffett alone, accumulated about 130 million ounces of physical silver without causing a huge spike in the price. If that was a huge percentage of the entire world supply, including junk 90% silver, silver flatware, foreign coins, 1000 ounce silver bars, the price would have likely gone up much more. Again, use some common sense. Think... Think... Think...
<< <i>
<< <i>
<< <i>cool facts, now tell me this, is gold rarer than silver? I have heard many reports to the contrary >>
"Going back a century, virtually every major country in the world was using gold and silver as currency. Today, no country uses either metal as currency, yet gold has been hoarded by the central banks of the world, but not silver. In all of history nearly 5.0 bilion ozs. (155,000 tonnes) of gold have been mined with over 90% of that gold still existing. On the other hand, of the total 45 billion ounces of silver ever mined, about 9% remains, the rest has been consumed."
9% of 45 billion ounces = 4 billion ounces of silver
90% of 5 billion ounces = 4.5 billion ounces of gold
Draw your own conclusions.
Source >>
Guys, you are coin collectors, use some common sense. In my mind, there are likely between 1 and 2 billion ounces just in 90% U.S. silver still out there in hoards, bags and basements. That's only about a roll of quarters in junk silver per American. If the number is a lot less, how did the country function economically if there was so little coinage in circulation? There is likely another similar amount in sterling silverware between the U.S. and U.K. Silver utensils used to be a big thing for wedding gifts and anniversaries. A single basic set of formal sterling flatware can easily be 100 ounces. For a large dining room it might be 1000 ounces of sterling.
Then there's all the 1000 ounce bars that many hoarders seem to prefer, any other foreign coin that was mass produced. Just in post-1986 production of silver eagles and U. S. silver proof sets alone there are a couple hundred million ounces. Whatever the case, I find the number presented to be dubious at best. Anyone can write anything they want. It gets reposted and then linked, and then taken as fact by the novices.
If silver was really that rare the price would be higher. Warren Buffett alone, accumulated about 130 million ounces of physical silver without causing a huge spike in the price. If that was a huge percentage of the entire world supply, including junk 90% silver, silver flatware, foreign coins, 1000 ounce silver bars, the price would have likely gone up much more. Again, use some common sense. Think... Think... Think... >>
"In my mind, there are likely between 1 and 2 billion ounces just in 90% U.S. silver still out there in hoards, bags and basements."
IS THIS BASED ON ANYTHING OTHER THAN YOUR OWN "GUT FEELING"?
"If the number is a lot less, how did the country function economically if there was so little coinage in circulation?"
NOT SURE IF YOU WERE AWARE, BUT ALOT OF U.S. JUNK SILVER HAS BEEN MELTED DOWN OVER THE YEARS.
"There is likely another similar amount in sterling silverware between the U.S. and U.K. Silver utensils used to be a big thing for wedding gifts and anniversaries."
AGAIN, I'D LIKE TO KNOW WHERE THIS ESTIMATE CAME FROM PLEASE
"A single basic set of formal sterling flatware can easily be 100 ounces. For a large dining room it might be 1000 ounces of sterling."
WITH EVEN 5 PIECES OF FLATWARE PER PERSON (2 FORKS, 2 SPOONS, AND A KNIFE), AND WITH A MAXIMUM WEIGHT OF ABOUT 1/2 OZ PER PIECE, AND A SETTING FOR 8, THATS JUST 18.5 OZ. a FAR CRY FROM THE 100 YOU CLAIM.
"Warren Buffett alone, accumulated about 130 million ounces of physical silver without causing a huge spike in the price. If that was a huge percentage of the entire world supply, including junk 90% silver, silver flatware, foreign coins, 1000 ounce silver bars, the price would have likely gone up much more."
ALLOW ME TO DO THE MATH ON THIS FOR YOU. 130 MILLION OUNCES OUT OF 4 BILLION OUNCES IS JUST OVER 3%. THE PRICE OF SILVER OFTEN MOVES 3% ON ANY GIVEN DAY, OR WEEK. AT A CURRENT PRICE OF $9.54, A 3% UPSWING WOULD MAKE SILVER $9.83. ALMOST NOT EVEN NOTICEABLE.
From Wiki Answers:
How much does one cubic foot of gold weigh?
Answer
I Cubic Foot of Gold would weigh 548.18 Kilograms or 1206 pounds
A golf ball sized sphere of pure gold would weigh 1 Kilogram or 2.2 pounds
A standard 400 oz bullion bar like they throw around in the movies is 12 Kilograms or 26.4 pounds. Try throwing or running with a 25 pound bag of potatoes.
These weights are in the commonly used "Avoirdupois" pound. Gold is measured in "Troy" ponds or ounces. There are 1.21527 pounds Troy in 1 pound Avoirdupois.
Gold has a specific gravity of 19.3, meaning that it is 19.3 times heavier than water.
Wiki Linky
<< <i> Guys, you are coin collectors, use some common sense. In my mind, there are likely between 1 and 2 billion ounces just in 90% U.S. silver still out there in hoards, bags and basements. That's only about a roll of quarters in junk silver per American. >>
I've often thought the same thing, that the "surviving" amount of silver seems awful low. Take just one particular coin - the 1964 quarter. Total mintage P and D mints was over 1.2 billion - that's slightly under 300 million ounces of silver.
<< <i>
Guys, you are coin collectors, use some common sense. In my mind, there are likely between 1 and 2 billion ounces just in 90% U.S. silver still out there in hoards, bags and basements. That's only about a roll of quarters in junk silver per American. If the number is a lot less, how did the country function economically if there was so little coinage in circulation? There is likely another similar amount in sterling silverware between the U.S. and U.K. Silver utensils used to be a big thing for wedding gifts and anniversaries. A single basic set of formal sterling flatware can easily be 100 ounces. For a large dining room it might be 1000 ounces of sterling.
Then there's all the 1000 ounce bars that many hoarders seem to prefer, any other foreign coin that was mass produced. Just in post-1986 production of silver eagles and U. S. silver proof sets alone there are a couple hundred million ounces. Whatever the case, I find the number presented to be dubious at best. Anyone can write anything they want. It gets reposted and then linked, and then taken as fact by the novices.
If silver was really that rare the price would be higher. Warren Buffett alone, accumulated about 130 million ounces of physical silver without causing a huge spike in the price. If that was a huge percentage of the entire world supply, including junk 90% silver, silver flatware, foreign coins, 1000 ounce silver bars, the price would have likely gone up much more. Again, use some common sense. Think... Think... Think... >>
I cannot see how anyone could begin to estimate the amount of silver remaining. Would be a pure Guesstimate at best IMO.
I'm sorry but I have to say this. No offense to anyone but I think this is the first time I've seen someone other than MKman123 start a sentence with "guys". I can always distinguish his post's from others with this. Again, No offense intended, Just a dumb observation on my part.
<< <i>
<< <i> Guys, you are coin collectors, use some common sense. In my mind, there are likely between 1 and 2 billion ounces just in 90% U.S. silver still out there in hoards, bags and basements. That's only about a roll of quarters in junk silver per American. >>
I've often thought the same thing, that the "surviving" amount of silver seems awful low. Take just one particular coin - the 1964 quarter. Total mintage P and D mints was over 1.2 billion - that's slightly under 300 million ounces of silver.
Actually, 1.2B 1964 quarters have closer to 217M oz. of silver - not what I would call "slightly under 300M."
<< <i>
<< <i>
<< <i> Guys, you are coin collectors, use some common sense. In my mind, there are likely between 1 and 2 billion ounces just in 90% U.S. silver still out there in hoards, bags and basements. That's only about a roll of quarters in junk silver per American. >>
I've often thought the same thing, that the "surviving" amount of silver seems awful low. Take just one particular coin - the 1964 quarter. Total mintage P and D mints was over 1.2 billion - that's slightly under 300 million ounces of silver.
Actually, 1.2B 1964 quarters have closer to 217M oz. of silver - not what I would call "slightly under 300M." >>
Not to mention he "convienently" used the highest mintage year BY FAR in the series. 1.2 billion is NOT a typical amount, look at the mintages of all the other quarters.
<< <i> Actually, 1.2B 1964 quarters have closer to 217M oz. of silver - not what I would call "slightly under 300M." >>
'
Well, if you want to be pedantic, the actual mintage is 1.264 billion. This discussion was ballpark in nature. Do you think the OP was being literal, down the the last ounce, when he claimed that "of the total 45 billion ounces of silver ever mined, about 9% remains, the rest has been consumed." Do you think there might be just a little estimation involved in that statement?
<< <i> Not to mention he "convienently" used the highest mintage year BY FAR in the series. 1.2 billion is NOT a typical amount, look at the mintages of all the other quarters >>
Why would I pick the 1932-D or -S to make my point?
The mintages on these various issues are huge toward the end of the silver run. Just the Roosevelt dimes alone, 1960 through 1964 alone is 3.8 billion coins (= 275 million ounces silver). The Washington quarters, same limited time period of 1960-64 is 1.85 billion (= 335 million ounces silver). Half dollars, same short period, is 615 million (= 222 million oz silver).
That adds up to 832 million ounces of silver, just on the U.S. coins minted 1960 to 1964. That's a lot of silver. I'd want some better evidence before I believed that silver and gold survive above ground in equal amounts worldwide. Anecdotally, you see 100 oz. silver bars on Ebay all the time, dozens of them on right now... but it's rare to see anything more than a handful of kilo or 10 oz. gold bars on Ebay. They just seem a lot rarer.
<< <i>The mintages on these various issues are huge toward the end of the silver run. Just the Roosevelt dimes alone, 1960 through 1964 alone is 3.8 billion coins (= 275 million ounces silver). The Washington quarters, same limited time period of 1960-64 is 1.85 billion (= 335 million ounces silver). Half dollars, same short period, is 615 million (= 222 million oz silver).
That adds up to 832 million ounces of silver, just on the U.S. coins minted 1960 to 1964. That's a lot of silver. I'd want some better evidence before I believed that silver and gold survive above ground in equal amounts worldwide. Anecdotally, you see 100 oz. silver bars on Ebay all the time, dozens of them on right now... but it's rare to see anything more than a handful of kilo or 10 oz. gold bars on Ebay. They just seem a lot rarer. >>
I am starting to sound like a broken record, but 1.85B quarters is ~230M oz of zilver, not 335M.
<< <i>I'm sorry but I have to say this. No offense to anyone but I think this is the first time I've seen someone other than MKman123 start a sentence with "guys". I can always distinguish his post's from others with this. Again, No offense intended, Just a dumb observation on my part. >>
GUYS,
redtiger, a large dinner set weighing 1000 sterling ounces?? Holy crap thats a very expensive set!
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
<< <i> I am starting to sound like a broken record, but 1.85B quarters is ~230M oz of zilver, not 335M. >>
You're right there's something broken, and it may be your calculator.
There are 0.1808 troy ounces of silver in 1 silver Washington quarter. Link.. 1.85 billion quarters multiplied by .1808 equals 334.48 million troy ounces of silver.
www.AlanBestBuys.com
www.VegasBestBuys.com
<< <i>how much silver goes into a DVD or CD ??? >>
About the same amount that goes into an old LP record.
It's a bit late for April Fools Day.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff