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
As most gold (2/3) just sits around because it has no industrial use, it is a psychological asset, whose value is mostly in the minds (???) of its buyers and sellers, having little to do with SCARCITY.
Now the hordes are HOARDING it - 20 years ago they were DUMPING it.
The next 10 years is sheer GUESSWORK, nothwithstanding the certitude of the predictions, up or down, posted here.
Spoken by a person who lives in NYC lol !
you don't want to see paper money moving out of the crooked stock market into somethign real
somethign that has no counterparty risk
something that is up only 7 times since 1980 while the dow is up 11 Have you been to tiffanys in NYC lately to see all the gold jewely going out the door ?
this is your tax dollars at work tax dollars that have transferred the bankrupcy of banks to the bankrupcy of our country.
buy gold now famed technical analyst Louise Yamada says 5000 is coming by 2018 but I think you can figure out why this going to occur with Big Ben at the help of the federal reserve ...
Nope your number is way off. The amount is 5 billion. Thus it fits in a 66' ft cubic block, the size of a smalll office building. The significance is the world pop is 7 billion people. Hence, 0.7 ounces per person. That is nothing consider a gold eagle is one ounce alone. Even a nice gold chain weighs an ounce. But what this means is there is clear a huge shortage of gold as the population grows and gets richer. Hence, gold could easily touch $10,000 per ounce by 2020!
The weakness reported today in GDP and rising first time claims for 3 of last 4 weeks gurantees no end to quantitaive easing and gurantees 2500-3000 gold is coming !
instead of taking 1500 pieces of paper it will take 3000 whats so hard to understand about this ?
I think we are reaching critical mass here where people with a lot of paper dolallars are realizing they better get somethign real with their paper soon did you see silver today up > 4% !
Neither wired nor wireless,,, how you say. If all the possible answers do not work then you must think the impossible. the Truth is hard to take . I new for you to learn the truth you had to make money. You have made money now spread the message.
When you realize how little gold there is vs paper money you realize how cheap 1200 or 1500 gold really is...
For example the IMF has the second largest amount of Gold (they say the us has 400 billion dollars worth)
and has only about 90 billion dollars worth !
but if you realize that AIG got 185 billion to give to goldman etc
thats 2 times the second largest holder f gold for this alone
never mine 780 billin tartp
780 billion stimulus !
etc etc think about that along with this...
Fed holds rates at record low to fuel recovery
Fed holds rates at record low, pledges to keep them there for `extended period'
Buzz up! 0 Print
By Jeannine Aversa, AP Economics Writer , On Wednesday December 16, 2009, 2:19 pm
WASHINGTON (AP) -- The Federal Reserve has decided to hold interest rates at a record low and pledged to keep them there for an "extended period" to keep the recovery going and drive down double-digit unemployment.
In a more upbeat assessment, the Fed says the economy has "continued to pick up" and that "deterioration in the labor market is abating," a nod to the recent slowdown in the pace of layoffs. Rating :