Estimated World Top 10 Official gold reserve holdings

[jeff of pa]

Estimated World Top 10 Official gold reserve holdings (based on World Gold Council data) and reported recent purchases
Rank	Country/Organization	Gold holdings (in tonnes)	Gold's share of forex reserves
1	United States	8,133.5	72%
2	Germany	3,384.2	68%
3	International Monetary Fund	2,814.0	N.A.
4	Italy	2,451.8	67%
5	France	2,435.4	65%
6	Russia	1,121.9	10%
7	China	1,054.1?	1%
8	Switzerland	1,040.0	8%
9	Japan	765.2	2%
10	Netherlands	612.5	54%

Russia leading central bank gold buyer, but China - who knows? - GOLD NEWS - Mineweb.com Mineweb

 

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[Doubter in MD]

So rounding up to 1300 an ounce we have about 400 billion in gold unless my drunken mind did the math wrong. Considering that we're 17 trillion in debt I'd say we are screwed. That's 40 times more debt than we have gold reserves to cover that debt. What a mess.

 

[Doubter in MD]

Oh, and I am still drunk so correct me if I am wrong but I believe we would need 320,000 tonnes of gold to cover our current 17 trillion dollar debt.

 

[Doubter in MD]

Of course if the U.S. (or anyone) had that amount of gold it would be worth significantly less per ounce. Yikes!

 

[jeff of pa]

Lol I didn't do the math.
Math makes my Brain Hurt, even with a Calculator.

But I don't think there is enough gold mined yet to cover the national Debt.
let alone keep up with it, If there is

 

[Doubter in MD]

I didn't use a calculator so I could be out in left field on this. I just moved decimal places in my head.

 

[jim4silver]

Article that estimates the amount of gold in the world with some historic info.

BBC News - How much gold is there in the world?

Jim

 

[Doubter in MD]

1310 an ounce = 21,000 per pound. Ten pounds = 210,000. 100 pounds = 2,100,000. 1000 pounds 21,000,000. 2205 pounds (one tonne) = 46,000,000. 10 tonnes = 460 million. 100 tonnes = 4.6 billion. 1000 tonnes = 46 billion. 10,000 tonnes = 460 billion. 100,000 tonnes = 4.6 trillion. 400,000 tonnes = 18.2 trillion dollars.

I could be wrong but I don't think I am. Of course if there were this much gold being held in reserve it wouldn't be worth anywhere near 1300 an ounce.

 

[jim4silver]

1310 an ounce = 21,000 per pound. Ten pounds = 210,000. 100 pounds = 2,100,000. 1000 pounds 21,000,000. 2205 pounds (one tonne) = 46,000,000. 10 tonnes = 460 million. 100 tonnes = 4.6 billion. 1000 tonnes = 46 billion. 10,000 tonnes = 460 billion. 100,000 tonnes = 4.6 trillion. 400,000 tonnes = 18.2 trillion dollars.

I could be wrong but I don't think I am. Of course if there were this much gold being held in reserve it wouldn't be worth anywhere near 1300 an ounce.

Rough estimates put the above ground mined gold since the dawn of man at approximately 175,000 tonnes (metric ton). There are roughly 32, 150 TROY ounces in a metric tonne. Thus there are approximately 5,626,250,000 troy ounces with a current value of approx $7.3 Trillion or so I think. My calculator doesn't go that high. If my calculations are correct, isn't it sad that all the gold ever mined (if you believe the 175,000 tonnes) is worth less than half of our current national debt?

Jim

 

[El Dorado Seeker]

I suppose you can correct Germany with -300 tonnes. Since, the Fed has "lost" it