31–40 of 77 posts
All of the gold discovered thus far would fit in a cube that is 23 meters wide on every side. This is exemplarily clear communication from a government agency.
If you've ever seen a tennis court, you know exactly how big that would be. It also works equally well regardless of metric or imperial background.
In more everyday terms: > If it were brought together, all the gold deposits ever mined would fill just a little over three Olympic-sized swimming pools. Another analogy is that all global gold ever mined would be only one metre high if spread across a football pitch. https://www.bullionbypost.co.uk/index/gold/how-much-gold-has...
How much is in an Olympic gold medal?
Around 1/1000 worth of all printed currency in the world. Ppl complain about bitcoin, but fiat is the same.
0.0000% of them transacted in Gold or Bitcoin
2) The fundamental property and requirement of currency is fast, seamless transactions. Don't confuse this with store of value. If you want store of value buy cash/dividend producing assets.
3) It's incredibly dumb and naive (all Bitcoin maximalists and Gold Bugs are) to ask currency to both act as transaction and store of value (those are opposite requirements).
4) Gold Peaked in 2011 with a price of 1900. It has lost 10% in 11 years. Forget about beating inflation, it actually has lost value over 11 years. Just a reminder is Boomer Gold == Gen X/Y Bitcoin. All it took was Gen X/Yers embracing Bitcoin over Gold to make Gold irrelevant All it will take would be Gen Zers embracing something over Bitcoin to make Bitcoin irrelevant
All of the gold discovered thus far would fit in a cube that is 23 meters wide on every side. This is exemplarily clear communication from a government agency.
So … like $12,000,000,000,000 of gold? I'm not sure if that's more or less than I'd expect.
It's definitely less than the world's total GDP, considering that China and the USA are both at or above that. So, it would not be possible for every country to have a gold-backed currency without a major decline in wealth. https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nomi... (Disclaimer, I am in no way an economist :) )
In more everyday terms: > If it were brought together, all the gold deposits ever mined would fill just a little over three Olympic-sized swimming pools. Another analogy is that all global gold ever mined would be only one metre high if spread across a football pitch. https://www.bullionbypost.co.uk/index/gold/how-much-gold-has...
Or just 31 grams (1.1 oz) per person! I always thought that by this time it would be way more.
In more everyday terms: > If it were brought together, all the gold deposits ever mined would fill just a little over three Olympic-sized swimming pools. Another analogy is that all global gold ever mined would be only one metre high if spread across a football pitch. https://www.bullionbypost.co.uk/index/gold/how-much-gold-has...
> would fill just a little over three Olympic-sized swimming pools How much is in an Olympic gold medal?
Not much. They are gold-plated these days.
https://www.nytimes.com/2022/02/10/sports/olympics/gold-meda...
“According to the International Olympic Committee, gold medals are required to be at least 92.5 percent silver, and are plated with about 6 grams of pure gold.”
All of the gold discovered thus far would fit in a cube that is 23 meters wide on every side. This is exemplarily clear communication from a government agency.
A little over 1.5 cubic meters per person. In "football fields", the gold would be over 430 ft high.
So … like $12,000,000,000,000 of gold? I'm not sure if that's more or less than I'd expect.
> I'm not sure if that's more or less than I'd expect. Most people "owning" gold in the world hold paper gold that isn't backed by physical gold. And the paper gold volume traded on a daily basis is several orders of magnitude higher than the physical one. So even if it's less physical gold than one would expect (I didn't check you maths btw), there's "more" to it than just the physical gold.
If people are holding 'paper' gold that isn't backed by physical gold, then doesn't that mean that gold as a product is more scarce than the market demand? Wouldn't it mean that by increase the volume of 'paper' gold assets we are artificially pricing gold incorrectly?
Earlier quoted context omitted.
To put that into perspective, that’s only enough gold to bathe 3 metric Scrooge McDucks!
Does that mean that it's not enough to fill his money bin?