Thursday, July 01, 2010

Whats in a gram (part II Gold)

I just did a quick back of the envelope calculation I was curious about;

Washington State Debt

6 Billion US$
325,240 lbs gold
162.6 tons gold

Or an 8 ft diameter sphere of solid gold

Federal Debt

13 Trillion (+/- a few Billion) US$
352,242.3 tons of gold

Or a 103.6 ft diameter sphere of gold

And an interesting observation;

In the entire history of humanity it is estimated that the total amount of gold ever mined is 343,000 tons of gold. That's 20 million years of mining the stuff AND ITS 10,000 tons less than the amount of DEBT we have.

I'll email you numbers if you want to check my figures. I used the recent record high for the price of gold of $1,260/troy ounce.

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