The scarcity of gold

The scarcity of gold

“Gold has been always been genuinely scarce; if you were to gather and melt all the gold mined throughout history it would be barely enough to fill 3.5 Olympic sized swimming pools. Of this gold, only a mere fraction is freely traded on the market at any given time.

To quantify this in weight all the gold existing above ground equates to around 165,000 metric tones. Of this165,000 metric tones, 21 percent is held in institutions and wealthy private hands, 25 percent by central banks and approximately 50 percent in ancient artifacts. This leaves only around 4 percent to be freely traded on the market today. Monetary wise, it equates to approximately 330 billion dollars of the 8.25 trillion dollars that exists, Buy Gold Now reports”

October 21, 2013 by

Written by Peter August, CEO, Melbourne Mint. Read More

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