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How much is96 tons of gold worth?


dinarham
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  • 5 weeks later...

This is a reprint and expansion of something I posted quite a while back....if I may beg an indulgance -

 

 

First - I would guess he is talking short tons.  In other words, 2,000 pounds. I'm sure we assumed the same we learned in school - 16 ounces per pound - but that's if this is based on the Avoirdupois measurements. These are used for coarse dry weights such as grain, flour, sugar, tea, etc., and are the units of weight you likely learned about in school.

 

The standard weight measurements used for all precious metal products are Troy ounces and pounds. All legal tender silver, gold and platinum coins are struck according to these Troy weights. Troy weights are also called Apothecary weights, due to their use with medical drugs

        - 1 Troy Ounce = 31.1035 grams

        - 1 Avoirdupois Ounce = 28.3495 grams

In other words, a 1 ounce silver coin is heavier than an ounce of tea.

 

But wait - it's about to get a bit more confusing...

 

     - 1 Troy Pound = 12 Troy Ounces (373.242 grams)

     - 1 Avoirdupois Pound = 16 Avoirdupois Ounces (453.592 grams)

In other words, a 1 Troy pound bag of silver coins is lighter than a pound bag of rice!  Thus the famous riddle - which weighs more - a pound of feathers or a pound of gold?

(In case you're hazy on that - it would be the pound of feathers....)

 

https://www.govmint.com/coin-authority/post/troy-ounces-vs-avoirdupois-ounces/

 

So - with this information in hand lets redo the math.

 

1 ton (2,000 Troy pounds) =24,000 0z t/ton

 

24,000 oz t  X  $1,284.60 (current spot bid price)  = $30,830,400 /ton

 

30,830,400  X 96 = $2,959,718,400 - or in other words, a lot more than what's in my bank account....

 

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  • 3 weeks later...
On 5/7/2019 at 1:38 PM, tankdude said:

This is a reprint and expansion of something I posted quite a while back....if I may beg an indulgance -

 

 

First - I would guess he is talking short tons.  In other words, 2,000 pounds. I'm sure we assumed the same we learned in school - 16 ounces per pound - but that's if this is based on the Avoirdupois measurements. These are used for coarse dry weights such as grain, flour, sugar, tea, etc., and are the units of weight you likely learned about in school.

 

The standard weight measurements used for all precious metal products are Troy ounces and pounds. All legal tender silver, gold and platinum coins are struck according to these Troy weights. Troy weights are also called Apothecary weights, due to their use with medical drugs

        - 1 Troy Ounce = 31.1035 grams

        - 1 Avoirdupois Ounce = 28.3495 grams

In other words, a 1 ounce silver coin is heavier than an ounce of tea.

 

But wait - it's about to get a bit more confusing...

 

     - 1 Troy Pound = 12 Troy Ounces (373.242 grams)

     - 1 Avoirdupois Pound = 16 Avoirdupois Ounces (453.592 grams)

In other words, a 1 Troy pound bag of silver coins is lighter than a pound bag of rice!  Thus the famous riddle - which weighs more - a pound of feathers or a pound of gold?

(In case you're hazy on that - it would be the pound of feathers....)

 

https://www.govmint.com/coin-authority/post/troy-ounces-vs-avoirdupois-ounces/

 

So - with this information in hand lets redo the math.

 

1 ton (2,000 Troy pounds) =24,000 0z t/ton

 

24,000 oz t  X  $1,284.60 (current spot bid price)  = $30,830,400 /ton

 

30,830,400  X 96 = $2,959,718,400 - or in other words, a lot more than what's in my bank account....

 

Spot On.  :twothumbs:

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  • 3 weeks later...

Gold is up lately, at $1,350/oz that would calculate to $3,779,991,360 USD worth of gold reserves

 

There are approximately 45 trillion dinar in circulation according to the CBI website, thus a "gold backing" of $0.000083999808 per dinar.   Or in other words the dinar is approximately 10% gold backed - that is actually quite good compared to most countries.  
 

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  • 4 months later...
On 3/4/2019 at 8:17 PM, dinarham said:

CBI stated that they hold 96 tons of gold  . 1 ton  = 32,000 ounces. 32 ouncesx 96 tons  =3,168,000,000 ounces . Multiply this number by $1200 per oz if you can . My pute doesn't go that far . My math is bad ,but are we into the quadrillion zone?

Your computer/calculator can do 3168 x 12. Then add to your answer the total number of zeroes from both numbers to get your answer.

1. 3168 x 12 = 38016

2. Add 8 zeroes to the end of that number to get 3801600000000.

3. Then put in the commas to purty it up

=> $3,801,600,000,000 is your answer using the numbers you provided.

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The first ten -illions:

 

A million (1) has a 1 followed by 6 zeros.

A billion (2) has a 1 followed by 9 zeros.

A trillion (3) has a 1 followed by 12 zeros. 

A Quadrillion (4) has a 1 followed by 15 zeros. 

A Quintillion (5) has a 1 followed by 18 zeros.

A Sextillion (6) has a 1 followed by 21 zeros.

A Septillion (7) has a 1 followed by 24 zeros.

An Octillion (8) has a 1 followed by 27 zeros.

A Nonillion (9) has a 1 followed by 30 zeros

A Decillion (10) has a 1 followed by 33 zeros.

 

Where 1 can be any whole number between 1 and 9, inclusive.

The zeroes are placeholders that can be any whole number between 0 and 9, inclusive. 

 

FYI: Ten-duotrigintillion, more commonly known as a Googol, which is where Google gets it name.

Edited by Theseus
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32,000 ounces per 1 Tons of gold

32,000 ounces x 96 Tons of gold = 3,072,000 ounces

Today’s gold price per ounce $1,459.00

3,072,000 ounces X $1,459.00 per ounce = $4,482,048,000 billion dollars 

 

 

Central banks are buying a lot of gold...... Follow The bankers, follow the money 

 

 

 

 

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2 hours ago, Laid Back said:

32,000 ounces per 1 Tons of gold

32,000 ounces x 96 Tons of gold = 3,072,000 ounces

Today’s gold price per ounce $1,459.00

3,072,000 ounces X $1,459.00 per ounce = $4,482,048,000 billion dollars 

 

 

Central banks are buying a lot of gold...... Follow The bankers, follow the money 

 

 

 

 

I didn't verify the math, I merely used what he gave as an answer to show how to calculate the result using a calculator. The math I provided is correct. The mistake he made was when he calculated 96 x 32,000 which you correctly show. 

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27 minutes ago, Theseus said:

I didn't verify the math, I merely used what he gave as an answer to show how to calculate the result using a calculator. The math I provided is correct. The mistake he made was when he calculated 96 x 32,000 which you correctly show. 

I agree my friend, all numbers you provided are correct 👍🏼

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1 hour ago, LA2009 said:

If I spent $150K every single day 

it would take me 9,000 years (NINE THOUSAND YEARS)

to spend ONE Trillion dollars


9,000 Years - Then Hurry Up And Get Busy Spending U Slacker ! :o 

 

 

 

Btw - I Could Use A New Clown Car And Some More Makeup ...

 

 

 

U Wouldn’t Believe How Much I Go Thru Just Trying To Cover Up The Thugly ...

 

:D  :D  :D 

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On 11/9/2019 at 12:13 PM, dinarham said:

Wow ! Inconceivable numbers for us human beings

Think about this... 

In the 1970's I was in grade school and came across the word googol in the dictionary. Was told way back then there was no such thing and people made fun of it.

 

Then in the 1980's we heard (NSFW warning)

 

 

Then came along a spider called google.com. Now you know the rest of the story...

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  • 2 weeks later...

And where is all this gold resting ? Don't tell me Fort Knox ,but  it is  somewhere in US custody . Who owns this war booty gold? Would it be the citizens of this here United States ?  If so ,who is our supreme trustee ?  The President of the United States,he's  like our daddy .only he can cut the funds

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17 hours ago, dinarham said:

And where is all this gold resting ? Don't tell me Fort Knox ,but  it is  somewhere in US custody . Who owns this war booty gold? Would it be the citizens of this here United States ?  If so ,who is our supreme trustee ?  The President of the United States,he's  like our daddy .only he can cut the funds

My daddy always asked me to pull his finger so that he could cut something else (also government related).

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Some economists believe gold will hit an unpresidented high to go along with the unpresidented high of the stock Market . Gold hit a high of $1900 several years ago , but some believe it will go well above that ,dare I say $3000 ? Central Banks are buying up gold bigtime   Big countries like China and the US are cash poor at the moment .

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