In the entire history of the world it is estimated that a total fo 152,660 metric tons of gold have been mined and refined by the end of 2004 That would give you a cube of gold 65.37 feet per edge. The cube would be worth USD $2,702,417,735,893 at today's price of $550.60 per troy ounce. For comparison, the amount of money in circulation and in savings accounts and certificates of deposit (M2) was $6,756,800,000,000 at the end of February 2006.
World reserves of gold are estimated at 88,550 metric tons at the end of 2002. About 40% or 36,000 metric tons of those reserves are in South Africa. World gold production has averaged 2,566 metric tons per year over the last 4 years. So we have know proven reserves of about 34.5 years of consumption. Gold production is used for industry, jewelry, coinage, and larger exchange as bars. Central banks and other official institutions hold 33,441 metric tons of gold at the end of 1998 according to the World Gold Council. That's about 2/3rd of all the available gold in the world, i.e. that not tied up in jewelry or in use by industry. Central Banks are the 800 pound gorilla with regard to gold. Their buying and selling can severely impact world prices.
Investors invest in gold in various forms. They buy gold bars in various weights. They buy gold coins, both current mint and historical or antique coins. They buy the stocks of gold companies. They buy jewelry not just for its looks but in many countries as a store of wealth. They buy gold funds that invest in many or all of the above.
There is growing demand for gold from China, India and the Middle Eastern countries. Some Central Banks have increased their holdings in gold in response to that demand and to diversify away from US Dollars in their reserves. Other Central Banks have sold off gold holdings in favor of income producing assets over the last decade.
eu quero gold
Posted by: germano | March 25, 2006 4:12 PM | Permalink to Comment