Reply #18: Some math. [View All]

990 dollars per troy ounce.


Okay there are 14.58 troy ounces to a standard pound, ergo one standard pound of gold is worth $14,434.

At 2,000 pounds per ton, one ton of gold is worth $28,868,000. So they were trying to buy 1.73 US tons of gold... a princely sum indeed.


What I find interesting is that the Israelis supposedly had 20,000 tones of gold (over $577 billion dollars worth), but according to Wikipedia the sum total of all gold mined, ever, is about 175,000 tons. So they thought that these Israelis had 11% of all the gold ever mined in the world???


Keep in mind that Fort Knox and the Federal Reserve Bank of New York hold about 10,000 tons of gold combined.



So basically, somebody walked up to them and said "Hey, I have four times as much gold as Fort Knox... want to invest with me?"