http://www.numbersleuth.org/worlds-gold/ Embed this infographic on your site! All The World's Gold We here at NumberSleuth are all about exploring the world of numbers, and with this infographic we decided to take a look at the numbers behind the entire amount of gold in the world as well as other facts about gold. Below are a series of questions that we began with and the answers we discovered in our research. We believe that this is the most thorough and in-depth resource with facts about the world's gold on the Internet and we hope you have as much fun reading through the information as we did in putting it all together. 1. How much above-ground gold (gold that has been mined) is there in all the world? The best estimate at the end of 2011 is that around 165,000 metric tons (or tonnes) have been mined in all of human history. That’s about 181,881 ordinary tons or 363,762,732 pounds, or 5,820,203,717 ordinary ounces. Gold typically is measured in what are known as troy ounces, which are a little bigger than ordinary ounces (a troy ounce is 31.1034768 grams whereas an ordinary ounce is 28.3495231 grams). There are 32.1507466 troy ounces in a kilogram or 32,150.7466 troy ounces in a metric ton. “More than half of all humanity’s gold has been extracted in the past 50 years. Now the world’s richest deposits are fast being depleted, and new discoveries are rare. Gone are the hundred-mile-long gold reefs in South Africa or cherry-size nuggets in California. Most of the gold left to mine exists as traces buried in remote and fragile corners of the globe. It's an invitation to destruction. But there is no shortage of miners, big and small, who are willing to accept.” SOURCES: http://ngm.nationalgeographic.com/print/2009/01/gold/larmer-text , http://www.gold.org/about_gold , and http://minerals.usgs.gov . 2. How much gold gets mined per year worldwide? The table below shows world gold production from 1900 thru 2011. Production in 1900 was around 400 metric tons per year and has consistently moved up over the years. It is currently around 2,500 metric tons per year. The all time high was reached in 2001, with 2,600 metric tons of gold production worldwide. The total gold mined from 1900 to the present is just under 141,000 metric tons. Given that humans have mined a total of 165,000 metric tons over the course of history, that leaves just 24,000 metric tons mined before the 20thcentury. SOURCE: http://goldratefortoday.org/world-gold-production-1900-2010 . Year World Production (in metric tons) Average Price Total Dollar Value by Year Troy Ounces per Year 1900 386 $18.96 $235,297,168.04 12,410,188.19 1901 395 $18.98 $241,037,362.33 12,699,544.91 1902 451 $18.97 $275,064,748.01 14,499,986.72 1903 496 $18.95 $302,191,297.44 15,946,770.31 1904 526 $18.96 $320,638,109.81 16,911,292.71 1905 575 $18.92 $349,767,972.26 18,486,679.30 1906 608 $18.90 $369,450,659.33 19,547,653.93 1907 623 $18.94 $379,366,592.60 20,029,915.13 1908 668 $18.95 $406,983,440.91 21,476,698.73 1909 687 $18.96 $418,780,192.85 22,087,562.91 1910 689 $18.92 $419,113,274.59 22,151,864.41 1911 699 $18.92 $425,196,195.84 22,473,371.87 1912 705 $18.93 $429,072,611.36 22,666,276.35 1913 694 $18.92 $422,154,735.22 22,312,618.14 1914 663 $18.99 $404,789,795.47 21,315,945.00 1915 704 $18.99 $429,822,045.27 22,634,125.61 1916 685 $18.99 $418,221,734.38 22,023,261.42 1917 631 $18.99 $385,252,429.78 20,287,121.10 1918 578 $18.99 $352,893,667.85 18,583,131.53 1919 550 $19.95 $352,774,067.07 17,682,910.63 1920 507 $20.68 $337,092,861.92 16,300,428.53 1921 498 $20.58 $329,507,857.78 16,011,071.81 1922 481 $20.66 $319,496,758.31 15,464,509.11 1923 554 $21.32 $379,741,470.30 17,811,513.62 1924 592 $20.69 $393,797,776.72 19,033,241.99 1925 591 $20.64 $392,182,523.21 19,001,091.24 1926 602 $20.63 $399,288,481.22 19,354,749.45 1927 597 $20.64 $396,164,071.66 19,193,995.72 1928 603 $20.66 $400,533,358.13 19,386,900.20 1929 609 $20.63 $403,931,370.54 19,579,804.68 1930 648 $20.65 $430,215,570.40 20,833,683.80 1931 695 $17.06 $381,201,757.21 22,344,768.89 1932 754 $20.69 $501,560,006.15 24,241,662.94 1933 793 $26.33 $671,297,622.28 25,495,542.05 1934 841 $34.69 $937,975,205.02 27,038,777.89 1935 924 $34.84 $ 1,035,001,978.67 29,707,289.86 1936 1,030 $34.87 $ 1,154,729,429.96 33,115,269.00 1937 1,100 $34.79 $ 1,230,376,921.64 35,365,821.26 1938 1,170 $34.85 $ 1,310,930,617.24 37,616,373.52 1939 1,230 $34.42 $ 1,361,153,298.51 39,545,418.32 1940 1,310 $33.85 $ 1,425,676,631.86 42,117,478.05 1941 1,080 $33.85 $ 1,175,366,994.20 34,722,806.33 1942 1,120 $33.85 $ 1,218,899,105.10 36,008,836.19 1943 896 $33.85 $975,119,284.08 28,807,068.95 1944 813 $33.85 $884,790,153.97 26,138,556.99 1945 762 $34.71 $850,355,739.84 24,498,868.91 1946 860 $34.71 $959,719,076.46 27,649,642.08 1947 900 $34.71 $ 1,004,357,173.04 28,935,671.94 1948 932 $34.71 $ 1,040,067,650.30 29,964,495.83 1949 964 $31.69 $982,178,302.00 30,993,319.72 1950 879 $34.72 $981,204,777.40 28,260,506.26 1951 883 $34.72 $985,669,873.08 28,389,109.25 1952 868 $34.60 $965,576,942.49 27,906,848.05 1953 864 $34.84 $967,794,057.97 27,778,245.06 1954 965 $35.04 $ 1,087,132,485.23 31,025,470.47 1955 947 $35.03 $ 1,066,549,898.77 30,446,757.03 1956 978 $34.99 $ 1,100,205,621.82 31,443,430.17 1957 1,020 $34.95 $ 1,146,141,965.54 32,793,761.53 1958 1,050 $35.10 $ 1,184,915,765.94 33,758,283.93 1959 1,130 $35.10 $ 1,275,195,062.40 36,330,343.66 1960 1,190 $35.27 $ 1,349,408,630.77 38,259,388.45 1961 1,230 $35.25 $ 1,393,975,995.71 39,545,418.32 1962 1,290 $35.23 $ 1,461,145,335.51 41,474,463.11 1963 1,340 $35.09 $ 1,511,747,395.58 43,082,000.44 1964 1,390 $35.10 $ 1,568,602,775.87 44,689,537.77 1965 1,440 $35.12 $ 1,625,953,277.65 46,297,075.10 1966 1,450 $35.13 $ 1,637,710,805.68 46,618,582.57 1967 1,420 $34.95 $ 1,595,609,403.01 45,654,060.17 1968 1,440 $39.31 $ 1,819,938,022.34 46,297,075.10 1969 1,450 $41.28 $ 1,924,415,088.49 46,618,582.57 1970 1,480 $36.02 $ 1,713,943,440.95 47,583,104.97 1971 1,450 $40.62 $ 1,893,646,823.99 46,618,582.57 1972 1,390 $58.42 $ 2,610,762,796.76 44,689,537.77 1973 1,350 $97.39 $ 4,227,067,635.35 43,403,507.91 1974 1,250 $154.00 $ 6,189,018,720.50 40,188,433.25 1975 1,200 $160.86 $ 6,206,122,917.69 38,580,895.92 1976 1,210 $124.74 $ 4,852,685,798.37 38,902,403.39 1977 1,210 $147.84 $ 5,751,331,316.59 38,902,403.39 1978 1,210 $193.40 $ 7,523,724,814.85 38,902,403.39 1979 1,210 $306.00 $ 11,904,135,436.12 38,902,403.39 1980 1,220 $615.00 $ 24,122,705,173.98 39,223,910.85 1981 1,280 $460.00 $ 18,930,359,598.08 41,152,955.65 1982 1,340 $376.00 $ 16,198,832,166.94 43,082,000.44 1983 1,400 $424.00 $ 19,084,683,181.76 45,011,045.24 1984 1,460 $361.00 $ 16,945,372,503.00 46,940,090.04 1985 1,530 $317.00 $ 15,593,433,608.47 49,190,642.30 1986 1,610 $368.00 $ 19,048,674,345.57 51,762,702.03 1987 1,660 $447.00 $ 23,856,496,992.13 53,370,239.36 1988 1,870 $437.00 $ 26,273,268,614.05 60,121,896.14 1989 2,010 $381.00 $ 24,621,363,253.75 64,623,000.67 1990 2,180 $383.51 $ 26,879,689,566.27 70,088,627.59 1991 2,160 $362.11 $ 25,146,950,798.86 69,445,612.66 1992 2,260 $343.82 $ 24,982,197,512.99 72,660,687.32 1993 2,280 $359.77 $ 26,372,472,957.76 73,303,702.25 1994 2,260 $384.00 $ 27,901,703,929.34 72,660,687.32 1995 2,230 $383.79 $ 27,516,271,133.88 71,696,164.92 1996 2,290 $387.81 $ 28,552,592,579.19 73,625,209.71 1997 2,450 $331.02 $ 26,074,223,341.85 78,769,329.17 1998 2,500 $294.24 $ 23,650,089,198.96 80,376,866.50 1999 2,570 $278.98 $ 23,051,397,286.22 82,627,418.76 2000 2,590 $279.11 $ 23,241,610,748.33 83,270,433.69 2001 2,600 $271.04 $ 22,656,759,732.01 83,591,941.16 2002 2,550 $309.73 $ 25,393,029,398.27 81,984,403.83 2003 2,540 $363.38 $ 29,674,663,280.75 81,662,896.36 2004 2,420 $409.72 $ 31,878,185,430.62 77,804,806.77 2005 2,470 $444.74 $ 35,317,845,915.92 79,412,344.10 2006 2,370 $603.46 $ 45,982,004,217.47 76,197,269.44 2007 2,360 $695.39 $ 52,763,246,120.49 75,875,761.98 2008 2,290 $871.96 $ 64,198,237,862.22 73,625,209.71 2009 2,450 $972.35 $ 76,591,357,218.45 78,769,329.17 2010 2,500 $1,224.53 $ 98,423,884,335.25 80,376,866.50 2011 2,500* $1,560.85** $ 125,456,232,076.53 80,376,866.50 *Estimated value for 2011. **Cumulative average thru November 22, 2011, http://www.kitco.com/scripts/hist_charts/yearly_graphs.plx . SOURCE: This table thru 2009 appears here: http://minerals.usgs.gov/ds/2005/140/gold.pdf . 3. But didn’t the Spanish get lots and lots of gold from the New World, especially from the Aztecs and Incas? In fact, the Spanish got much more silver than gold from the New World. In the 16thcentury, when production was in full swing, the Spanish only got 154 metric tons of gold, whereas they got 7440 metric tons of silver. Gold production in the new world for the entire the 16thcentury was thus less than half of what it was worldwide in 1900. Here is a comparison, decade by decade, of Spanish gold and silver production in the New World in the 16thcentury: Year value in millions of pesos gold (in metric tons) silver (in metric tons) 1503-1510 1.18 5 0 1511-1520 2.18 9.2 0 1521-1530 1.17 4.9 0 1531-1540 5.58 14.5 86 1541-1550 10.46 25 178 1551-1560 17.86 42.6 303 1561-1570 25.34 11.5 943 1571-1580 29.15 9.4 1119 1581-1590 53.2 12.1 2103 1591-1600 69.6 19.5 2708 SOURCE: http://mygeologypage.ucdavis.edu/cowen/~GEL115/115ch8.html 4. How much gold, really, is 165,000 metric tons (the total mined throughout human history) and 2,500 metric tons (the total that’s currently mined annually)? An Olympic swimming pool is 50 by 25 by 2 meters. It therefore contains 2,500 cubic meters of water. Each cubic meter of water is one metric ton. Gold is 19.3 times as dense as water. Therefore an Olympic swimming pool would contain 48,250 metric tons of gold. It follows that 3.42 Olympic-sized swimming pools could contain all the gold that’s ever been mined. Another way to imagine this is to think of all the gold in the world ever mined as a single cube. That would be a cube with each side just over 20 meters, or 67 feet, in length. Given that about 2,500 metric tons of gold is mined each year, this annual production of gold would fit in a cube whose sides were 5 meters, or 16.6 feet, in length. All the production of gold in the world for a given year would thus fit in a 20 by 30 foot room with an 8 foot ceiling. 5. Given 165,000 metric tons as an upper bound on available gold, how much does that leave to each human on the planet? Humanity has just hit the 7 billion mark. That leaves just under 24 grams of gold to each person on planet earth, or .76 troy ounces or .83 ordinary ounces per person. In an ordinary male gold wedding band at 18-karat purity, there are about 5 grams of pure gold. That means every person on planet earth could own about 5 gold rings. At the current price of $1,750.00 per troy ounce of gold, that leaves $1,326.00 in gold for each person on planet earth. “Gold production has increased by a factor of 2.1 from 1959 to 2010. At the same time, the world population has been multiplied by a factor 2.2. Thus we produced more or less the same amount of gold per inhabitant as in 1959.” http://www.forbes.com/sites/afontevecchia/2010/11/19/how-many-olympic-sized-swimming-pools-can-we-fill-with-billionaire-gold More Gold Facts
What The Income Statement Of The Entire Market Looks Like Submitted by Tyler Durden on 05/26/2013 16:57 -0400 Ben Bernanke Bond Morgan Stanley New Normal In the New Normal, where fundamentals ceased to matter some time around March 2009 when Bernanke decided to nationalize first the bond, then the stock market, and soon, every other "market", stuff like "data" is largely meaningless. However, for those who are still curious how the cash flow in the biggest corporate market - that of America - looks like, instead of merely chasing the latest trend or looking for a heatmap break out, here it is. Using Factset data for the 1500 largest stocks (ex fins), Morgan Stanley has broken down the world's biggest Income Statement by line item (and by sector). The results are as follows. Some observations: Of the $12 trillion in total revenue, nearly $6 trillion each year is the cost of goods sold for consumer companies (discretionary plus staples), energy, and industrials. Gross profit (net of COGS and DA) is just 27% of revenue, or a little over $3 trillion. Consolidated income tax is a tiny 2.5% of revenue. Of all sectors, Energy companies paid the most taxes in FY 2012: $89 billion. Interest expense was a tiny $215 billion. It is here that the bulk of EPS "generation" has taken place in the past two years now that companies have fired the bulk of the "fat", courtesy of constant refinancing into an ever cheaper cost of debt. A historical analysis of the interest expense line item shows a constant decline. At some point, this number will start rising again, especially if indeed the Fed wishes to see rates rise. At that point, there will be only downside for the market's Net Income, despite what paid financial-humor pundits say to the contrary on TV. The same chart as above broken down by industry: Source: Morgan Stanely Average: 4.77778 Your rating: None Average: 4.8 ( 9 votes)
Taylor Rule Says The Fed Should Be Tightening Now Submitted by Tyler Durden on 09/18/2012 15:06 -0400 http://www.zerohedge.com/news/taylor-rule-says-fed-should-be-tightening-now Ben Bernanke Federal Reserve Unemployment Once upon a time, the Federal Reserve decided to adopt the Taylor rule, named after Stanford economist John Taylor, as its key determinant in setting the Fed Funds rate. Then, after it realized that the original formulation of the Taylor rule was too constricting and not as permissive to pro-inflationary policy as the Fed's financial sector superiors demanded, it decided to adjust the Taylor rule formulation to its own parameters so that it was always in sync with whatever policy, monetary or as of QEterenity, pseudo-fiscal, it decided to pursue. In the meantime, John Taylor has become one of the more vocal critics of Ben Bernanke's printing ways if for no other reason then because the original Taylor rule says that instead of ZIRP at least until 2015, the Fed should be tightening right now. Guggneheim's Scott Minerd comments: Following the latest FOMC meeting, the committee announced a new asset purchase program and an extension of their low rate pledge through mid 2015 in an effort to stimulate economic growth and improve the labor market. In addition, the FOMC also released its latest outlook on inflation and unemployment. Based on the new estimates for inflation and unemployment, the optimal Federal Funds Target rate suggested by the Taylor rule would suggest the Fed funds rate should rise to over 2% by mid-2015, in contrast to the Fed’s pledge to keep rates near zero through that time. In light of this analysis, it appears likely that the FOMC will fall behind the curve in raising rates, especially given its new outlook on economic growth and its pledge to keep rates on hold through mid 2015 What this means is that by the time 2015 rolls by, all else equal, the Fed will be far behind on the tightening curve and when it finally does admit tightening is overdue, it will have to scramble to not only hike short-term rates, but promptly proceed to commence offloading its balance sheet which as we calculated will be $5 trillion by then , or nearly 100% higher than it is now, and with a DV01 of $4 billion. Oops. What this will mean for risk, i.e., stock prices, is self-explanatory. Luckily for Bernanke, by then the collapse in the stock market which will finally shift to a phase of liquidity extraction, will be some other Fed Chairman's problem.
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