There is actually not as much gold in the world as it might seem at first glance. Over the entire recorded history of mankind, only about 190,000 tons of gold have been mined, according to the World Gold Council, taking into account the fact that in recent decades, from 2,800 to 3,100 thousand tons of gold have been mined annually in the world. Please note that the Russian word “gold” comes from the Old Church Slavonic “zlato”, which originates from the Proto-Slavic “zolto” (“yellow”), by the way, in Latin the word “aurum” also means “yellow” and is related to “Aurora” ) - morning dawn.
Russia produces from 250 to 300 tons of gold every year, actively increasing its gold and foreign exchange reserves in the precious metal. The first discovery of gold reserves in Russia occurred in 1732 in the Arkhangelsk province; the development of this gold mine began in 1745, continued until 1794, and the entire mine collectively brought only about 65 kg of gold to the treasury. But when gold deposits were found in the Urals on May 21, 1745, gold mining in the Russian Empire received a full life!
How much does a ton of gold cost?
On the international precious metals market, gold is measured in troy ounces (31.1 grams) and in the fall of 2021, one such troy ounce costs around $1,800 (according to the COMEX GC of the New York Mercantile Exchange, see chart below), which means By performing simple mathematical calculations, we can calculate how much a ton of gold costs - 57,877,813 US dollars (57 million 877 thousand 813 dollars). The price of a troy ounce of gold in the summer of 2020 exceeded the record mark of $2,000; this has never happened before in the history of mankind! In the summer of 2021, the troy ounce came close to a record price, but by the fall of 2021, gold prices continue to remain significantly below the peak value...
Chart of current gold prices from the GoldBroker.com portal
If we look at the prices for physical gold set by the Central Bank of Russia in the summer of 2021, then the cost of one ton of gold = 4,147,690,000 rubles (4 billion 147 million 690 thousand rubles).
Important: On June 3, 2021, the Ministry of Finance of the Russian Federation announced that from May 20, 2021, the American dollar was completely excluded from the liquid assets of the National Welfare Fund, the proportions of the other four reserve currencies were changed, and most importantly, the Ministry of Finance added gold to the reserves of the National Welfare Fund, although and in an impersonal form. As a result, gold was added to the liquid assets of the National Welfare Fund of Russia with a share of 20% of the total funds.
How to convert a troy ounce into the usual grams of gold or silver?
The mass of a troy or gold coin pound is 373.2417 grams.
1/12 of it or 31.1034768 grams is a troy ounce.
This value is too precise. In practice, they use its abbreviated version 31.1035. Thus, 1 kilogram of gold or silver contains 32.1507 troy ounces of the precious metal.
To convert this international value into grams, it is enough to multiply the weight value represented in it by 31.1035. The reverse conversion to ounces is carried out by dividing the mass value by the same number.
To make calculations easier on the Internet, there are many special online converters that will quickly and easily perform all the calculations for you.
One ton gold coin!
Another way to estimate what one ton of gold looks like and how much volume it occupies is with the help of the famous Australian 1 ton gold coin “Kangaroo One Tonne Gold” of the Kangaroo Gold Bullion series! This coin is officially recognized as the largest gold coin in the world and is included in the Guinness Book of Records!
The Kangaroo One Tonne Gold coin, weighing one ton and measuring 80cm in diameter, is worth over A$70 million.
In 2011, the Australian Perth Mint began producing a unique gold coin! The whole process took 18 months and the result was a coin with a diameter of 80 cm made of gold with a purity of 99.99%. Its denomination is set at 1 million Australian dollars (AU$1 million), but the actual price, taking into account the value of the gold from which the coin is created, for 2021 is more than 70 million Australian dollars (AU$).
Australian gold coins of the Kangaroo Gold Bullion series - obverse and reverse of a 1 ton coin, in the lower right corner for scale a coin weighing 1 kilogram and another weighing 1 troy ounce.
Until 2012, the record for weight belonged to the Canadian gold coin “Large Maple Leaf” weighing 100 kilograms of pure gold!
But officially, the Australian Kangaroo One Tonne Gold coin has now become the largest in the world, especially since the Canadian coin was stolen from the Berlin Bode Museum in March 2021.
Gold Market 2021
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What volume does 10 tons occupy, or 100, and all the gold in the world?
10 tons of gold and 100 tons compared to the height of a person.
And if you estimate the scale, when there is a lot of gold, for example, the entire gold reserve of the United States of America?
What does the entire US gold reserve look like?
But if you collected all the gold in the world mined before 2009 and cast it into a huge cube with sides of 20.5 meters and placed it in an Olympic swimming pool, it would look something like this
All the gold in the world in one cube. The small sphere at the woman's feet below is 1 ton of gold
Great growth potential
Speaking about what awaits gold in 2021, a huge number of experts emphasize that the metal has enormous growth potential, because last year it already rose in price by almost 9%. Now the cost will increase even more - to an average of 1200-1300 dollars per ounce (according to the director of the RBC company).
New elections to the French and German governments are planned very soon, which may create certain problems with the exchange rate, because investors have again begun to show too much interest in a liquid asset, which can later be sold on favorable terms. Gold is gradually gaining the interest of the general public, which is causing some concern among experts. It is influenced by economic turbulence and the victory of Donald Trump in the elections, because this became the reason for the development of the process of globalization, an economic problem throughout the world.
The most likely price is $1,200 per ounce, but some experts say that if the world does not cope with the most active factors influencing the price of this product, it could rise to $1,400, which would be a shock to many domestic markets. The situation requires constant attention and monitoring of changes, so no one should let it out of sight.
Interesting facts about gold
Here are 10 interesting facts about gold that you might not know:
- The melting point of gold is 1064.18 °C, and it begins to boil at 2856 °C, while liquid gold is quite volatile and actively evaporates long before the boiling point.
- Half of all gold mined (49%) today is used to make jewelry.
- More than 40,000 prospectors took part in the California Gold Rush, although not all of them became rich.
- Moreover, more than 90% of all gold mined in the world was raised from the ground after the California Gold Rush!
- Jewelry is not made from pure gold, but from its alloys with other metals, such as silver and copper, which may contain additives of nickel, cobalt, palladium to improve mechanical strength and durability.
- The color of gold jewelry (red gold, yellow, white, ...) and its mechanical properties will be determined by the ratio of silver to copper in the alloy.
- In April 2021, a group of Russian physicists from MIPT obtained “two-dimensional” gold for the first time in the world—a gold film less than 10 nm thick by attaching gold atoms to a special molybdenum sulfide (MoS2) substrate.
- One ounce of gold can be stretched over 80 kilometers into a thin thread with a thickness of only 5 microns and a linear density of up to 2 mg/m.
- Standard “Good Delivery gold bar” gold bars, which are traded on gold exchanges around the world (London, Hong Kong, Tokyo, Zurich, New York, Sydney) weigh exactly 400 troy ounces, approximately 12.4 kg.
- The largest gold nugget was found in 1872 in Australia, its largest linear dimension is 1.42 meters, and its weight is more than 200 kg (the gold in the nugget itself weighs about 100 kg), this nugget was named “Holtermann Nugget” after the name of the person who found it.
