How Much Does One Cubic Foot Of Gold Weigh – There are many ways to invest in bullion. The most common way is to buy gold coins and gold bars. Most people are familiar with the size of gold coins because they are very similar to regular coins in regular circulation. For example, a 1/10 troy ounce coin is about the size of a United States coin, and a 1 troy ounce coin is about the size of an old silver coin.
However, many people are much less familiar with the normal size of gold bars. When they hear the term “gold bullion,” most people see it in a James Bond movie or Ft. Knox. In fact, because gold is so rare and so valuable, it doesn’t really need to be made valuable. Most gold bars you can buy are much smaller, ranging in size from 1 gram to 1 kg. This makes buying, transporting and storing gold bars a much simpler and cheaper process.
How Much Does One Cubic Foot Of Gold Weigh
See pictures of Perth Mint bullion in various sizes. It is in context with everyday objects. This will give you a better idea of the common sizes available for gold bars.
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This is usually the smallest amount you own for investment purposes. The premium over the “spot price” for these smaller bars is quite high since the production process is the same as the larger bars. The beauty of small bars is that you can easily liquidate small amounts at once. These are like the “small bills” of the gold world.
Conveniently sized at 10 grams (just under 1/3 troy ounce), the gold bar is the smallest bar that still feels heavy and solid in your hand.
20 grams is close enough in size and weight to a troy ounce that it could easily be mistaken for someone who doesn’t have much experience with other bullion. That’s why it’s important to always check the label to make sure what size tape you’re dealing with.
1 troy ounce bullion is the most common size traded globally. Countries that use the metric system still produce bars (and coins) that measure one troy ounce. Here in the US we usually use pounds to convert weight. 14.58 troy ounces (oz t) of gold equals one pound. When someone in the gold business simply says “gold bullion,” they probably mean the troy ounce size. While we’re on the subject, don’t confuse the troy ounce (a unit of measurement used for precious metals) with a regular ounce (eg, available at your local grocery store or bathroom scale). Troy ounces are “heavier” than avoirdupois ounces. A troy ounce has 31.1 grams, but the “regular” trade ounce contains only 28.35 grams. This tape is about the same size as a dog tag, but slightly thicker.
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A 50 gram gold bar weighs just over 1.5 troy ounces and feels very solid in the palm of your hand. The price per ounce is significantly lower than the smaller size bars, making large bars like this more economical than buying 50 1 gram bars or 5 10 gram bars.
A 100 gram bar weighs more than 3 troy ounces and is a popular size in the international gold trade. Even though the cost per gram is low, a tape this size limits your options if you want to liquidate in small increments.
A 10 troy ounce bar is a mark of prestige and an economical way to own and store gold. For what it’s worth, the storage is large enough and worth a little planning and preparation. The dimensions are similar to about 5 credit cards stacked on top of each other.
The largest gold bar commonly available to individual investors is 1 kilobar. While still a lot more unwieldy than the 400 troy ounce “good transport bars” that are traded on the commodity exchange, kilo bars are quite heavy and feel amazing in your hand. It’s essentially the same size as the iPhone 6, but weighs a lot more because the gold is so dense.
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Surprisingly, the total amount of gold in the world is surprisingly small. Here’s how to calculate your total available amount:
If you look at a page like this or look it up in an encyclopedia, you will find that the annual world production of gold is about 50 million troy ounces per year. Gold has a specific gravity of 19.3, making it 19.3 times heavier than water. So, the weight of gold is 19.3 kg per liter. A liter is a cube with sides measuring 10 centimeters (about 4 inches). There are 32.15 troy ounces in one kilogram. Therefore, the earth produces a cube of gold each year, which is about 4.3 meters (about 14 feet) on each side. In other words, all the gold produced in the world in one year is enough to fit in the average person’s living room!
This cube weighs 3,110,420 pounds (1,555,210 kg). The last spot price for gold was $256.10 USD. Using these numbers, all the gold produced in one year is worth $12,805,000,000. That’s a lot of money, but it’s not unimaginable. For example, the amount spent by the Department of Defense to launch a GPS satellite system. In 1998, NASA’s budget was $13.6 billion.
Determining the total amount of gold produced by humans is a bit more difficult. To get some estimate, let’s assume the world produces 50 million ounces of gold per year for 200 years. That number is probably a little high, but considering that the Aztecs and Egyptians have been producing significant amounts of gold for a long time, it’s probably not too far off. 50 million ounces * 200 years = 10 billion ounces. 10 billion ounces of gold fit into a cube whose side is about 25 meters (about 82 feet). The Washington Monument measures 55 feet by 55 feet at the base and is 555 feet (17 x 17 x 170 m) tall. In other words, if you could collect all the pieces of gold that humans have ever mined in one place, you could only build about 1/3 of the Washington Monument.
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Platinum is much rarer than gold. Only 3.6 million troy ounces are produced each year. It has a specific gravity of 21.45 and was discovered in the 18th century, not 3000 BC. To calculate the total global supply, assuming that 3.6 million ounces are produced annually over a 50-year period, a cube with a side of 6.3 meters (about 20 feet) would correspond to all the platinum in the world. I mean every platinum in the world could easily fit in a normal house!
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