| Author | Message | ||
     Xodot |
News story of interest - Gadhafi sold gold Libya's central bank sold 29 tons of gold in the spring so Moammar Gadhafi could pay salaries, according to reports today from Tripoli. That's about $1.4-billion (U.S.), and some 20 per cent of Libya's gold reserves, according to Reuters and The Associated Press. So 1 billion dollars = 20 tons of gold WOW that put national debt in a fresh perspective when I can't afford a single ounce of the stuff! | ||
| Blake |
Interesting. He should have held out until today. LOL At $1,866 per ounce, gold would bring $1866/OZ x 16 OZ/LB * 2000 LB/Ton = $57.6M/Ton So today $1B would get you 16.7 tons, and 29 tons would net $1.7B. (Message edited by Blake on September 08, 2011) | ||
| Strokizator |
Sorry Blake but there's just 12 troy ounces of gold to a pound for $44,784,000 to the ton. Hardly worth getting out of bed! (Message edited by strokizator on September 08, 2011) | ||
| Blake |
John, "Sorry"? No need to apologize. I'm never offended for being shown truth or for being corrected. That's always a very welcome and good thing.  But upon investigation, it looks like your analysis is erroneous as well. There are 12 troy ounces per troy pound. Looks like there are roughly 14.6 troy ounces per pound as we know it. So we were both in error. Thanks for catching that though. I didn't know there was a difference. | ||
| Johnnymceldoo |
one billion should be enough for another term of michelle brobamas extravagant vacations. | ||
| Chauly |
So Troy ounces are, um, "generous"? No wonder Troy as a civilization vanished: they went out of business! | ||
| Hughlysses |
Well, that begs the question "How big would a ton of gold be?". According to internet sources, 1 cubic foot of gold weighs 1188.6 pounds, so 2000 pounds of gold would occupy about 1.68 cubic feet. That would be a cube measuring a little more than 14-1/4 inches on each side. Wow. | ||
| Etennuly |
Hey, that would fit in my top case on the Uly!  | ||
| Strokizator |
I knew I'd get that wrong! I've won money in bar bets wagering on what weighed more, an ounce of lead or an ounce of gold (precious metals and black powder are measured in troy ounces and others in avoirdupois). There's 31 grams to a troy ounce of gold vs. 28 grams to an ounce of lead. Suddenly the metric system doesn't seem so "sissy". | ||
| Blake |
Maybe, but anyone who used the word "avoirdupois" sure does!  | ||
| Aesquire |
What if they use the words Cuirass, Cuisses, and Hauberk? Or kilderkins, firkins, and butts? Anyway a billion is, I hear, less than Barack's favorite jillionare owes in taxes. | ||
| Darth_villar |
Psh, you can only put 5 kilos in that top case... Wait, what is the conversion for Troy Ounces to kilos again? |
