Thanks, I stand corrected. But what’s an extra Olympic sized pool between friends!

I still find it quite amazing. I suspect that with all the QE, the number of pools to hold all the Dollars in circulation would be rather larger? You probably have the answer?!!

That’s pretty close. An Olympic sized pool holds 53,746 tons of gold. Two pools hold 107,493 tons. The entire production of gold since 5,000 BC is estimated at 155,000 tons.

So three Olympic sized pools would be the closer answer.

Work:

Amount of gold mined since 5,000 BC:
http://www.ppionline.org/ppi_ci.cfm?knlgAreaID=108&subsecID=900003&contentID=254140

Weight of one cubic foot of gold:
http://answers.yahoo.com/question/index?qid=20080207161440AAEhYVN

Number of cubic feet in an Olympic sized swimming pool:
http://answers.yahoo.com/question/index?qid=20080108044123AAXhroa

All the Gold ever taken out of the ground would fit into 2 Olympic sized swimming pools.

Now, an Olympic sized pool can be quite daunting when actually trying to swim the length of it, when Gold is put into this context is does seem to put a different perspective on it. Anyone know the location of the 2 pools?

And another thing as you know, the gold bulls were in a long time ago building their positions. Because they could read the handwriting on the wall. Everyone piling in now is late to the party. But that’s okay with us. It will have to lose more than half its current value to effect us. Fat chance…

The intrinsic value of gold should be based on its use as an industrial metal. Any price that someone might pay above that is speculative. You either think that it is pretty, it helps you sleep at night, or you are speculating on something – collapse of the global financial system, etc.

Gold is not a business; it does not generate income; it does not have an R&D department or a sales staff. We dig it up from one hole in the ground and bury it in another. It is a speculation. “Valuing” a speculation is a guess as to what others will do: buy or sell. Not the same as a valuation..

I’m not sure that you can come to any conclusive decision on where gold is going from this chart…

“Even Greenspan is buying gold bars.”

Good line. No way I’ll drop a five-page speech here, so, search on the web for Greenspan & “Gold and Economic Freedom.”

I’ve always been amazed that he went from this address in 1967 to…well…whatever you want to call it.

http://advisoranalyst.com/glablog/2009/10/23/hugh-hendry-stocks-and-gold-are-crowded-all-one-way-all-one-trade/