Re: Central banks sit on their bullion reserves

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Re: Central banks sit on their bullion reserves

in response to

Central banks sit on their bullion reserves

Portee44

posted on Mar 25, 2009 08:09AM

IMF has 400 tons to unload!

I'll take it off their hands. And I will share with my KXL brethren.

I had to see how big a 400 ton pile of gold would be. Turns out, it will fit nicely in a single car garage. Not sure if the floor will hold out!

Someone may need to correct my math, but here goes:

1 ton of gold is approximately 1 cubic foot. 400 cubic feet is approximately 8'X8'X7' in size.

It always amazes me how dense this stuff is, and of course, how valuable it is.

Now to put this into perspective; a 400 tonne pile has about 12.86 million ounces of gold. Goldcorp's Bruce Channel deposit has about 13 million ounces (give or take). So Goldcorp paid over a billion dollars for something that can sit in your garage! That is one expensive Rolls Royce.

So if we are hoping KXL can find 5 million ounces under the Golden Mile; about a Smart Car's worth. I'll be happy.