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_400.jpeg "How Much Gold Is in the World")
As a cash for gold mail-in service provider, we are constantly keeping track of prices, trends, and all things gold. One factor that affects the price is the scarcity or the amount of the item in circulation. The amount of gold in circulation would affect the price. The less gold, the more scarce, the higher the price. If you are looking to sell your gold online, you may be wondering how much gold there is in the world.
Total Gold in the World
The amount of gold in the world is difficult to measure, as you must calculate the total amount of gold. Thomson Reuters GFMS produces an annual gold survey calculating the amount of gold in the world. Their latest statistic stated that they believe there to be 171,300 tonnes of gold in the world.
This number is probably hard to wrap your head around. If you melted down 171,300 tonnes of gold and molded it into a cube, it would be 68 feet tall and 68 feet wide. While a fairly reputable source, the 171,300 is disputed and is only an estimation. Estimations range from 155,244 tonnes to 2.5 million tonnes. The largest estimation, 2.5 million tonnes, if melted into a cube would create a cube standing 166 feet wide and 166 feet tall.
Is the Total Amount of Gold in the World a Fixed Number?
If we ever find out how much gold is in the world, will that number fluctuate? The answer, unfortunately, might be yes. Gold’s usage in electronics is minimal; however, this presents a different problem. Since the amount of gold used in these products is so small, it makes it very difficult and not cost-effective to do. As a result, the amount of gold available may continue to slowly decrease unless a cheap way to forage these minimal amounts of precious metals is invented.
Selling Your Gold
While there is much discussion surrounding the amount of gold in the world, selling your gold has never been easier. At GoldFellow, it’s easy to sell your gold online or at our in-store location. We offer fair prices and insured mailing services. If you are at all unsatisfied with our prices, we will even ship back your items to you at our own cost! We buy silver, gold, and diamonds, allowing you to sell your scrap gold online. Contact us today to learn more about our various services.
