On Wed, Jan 20, 2010 at 3:59 PM, Jordan Hayes <jmhayes at j-o-r-d-a-n.com> wrote:
>>> The price of gold is over $1,100 per ounce, near its
>>> all-time high in nominal dollars. At that price, the
>>> Treasury's 261 million of ounces of gold would be worth
>>> nearly $300 billion.
>
> Wait, does Tom Frank believe that $300B -- if they could unload *all of it*
> -- would help a $1.4T deficit? Let alone a $7T debt?
>
> FWIW, yearly output of gold is about 2.5M oz; the size of the gold futures
> market is about 5M oz.
>
> The current estimate is that there has only ever been about 5B oz mined.
>
> /jordan
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