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Started By
Message
IMF to sell 191.3 tons of its gold on the open market
Posted on 2/18/10 at 6:31 pm
Posted on 2/18/10 at 6:31 pm
2
Posted on 2/18/10 at 7:14 pm to LSURussian
191.3 tons
ETA: It took me a minute to realize that 191.3 tons of gold is an absolute frickton.
ETA: It took me a minute to realize that 191.3 tons of gold is an absolute frickton.
This post was edited on 2/18/10 at 7:17 pm
Posted on 2/18/10 at 8:57 pm to thelawisafterme
quote:
frickton
Is that higher than a megaton
Posted on 2/19/10 at 12:58 am to Jcorye1
So about $6 Billion? Can someone check my math:
200 tons x 2000 lbs/ton x 16 oz/lb x $1000/oz
200 tons x 2000 lbs/ton x 16 oz/lb x $1000/oz
Posted on 2/19/10 at 1:04 am to C
$6,733,760,000
Exactly. Based off $1,100 an ounce.
Exactly. Based off $1,100 an ounce.
Posted on 2/19/10 at 1:09 am to C
quote:
Can someone check my math
LINK
I think that gold is sold in troy oz. That would be 14.6oz per what we consider a (avoirdupois, 16oz) pound.
200 tons x 2000 lbs/ton x 14.6oz x $1000/oz = $5.84B
Then again... it could be metric tons.
200 tons x 1000kg/ton x 2.2lb/kg x 14.6oz/lb x $1000/oz =$6.42B
Meh... $6B sounds close enough either way...
Posted on 2/19/10 at 1:44 am to dZilla
quote:
$6B sounds close enough either way...
whats a few hundred million amongst friends.
Posted on 2/19/10 at 11:14 am to dZilla
Yeah gold is sold in troy oz.
Posted on 2/19/10 at 11:31 am to dZilla
quote:
I think that gold is sold in troy oz. That would be 14.6oz per what we consider a (avoirdupois, 16oz) pound
I know silver is in troy ounces...but not sure on gold.
ETA...yep gold is sold in contracts of 100 Troy ounces.
This post was edited on 2/19/10 at 11:34 am
Posted on 2/19/10 at 11:41 am to LSURussian
Also just to give some perspective on this...
The average number of gold contracts sold in one day is 66,043 (I know all of these aren't executed, but say just one out of 10). The amount of gold that the IMF is putting out is 61,500 contracts. So almost 10 days worth of executed contracts.
In the grand scheme of things compared to the overall gold market, that isn't much. It'll be interesting to see who buys it and at what price.
The average number of gold contracts sold in one day is 66,043 (I know all of these aren't executed, but say just one out of 10). The amount of gold that the IMF is putting out is 61,500 contracts. So almost 10 days worth of executed contracts.
In the grand scheme of things compared to the overall gold market, that isn't much. It'll be interesting to see who buys it and at what price.
Posted on 2/19/10 at 11:44 am to LSU0358
Good perspective! Thanks! 
Posted on 2/19/10 at 1:22 pm to LSURussian
Also, that 60,000 is average number of contracts. The last several days we've been at over 150,000 contracts sold per day.
Posted on 2/19/10 at 2:20 pm to LSU0358
quote:
The IMF last year began selling a pre-announced 403.3 tonnes of gold, about one-eighth of its total stock
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