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Friday, March 02 2012
Ever wonder how much gold has been mined in all the world? The best estimate at the end of 2011 is that around 165,000 metric tons (or tonnes) have been mined in all of human history. That’s about 181,881 ordinary tons or 363,762,732 pounds, or 5,820,203,717 ordinary ounces. Gold typically is measured in troy ounces, which are a little bigger than ordinary ounces (a troy ounce is 31.1034768 grams whereas an ordinary ounce is 28.3495231 grams). There are 32.1507466 troy ounces in a kilogram or 32,150.7466 troy ounces in a metric ton.

Over half of the gold that is mined gets used for jewelry. 18% constitute official  holdings (as in central banks of nations), 16% take the form of  investments, 12% is for industrial uses, leaving 2% unaccounted for. Since jewelry is the most common use of gold, gold consumption worldwide  is most easily gauged by gold jewelry consumption. India is far and away the biggest consumer of gold, followed by China, the USA, Turkey, Saudi Arabia and Russia.

As for the amount of gold that's used for monetary and investment purposes, In 2011, about 2,100 metric tons of gold appeared in what are known as exchange-traded funds (ETFs). As of 2009, the International Monetary Fund (IMF) held 3,217 metric tons  of gold. In 2010, the central banks of nations held a total of 28,398  metric tons of gold.

Statistics can be interesting but the burning question on prospectors' minds is "What's happening with gold prices?" Since gold prices have TRIPLED in the last 10 years and gold  price trends since 1900 continue to point up, there's never been a better time to find your own gold! And with the price of gold skyrocketing, you don't have to find much to  completely pay for your equipment— and the rest is pure profit! 
 
Source: All the World's Gold
Posted by: Denise AT 08:28 pm   |  Permalink   |  Email
Thursday, February 02 2012
What's the Difference Between a Karat, Carat, and Carrot?

The purity of gold is measured in 24ths called karats. 24K gold or 24-karat is 100% pure gold. 18K gold or 18-karat is 75% pure, and 14K or 14-karat  is 58.3% pure. The value of gold can further be determined by its rarity of structure-- whether it is a nugget or wire gold or has specimen value.

Gemstones are weighed by the carat (notice the difference in spelling) -- which is 200 milligrams or one-fifth of a gram. There are 5 carats in a gram. In addition to weight, the value of gemstones is also set and judged on their color, clarity, and cut.

If you're hungry, choose a carrot!
Posted by: Denise AT 06:33 pm   |  Permalink   |  0 Comments  |  Email
Monday, April 04 2011
Where can you fetch the best price for the gold you find? Refineries are probably the best answer for most prospectors if you have at least two ounces of gold to sell. That might sound like a lot, but if you collect all sizes and shapes of gold over time, then sell it all at once, it's the most profitable for you. Refineries don't care if it's fine gold, pickers, nuggets, or a combination because they melt it all down and resell it by weight. They do not care about the size or shape of your original gold, they only care about the purity.

In general, refineries pay around 95% of assay (assaying is conducting a gold purity test). That means you get 95% of whatever purity is determined (85% pure is pretty common), minus a refining fee. Using $1,400 an ounce as an example price, if you sent in an ounce of gold and it was determined to be 85% pure, you would get about $1,130.50 for your ounce, minus a refining fee. Not too bad considering you can live anywhere and send any size or type of gold to the refinery of your choice! 
Posted by: Denise AT 09:06 pm   |  Permalink   |  1 Comment  |  Email
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