The 100oz Club has a very similar number. Prove that there is only enough gold in the world so that every adult in the world can store 1 ounce of gold on average. How much gold does the average American consume? From the family? It's a deceptively simple question that has a very complicated answer. To get a better understanding of the gold market and how it affects investments, it's important to read Gold IRA investment reviews. For one thing, there are no reliable statistics on private gold ownership in the U.S. Additionally, for those looking to invest in gold, it is important to research the best gold ETFs available.
UU. And certainly people aren't going to volunteer this very personal information either. However, I believe that this issue will become increasingly important as our global monetary system is inevitably reordered in the coming decades. Before trying to answer this question about U.S.
private ownership of gold, let's talk for a moment about official U.S. ownership. The U.S. Department of the Treasury currently holds more than 8,133 metric tons, or 261,498,926 troy ounces, of fine gold in secure facilities across the country.
More than 50% of this stash, approximately 4,583 metric tons, is stored in the world-famous United States ingot depot in Fort Knox (Kentucky), where it is guarded by an active U.S. vessel,. In any case, these aren't really the numbers we're looking for. Instead, we want the average private ownership of gold by the U.S.
Or, more specifically, we want the average level of gold ownership per U.S. Domestic gold is undoubtedly preserved in the form of solid carat gold jewelry. Most solid carat gold jewelry ranges from 9-carat gold (37.5% fine) to 18-carat gold (75% fine). However, most people own far less solid carat gold jewelry than they think.
It's much more common to find jewelry in the U.S. Home, which I loosely define as gold-plated and gold-plated jewelry. Gold-filled jewelry has a thick layer of carat gold that is mechanically fused with a copper alloy base. In contrast, gold-plated jewelry is made by electroplating a very thin layer of gold directly onto the base metal.
Gold-filled jewelry can often be economically recycled because of its gold content, provided that it is judiciously mixed with solid karat gold jewelry before being sent to the refinery. . Because it's so diluted, it takes a lot of gold-filled jewelry to accumulate a significant amount of pure gold. Of course, the only problem is that electronic devices don't contain much gold.
Since the price of gold has risen steadily over the past 15 years, hardware manufacturers have done their best to reduce the amount of gold used in electronics. This makes recovering gold from computer scrap very difficult. Despite this, there is a booming market for electronic scrap on platforms such as eBay. The household has, in total, only a few hundredths of a gram of gold stored in electronic equipment and computers.
There are some conclusions that we can draw from our estimate of the US average. First of all, it's safe to assume that these private gold holds don't represent a significant addition to most people's net worth. Second, we can deduce that the silver stocks of most American households are also proportionately low; applying a traditional multiplier of 15 times to gold holds probably gives a reasonable estimate of household silver stocks. Third, we can assume that the median U, S.
The family value of all other tangible assets, such as gemstones, antiques and works of art, is also quite small. A huge dislocation is taking place in the paper asset markets, where most Americans currently have most of their net worth (not real estate). Solid assets, such as precious metals, gemstones, works of art and antiques, can serve as a buffer during this future period of financial chaos. But it doesn't work if you don't have any.
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According to the survey results, a combined 10.8% of Americans own gold, while a combined 11.6% own silver. It reports the largest gold reserves in all countries. With almost an ounce for every American citizen, the country has more than 8,100 tons in its vaults. However, even this number is a bit of a mystery, as many believe that the world's most famous gold deposit, Fort Knox, may not contain as much gold as reported.
How much gold should the average investor have?. Calculating the total amount of gold that man has produced is a little more difficult. To make some kind of estimate, let's calculate that the world has been producing gold at 50 million ounces a year for 200 years. That figure is probably a little high, but if you calculate that the Aztecs and Egyptians produced a good amount of gold for a long time, it's probably not far off.
Fifty million ounces * 200 years %3D 10 billion ounces. Ten billion ounces of gold would fit in a bucket of about 25 meters (about 82 feet) on its side. Note that the Washington Monument measures 55 feet by 55 feet at its base and measures 555 feet tall (17 x 17 x 170 m). That means that if you could somehow gather every piece of gold that man has ever mined in one place, you could only build about one-third of the Washington Monument.
That was a small fraction of Barrick Gold's resources, which are the largest among miners, with an estimated 91.9 million ounces. Currently, approximately 7 billion people live on Earth, but there are only 170,000 metric tons of gold. When all the major currencies were tied to gold, there were economic (and possibly national security) reasons not to specify how much metal resided and where. For example, there are 32,150 Troy ounces in one metric ton, meaning that the United States has approximately 261.5 million Troy ounces of gold in reserve.
When I gave him an estimate that less than 10% of American adults own gold as an investment, a spokesperson did not confirm it, but insinuated that it was accurate. Based on the results of the survey, when asked if they owned gold or silver, 84% of those surveyed indicated that they did not own either of them. Especially for retail investors who might be tempted to abandon their portfolios in falling markets, maintaining a hedge such as gold that allows them to “sleep at night” could be a worthwhile psychological tool. Interestingly, the higher an American's household income, the less likely they are to choose gold as the best long-term investment and the more likely they are to choose real estate or stocks and mutual funds.
Similarly, many analysts believe that China may own more gold than they are willing to report, and there are rumors about why they would follow that strategy. The World Gold Council, which gathers and disseminates mountains of statistics on gold, says it cannot provide an estimate of the number of Americans who own gold as an investment. The whole discussion about where gold actually resides is important in evaluating the supply and demand side of the market price equation. Given the current economic uncertainties surrounding the global pandemic, Millennial investors seem to be turning specifically to historical hedges, such as gold and silver, rather than older investors.
However, that organization states that it cannot accurately establish private gold holds in the United States or in most other countries. .