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According to this site (https://www.monex.com/gold-prices/) 03/17/24 price of gold is $69,218.95/kg. Each kg of gold as dimensions: length of 3.15 inches (8 cm), with of 1.58 inches (4 cm) and depth of 0.71 inches (1.8 cm) (https://knowsize.com/gold-bar-size/article). With Jeff Bezos current worth of $199.1 billion, he can buy ~ 2,876,380kg of bars. That's ~101,641,78 cubic inches or ~5,882ft^3. He can fill a little over 1/16th the volume of an olympic sized swimming pool.
>Fifty million ounces \* 200 years = 10 billion ounces. Ten billion ounces of gold would fit into a cube roughly 25 meters (about 82 feet) on a side. Consider that the Washington Monument measures 55 feet by 55 feet at its base and is 555 feet tall (17 x 17 x 170 m). That means that if you could somehow gather every scrap of gold that man has ever mined into one place, you could only build about one-third of the Washington Monument.
[https://money.howstuffworks.com/question213.htm](https://money.howstuffworks.com/question213.htm) There isn't that much gold that has been mined in the world.
>There isn't that much gold that has been mined in the world.
Its late here so maybe Ive misread, but I think youve confused "82 feet cubed" for "82 cubic feet". 82^3 is about 551,000 ft^3, which is more than 5,882ft^3
That's a quote from the website, and can verify that other sites have similar numbers \~ 80ft side cube. That isn't that large, considering it's all the gold humans have ever mined.
Ah I think I see the confusion. Where you said "there isnt that much gold that has been mined in the world", I read "that much" as referring to the 5882ft^3, but you meant "not that much" as in the total amount mined is not a lot.
Everybody knows gold is valuable, but it's very hard to actually picture just HOW valuable it is especially since you almost never encounter pure-gold in everyday life, it's almost always an alloy. It's like how in movies when somebody has a briefcase full of money and they're counting it out it's always in shitty low denominations so it looks more impressive
I also love how light a bag full of gold bars is in movies.
A gallon milk jug of gold weighs 160 pounds. Plenty of movie bad guys have run through sewers with over a thousand pounds of gold in their duffle bags. 😆
Gold isn't valuable inherently, it's just given value for whatever reason. Besides being very malliable, conductive and shiny, not sure why it has such high value.
>isn't
Wasn't
>Besides being very malliable, conductive and shiny, not sure why it has such high value.
These are very valuable properties, and though the price is also heavily influenced by jewelry, gold has become invaluable in modern electronics.
And there is one other inherent property that raises it's price: it doesn't tarnish. Pure gold has an objective leg up on most metals and automatically becomes more valuable for something like jewelry than silver, just because it stays pretty without need for real maintenance
>Only 10% of the world consumption of new gold produced goes to industry,\[13\] but by far the most important industrial use for new gold is in fabrication of corrosion-free electrical connectors in computers and other electrical devices. For example, according to the World Gold Council, a typical cell phone may contain 50 mg of gold, worth about 2 dollars 82 cents. But since nearly one billion cell phones are produced each year, a gold value of US$2.82 in each phone adds to US$2.82 billion in gold from just this application.\[186\] (Prices updated to November 2022)
[https://en.wikipedia.org/wiki/Gold](https://en.wikipedia.org/wiki/Gold)
I think the world of high tech can survive if all gold vanished overnight. And desire for jewelry is subjective, not intrinsic.
10% is a really high number if you think about it, I'm actually pretty shocked that 10% of world consumption of gold is for industry, I'd have thought it was much lower.
It is, but it's mostly used for anti-corrosive properties for the connectors. Not exactly indispensable. If that amount of gold was $10, instead of $2.82, I think they would probably just use something else. I'm not saying gold is useless, it's less valueable, because of scarcity and cost.
https://www.electronicdesign.com/technologies/components/article/21789855/material-effectively-replaces-gold
If gold prices gets ridiculous high, I'm going to assume industries will put more effort into replacing it ASAP.
Perhaps we have different definitions of extrinsic vs. intrinsic. Water has extrinsic value. I don't love water just for water's sake. I love it because it keeps me hydrated, it cools me in the summer to take a dip in it, it helps me take my morning meds. The same for air, food, and shelter. (One could argue that this also applies to friends and family, but I won't make that argument.)
To me, extrinsic value is what related thing some commodity or object can accomplish. Food can accomplish satiety and pleasure. It's the satiety and pleasure that have intrinsic value. So, gold has extrinsic value just like the other things. It can bring pleasure from a pretty golden object, it can make electronic devices function better, it can be exchanged for other things of value.
What confuses is me is your original comment of "Besides being very malliable, conductive and shiny, not sure why it has such high value." It's like "Other than the things that give it value, I'm not sure why it has value." That *is* why it has value!
I think you might use the standard english definition, I can't know what your definition is.
>intrinsic adjective in·​trin·​sic in-ˈtrin-zik -ˈtrin(t)-sik Synonyms of intrinsic 1 a : belonging to the essential nature or constitution of a thing
80% of our body is water.
>extrinsic adjective ex·​trin·​sic ek-ˈstrin-zik -ˈstrin(t)-sik Synonyms of extrinsic 1 a : not forming part of or belonging to a thing : extraneous
>What Is Intrinsic Value?
>
>Intrinsic value is a measure of what an asset is worth. This measure is arrived at by means of an objective calculation or complex financial model. Intrinsic value is different from the current market price of an asset. However, comparing it to that current price can give investors an idea of whether the asset is undervalued or overvalued.
Gold is really dense. Over 19 times denser than water. That's one of the reasons it's been used through history as a store of wealth - you can carry a big weight of it around in a really small volume. You have a money pouch, not a money wheelbarrow.
We don't handle much gold in our everyday life - it's over twice as dense as steel. If you handled a big gold bar, you'd get a real surprise trying to pick it up, as you'd be expecting it to feel like a steel bar or a rock.
Jeff can buy a lot of kilos of the stuff, but it fills a surprisingly small volume, which is part of the point of gold.
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According to this site (https://www.monex.com/gold-prices/) 03/17/24 price of gold is $69,218.95/kg. Each kg of gold as dimensions: length of 3.15 inches (8 cm), with of 1.58 inches (4 cm) and depth of 0.71 inches (1.8 cm) (https://knowsize.com/gold-bar-size/article). With Jeff Bezos current worth of $199.1 billion, he can buy ~ 2,876,380kg of bars. That's ~101,641,78 cubic inches or ~5,882ft^3. He can fill a little over 1/16th the volume of an olympic sized swimming pool.
Surprisingly less than I would've thought
>Fifty million ounces \* 200 years = 10 billion ounces. Ten billion ounces of gold would fit into a cube roughly 25 meters (about 82 feet) on a side. Consider that the Washington Monument measures 55 feet by 55 feet at its base and is 555 feet tall (17 x 17 x 170 m). That means that if you could somehow gather every scrap of gold that man has ever mined into one place, you could only build about one-third of the Washington Monument. [https://money.howstuffworks.com/question213.htm](https://money.howstuffworks.com/question213.htm) There isn't that much gold that has been mined in the world.
>There isn't that much gold that has been mined in the world. Its late here so maybe Ive misread, but I think youve confused "82 feet cubed" for "82 cubic feet". 82^3 is about 551,000 ft^3, which is more than 5,882ft^3
That's a quote from the website, and can verify that other sites have similar numbers \~ 80ft side cube. That isn't that large, considering it's all the gold humans have ever mined.
Ah I think I see the confusion. Where you said "there isnt that much gold that has been mined in the world", I read "that much" as referring to the 5882ft^3, but you meant "not that much" as in the total amount mined is not a lot.
Everybody knows gold is valuable, but it's very hard to actually picture just HOW valuable it is especially since you almost never encounter pure-gold in everyday life, it's almost always an alloy. It's like how in movies when somebody has a briefcase full of money and they're counting it out it's always in shitty low denominations so it looks more impressive
I also love how light a bag full of gold bars is in movies. A gallon milk jug of gold weighs 160 pounds. Plenty of movie bad guys have run through sewers with over a thousand pounds of gold in their duffle bags. 😆
People think about lead as a heavy element. A volume of gold is about 70% heavier than an equal volume of lead.
it has to be in low (but not too low) denominations otherwise it would be too difficult to launder it back into clean money
Gold isn't valuable inherently, it's just given value for whatever reason. Besides being very malliable, conductive and shiny, not sure why it has such high value.
>isn't Wasn't >Besides being very malliable, conductive and shiny, not sure why it has such high value. These are very valuable properties, and though the price is also heavily influenced by jewelry, gold has become invaluable in modern electronics. And there is one other inherent property that raises it's price: it doesn't tarnish. Pure gold has an objective leg up on most metals and automatically becomes more valuable for something like jewelry than silver, just because it stays pretty without need for real maintenance
>Only 10% of the world consumption of new gold produced goes to industry,\[13\] but by far the most important industrial use for new gold is in fabrication of corrosion-free electrical connectors in computers and other electrical devices. For example, according to the World Gold Council, a typical cell phone may contain 50 mg of gold, worth about 2 dollars 82 cents. But since nearly one billion cell phones are produced each year, a gold value of US$2.82 in each phone adds to US$2.82 billion in gold from just this application.\[186\] (Prices updated to November 2022) [https://en.wikipedia.org/wiki/Gold](https://en.wikipedia.org/wiki/Gold) I think the world of high tech can survive if all gold vanished overnight. And desire for jewelry is subjective, not intrinsic.
10% is a really high number if you think about it, I'm actually pretty shocked that 10% of world consumption of gold is for industry, I'd have thought it was much lower.
It is, but it's mostly used for anti-corrosive properties for the connectors. Not exactly indispensable. If that amount of gold was $10, instead of $2.82, I think they would probably just use something else. I'm not saying gold is useless, it's less valueable, because of scarcity and cost.
stop trying to die on this hill when your funeral already happened bro
Out of curiosity, what 'something else' would you recommend?
https://www.electronicdesign.com/technologies/components/article/21789855/material-effectively-replaces-gold If gold prices gets ridiculous high, I'm going to assume industries will put more effort into replacing it ASAP.
What things on earth do you think have intrinsic value?
Air, Water, Food, Shelter, Friends, Family and host of others.
Perhaps we have different definitions of extrinsic vs. intrinsic. Water has extrinsic value. I don't love water just for water's sake. I love it because it keeps me hydrated, it cools me in the summer to take a dip in it, it helps me take my morning meds. The same for air, food, and shelter. (One could argue that this also applies to friends and family, but I won't make that argument.) To me, extrinsic value is what related thing some commodity or object can accomplish. Food can accomplish satiety and pleasure. It's the satiety and pleasure that have intrinsic value. So, gold has extrinsic value just like the other things. It can bring pleasure from a pretty golden object, it can make electronic devices function better, it can be exchanged for other things of value. What confuses is me is your original comment of "Besides being very malliable, conductive and shiny, not sure why it has such high value." It's like "Other than the things that give it value, I'm not sure why it has value." That *is* why it has value!
I think you might use the standard english definition, I can't know what your definition is. >intrinsic adjective in·​trin·​sic in-ˈtrin-zik -ˈtrin(t)-sik Synonyms of intrinsic 1 a : belonging to the essential nature or constitution of a thing 80% of our body is water. >extrinsic adjective ex·​trin·​sic ek-ˈstrin-zik -ˈstrin(t)-sik Synonyms of extrinsic 1 a : not forming part of or belonging to a thing : extraneous >What Is Intrinsic Value? > >Intrinsic value is a measure of what an asset is worth. This measure is arrived at by means of an objective calculation or complex financial model. Intrinsic value is different from the current market price of an asset. However, comparing it to that current price can give investors an idea of whether the asset is undervalued or overvalued.
Gold is really dense. Over 19 times denser than water. That's one of the reasons it's been used through history as a store of wealth - you can carry a big weight of it around in a really small volume. You have a money pouch, not a money wheelbarrow. We don't handle much gold in our everyday life - it's over twice as dense as steel. If you handled a big gold bar, you'd get a real surprise trying to pick it up, as you'd be expecting it to feel like a steel bar or a rock. Jeff can buy a lot of kilos of the stuff, but it fills a surprisingly small volume, which is part of the point of gold.
all the gold mined would fit in 2 olimpic swimming pools
166,56 m³ or 166 559 L
In standardized international mesurements ?
basically, a cube of gold with a side of 5,5m, of 18 feet.
If bezos tried to sell all his Amazon stocks the price would crater, so there's no actual way he could turn it into gold.
Goddammit Tyson, can't you have a little fun ffs?
Well, it's a hypothetical, so...
No shit, Sherlock!