Saudi gold reserve guesstimate doubles

Estimates of the gold reserves held by Saudi Arabia have been doubled to 323 tons after an accounting change. The Middle East kingdom had previously been calculated by the World Gold Council as owning a mere 143 tons. The trade organisation said it changed its estimate "as a result of the adjustment of the Saudi Arabian Monetary Agency's gold accounts". The surprise upward revision may partly be due to previously unknown gold purchases since 2008. The price of gold has risen at an accelerating pace since 2001, and currently trades at $1,255 per troy ounce, about five times its level of 2001.

how much by any chance is the 323 Tons of Gold worth?
havent got a clue what a troy ounce is

reply to post by illusive man

Hi,
The figures I found on a conversion chart shows.

323 UK Ton = 11,576,125.274Ounce(s)

Yep 11.5 Million Ounces.

At the current rate of U.S $1235.13 per ounce.

This would give a value in U.S. Dollars.. $14,298,019,609.67562

Which is close enough to 14.3 Billion Dollars worth of Gold.

Originally posted by Tayesin


This would give a value in U.S. Dollars.. $14,298,019,609.67562

Which is close enough to 14.3 Billion Dollars worth of Gold.

isn't that trillion?

Wait till they auidt those bars and start to find the Gold coverd Tungsten bars like so many others have these last 10 years....
www.abovetopsecret.com...



[edit on 24-6-2010 by Grayelf2009]