**gold**. Here are the people who like it the most, based on the amount they have stashed away. The numbers come from the World Gold Council:

**Tonnes Holder**

8134 US Government

3407 Germany

2967 International Monetary Fund

2452 Italy

2435 France

1054 China

1040 Switzerland

765 Japan

669 Russia

613 Netherlands

The amount of gold here is worth a lot of money! Each metric tonne of gold represents 32,151 troy ounces. The price of gold today is

**$1241 or €1007 or £840**per troy ounce.

Here's where we can use our elementary math skills, while dreaming of the value of this gold!

**Q1. How much is one metric tonne of gold worth today, in US dollars?**

**A1. 32151 x 1241 = $39,899,391 or rounded slightly to $40 million bucks!**

**Q2. Using the euro as currency, how much more gold value does Italy hold than France?**

**Round your answer to a reasonable number of digits and do the work without a calculator.**

**A2. We could calculate this way (32151 x 1007 x 2452) - (32151 x 1007 x 2435) = answer**

**But it's easier to take Italy's holdings 2452 minus France's holdings 2435 = 17.**

**Then we simply multiply 17 x 1007 x 32151 to get the answer.**

**Rounding to make it simpler in our heads means**

**17000 x 32000 = (17 x 32) + 000,000 or**

**(10 x 32) + (7 x 32) = 320 + 224**

**+ 000,000**

**= roughly 550 million Euro.**

Gold on pallets!

**Q3. A gold bar is most often 400 ounces. How much is one gold bar worth in UK pounds?**

**No calculator please! Round to make it easier.**

**A3. 400 x $1241 or 4 x 125 + ,000 = $500,000 x .67 exchange rate = £335,000**

**or 400 x**

**£840 per ounce = 4 x 84 + ,000 =**

**£336,000**

**PS - the price of gold has dropped to 1238.47 since I started this post! The USA holdings have dropped by $660 million in an hour. Ouch!**

## No comments:

## Post a Comment

Type your comment here