Tuesday, May 01, 2012 12:18:03 PM
.07 grams per ton gold
115 grams per ton silver
The calculations are pretty simple when you figure there are 28.35 grams to an ounce.
Gold
.07 grams X 1.5 million tons = 105,000 grams
105,000 grams divided by 28.35 = 3,704 oz
3,704 oz X $1,650/oz = $ 6,111,111
Silver
115 grams X 1.5 million tons = 172,500,000 grams
172,500,000 grams divided by 28.35 = 6,052,631 oz
6,052,631 oz X $32/oz = $193,684,190
TOTAL $ 199,795,301
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