How much gold does the average American consume?. From the family? It's a deceptively simple question that has a very complicated answer. For one thing, there are no reliable statistics on private gold ownership in the U.S. 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.
However, the fine gold content of gold-plated jewelry by weight ranges from 2.1% to 7.5%, substantially lower even than that of the lowest solid carat gold alloys. 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. Read more articles on thought-provoking ancient sage materials here.
Read the detailed investment guides on Antique Sage here. The AntiqueSage website does not offer investment advice. All comments on this site are only an expression of opinion and in no way constitute a recommendation to buy, sell or trade stocks, bonds, commodities, collectibles, antiques, works of art or any other financial instrument. According to the survey results, a combined 10.8% of Americans own gold, while a combined 11.6% own silver.
There is a bit of a dichotomy when it comes to the question of possession of gold. Owning the yellow metal has always been a way of showing wealth. Many cultures, such as India, use gold jewelry displays to establish social status. However, nations and individuals are also known to conceal the exact amount of their gold stocks.
In fact, no one knows how much gold Americans own. The fungible nature of gold and its status as a safe haven asset cause some to hide or deny their property. This reality exists both personally and nationally. For example, central banks use their gold holdings to guarantee foreign governments their economic stability and credit solvency.
However, they are also known to underestimate or exaggerate their possessions for specific political or financial reasons. 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.
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. Americans have been allowed to legally own gold coins and ingots since 1975, so that figure in dollars and current prices is certainly much higher. However, that organization states that it cannot accurately establish private gold holds in the United States or in most other countries. The whole discussion about where gold actually resides is important in evaluating the supply and demand side of the market price equation.
That makes the question of how many Americans own the precious metal worthwhile. As noted above, both here and abroad, many people may prefer to keep their purchases and ownership of gold confidential. However, the trend is strong towards investment gold purchases. In fact, surveys show that many Americans believe that gold is a long-term, high-yield investment.
It has been off the gold standard since 1971, when President Richard Nixon determined that the dollar would no longer be directly convertible into gold. A relatively small part of the U.S. The government's gold reserve, of about 2.7 million troy ounces, is the working capital of the Mint, with which it produces coins authorized by Congress.
Gold IraGuide, a consolidated publication that provides investors and retirees with all the relevant information about investing in precious metals, launched the survey.
Gold reserves were evenly distributed among the approximately 125.8 million U.S. households, totaling about 2.08 troy ounces (64.7 grams) of gold per household. While the value of gold has skyrocketed in the open market since the United States ended the gold standard, the U. During the gold standard periods of the 19th and early 20th centuries, national governments assumed the obligation to exchange the national currency for a certain amount of gold.
Global Bullion is among the best online gold traders for those looking to buy gold with the lowest premiums above the spot. Many believe that U.S. gold reserves have been lost or are hampered by gold leasing programs that intensified in the 1990s (i). 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.
None of the above facts and points change the truth that American Gold Eagle coins from the United States Mint are still the first choice of buyers of gold bullion coins in the U.S. UU. and around the world (according to sales data from the Government Mint). According to a survey by the World Gold Council, “the number of respondents who will increase their own gold stocks has risen to 21%, compared to 20% last year.
The gold reserve held by the Treasury Department is partially offset by the obligation for gold certificates issued to Federal Reserve banks at the legal rate, which the Treasury can exchange at any time. Since its inception, gold investors and coin collectors around the world have purchased more than 20,000,000 ounces of Gold American Eagle coins. As this writer points out, gold jewelry is likely to make up a large part of Westerners' gold reserves. .