August 18, 2011 | In: Trivia
How Much Is a Ton of Gold Worth?
I was just reading an article on Bloomberg on how Venezuela decided to repatriate its gold deposited in foreign banks. Apparently, Venezuela owns 365 tons of gold, and 211 tons of this gold is deposited in foreign banks.
In any case, the article made me wonder how much is a ton of gold worth. So, I decided to make the calculations, based on the current gold price of $1,796/ounce.
So, a ton is 1,000 KG, and one KG is 35.2739619 ounces, which means that one ton is equal to 35273.9619 ounces. Now it’s easy to calculate the price of one ton of gold, which is: 35273.9619 x $1,796 = $63,352,035.57 (In case you’re wondering, Venezuela owns just over $23 billion worth of gold).
So, according to this moment’s price, a ton of gold is worth just over $63 million dollars. Of course, since gold prices fluctuate, that number will change every trading second, so all you need to do is to multiple the price of an ounce by 35,273 and you’ll get the price of a ton!
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