That’s really high for medieval times. 14th century price was about 40p per ounce.He should sell. (Because there were relatively few gold mines. gold was more expensive in terms of work value then than today.
A troy ounce (used to measure the mass (weight, in common parlance) of precious metals) is not equal to an avoirdupois ounce. Avoirdupois is a system of weights (more properly, mass) based on a pound of 16 ounces. (1 Ounces Avoir into Ounces Troy = 0.91146)Then there’s fluid ounce which is based on volume and is not based on weight -or-mass. A fluid ounce is about 1.8 cubic inches.
Anyway, what’s the point of this cartoon? That gold was cheap a thousand years ago? Kinda obvious. I like Herman, but this one is pretty weak.
In the 1930’s FDR made it illegal for private citizens to own gold. The government bought it up at $22 and ounce and then promptly revalued it to $35 and ounce (maybe $36). In the 1960’s Charles DeGaulle demanded that all debts owed to the French Government be paid in U.S. Dollars for which he demanded the equivalent in gold. So Nixon took the US off the gold standard.
All the gold reserves in the world would fill about 3.5 Olympic sized swimming pools. There is a lot more gold than that on the planet, but it’s very deep (being very heavy, it sank while the planet was still molten) or dissolved widely in seawater. What little bit comes to the surface is the result of plate tectonics.
It may be easier to mine gold on some asteroids. “There’s gold in them thar rocks!” If course, getting there by mule is a bit difficult.
Superfrog over 8 years ago
And there’s 16 ounces to the pound!
Farside99 over 8 years ago
There’s no way that it will ever get to a dollar an ounce! That’s just crazy!
Ubintold over 8 years ago
There’s nothing like a good old pot o’ gold…..two pots,maybe.
Joken' over 8 years ago
They must’ve robbed a leprechaun
Linguist over 8 years ago
I just realized how old I am getting. I remember buying gold for $38 an ounce !
MeGoNow Premium Member over 8 years ago
That’s really high for medieval times. 14th century price was about 40p per ounce.He should sell. (Because there were relatively few gold mines. gold was more expensive in terms of work value then than today.
rfallstich over 8 years ago
A troy ounce (used to measure the mass (weight, in common parlance) of precious metals) is not equal to an avoirdupois ounce. Avoirdupois is a system of weights (more properly, mass) based on a pound of 16 ounces. (1 Ounces Avoir into Ounces Troy = 0.91146)Then there’s fluid ounce which is based on volume and is not based on weight -or-mass. A fluid ounce is about 1.8 cubic inches.
Anyway, what’s the point of this cartoon? That gold was cheap a thousand years ago? Kinda obvious. I like Herman, but this one is pretty weak.
dflak over 8 years ago
In the 1930’s FDR made it illegal for private citizens to own gold. The government bought it up at $22 and ounce and then promptly revalued it to $35 and ounce (maybe $36). In the 1960’s Charles DeGaulle demanded that all debts owed to the French Government be paid in U.S. Dollars for which he demanded the equivalent in gold. So Nixon took the US off the gold standard.
All the gold reserves in the world would fill about 3.5 Olympic sized swimming pools. There is a lot more gold than that on the planet, but it’s very deep (being very heavy, it sank while the planet was still molten) or dissolved widely in seawater. What little bit comes to the surface is the result of plate tectonics.
It may be easier to mine gold on some asteroids. “There’s gold in them thar rocks!” If course, getting there by mule is a bit difficult.
Linguist over 8 years ago
I know one thing for certain. I am NOT worth my weight in gold.
The weight of 220 pounds of gold is worth: $3,954,661.69
jbk864 over 8 years ago
The Distant Past? Or … The Distant Future?