P.S. In the ground doesn’t mean much. How much oil does Venezuela have in the ground? Did currency traders care and put out that value into their currency? No, it never works that way. How much oil, natural gas, and coal does the US have in the ground? Trillions of dollars worth. Should that get considered for the dollar?
Kind of what I said. An ounce of gold in the ground needs to be dug up, refined, and assayed. Its not a cheap process and a bit more complicated than one would see on “Gold Rush.”
On a balance sheet, it would be considered as an asset—but not nearly at a retail price. There is no way to confirm what “is in the ground.”