Posted on 07/05/2015 8:11:28 PM PDT by xzins
Texas has a stockpile of gold. That gold is kept in New York City in an underground vault managed by HSBC. Texas has decided it wants all its gold back in Texas.
Earlier this year, Governor Greg Abbott signed a law that had sailed through the Texas Legislature. It sets up a depository facility in Texas that will house all of Texas’s gold inside Texas.
According to the Associated Press, Texas’s gold measures “about 20 square feet”. I’m thinking that should be cubic feet, but no matter. That’s not the best part.
In examining how Texas might get its actual, physical gold home from New York City, we find this gem, which is the funniest line in any news article this week:
It’s unclear whether repatriating it could be done with an electronic transfer or would require a fleet of planes or armored cars.
Yes, Scotty is going to beam it to Texas.
Don’t forget the Confederate flag proudly displayed on the transport vehicle.
1 cubic inch of pure gold weighs 316.598 grams. 24K is about $37.76 per gram.
A cubic foot is 12(316.598) X 12(316.598) X 12(316.598) =
4,606,902,848 grams of gold.
Approximately $173,956,651,540 at $37.76/gram
The bigger question to me would be why in the hell would anyone authorize Texas gold to be stored in New York?
Apparently, though, it wasn’t very humorous. :>)
Nah xzins... when I’m in attack mode I’ll even charge an artificial..
There’s economic blood in the water..
Some countrys “ SMELL “ it..
Check your math again, you would multiple 12^3 X 316.598, then that number by 20 to get the number of total grams, divide that by 31.1 (grams per troy ounce) and multiple by the days spot price.
I was using 28 grams (28.349) to the ounce but you are right in that gold is in troy ounces. (So how does 20 figure in?)
So here goes:
1728 (cubic inches) X 316.598 (grams per cubic inch = 547,081 grams per cubic foot
To convert grams to troy ounces 547,081 X 0.032151 = 17589.2
@ $37.76 per troy ounce one cubic foot is 17,589 (troy ounces) is $664,168
so... 25 cubic feet @ $664,168 is only $16,604,205?
I should not be doing this so late
It would make great bullets, if you could get it hot enough to cast. :D
Either way, I don’t blame TX for keeping it in their lock box rather than NY’s lock box!
*
4 am bump!
Your math is good, except that you would multiply by the price per troy ounce, not gram, because you converted the above number from grams to ounces. I used 20 instead of 25 because the article said 20 cubic feet, not 25.
Weight of that much gold?
Couple of people said 14-15 ton.
That would easily travel in one semi.
Legal weight loaded 80,000 lbs, approx 44-45,000 lbs cargo.
About 17 tons.
Would you be surprised that millions and millions of cash are transported each year by unescorted semi-trucks?
You may have driven past one last time on the highway.
1 Truck can haul 45,000lbs or 22.5 tons
Thank you. 1 dry box semi would do nicely.
Load underground at the fed, team run it to TX no escorts by bonded drivers (armed, with interstate permit) with security clearance. Be there in 1 day.
Adding escorts just draws attention.
The bigger question to me would be why in the hell would anyone authorize Texas gold to be stored in New York?>/i>
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