At the end of 2009, it was estimated that all the gold ever mined totaled 165,000 tonnes. This can be represented by a cube with an edge length of about 20.28 meters. At $1,600 per ounce, 165,000 tons of gold would have a value of $8.8 trillion.
The average gold mining and extraction costs were about US$317/oz in 2007, but these can vary widely depending on mining type and ore quality; global mine production amounted to 2,471.1 tonnes.
Source.
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Incidentally, silver comes out of the ground for under $7 an ounce.
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Silver Price
Figure 1-3. compares the World silver extraction rate with the silver price in $ per troy ounces.
Figure 1-3. World silver extraction rate in 10^6 troy ounces per year compared to silver price in $ per troy ounce.
I see no obvious correlation between the extraction rate and the price.
Source.
The average gold mining and extraction costs were about US$317/oz in 2007, but these can vary widely depending on mining type and ore quality; global mine production amounted to 2,471.1 tonnes.
Source.
--
Incidentally, silver comes out of the ground for under $7 an ounce.
--
Silver Price
Figure 1-3. compares the World silver extraction rate with the silver price in $ per troy ounces.
Figure 1-3. World silver extraction rate in 10^6 troy ounces per year compared to silver price in $ per troy ounce.
I see no obvious correlation between the extraction rate and the price.
Source.
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