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Would you prefer a million pounds in diamonds or a million pound of gold?

SeyiXam
By SeyiXam | self meida writer
Published 7 months ago - 0 views

Gold. Hands down, no ifs, ands, or buts.

One million pounds of gold (I am presuming standard pounds) equals 14,583,333.3 troy ounces. Gold is hovering around $1,300 per troy oz. Assuming it is pure gold (24 kt, or .999), that is at about $18,958,333,290. It can be visualized as 36,458 400-troy ounce “Good Delivery” bars (and change) of the same type stored in Fort Knox and worth about $520,000 each.

400-t oz Good Delivery gold bar.

Each good delivery bar weighs in at a hair over 27.42 lb / 12.44 kg. It might actually be more convenient to get it in 100-t oz bars, which can be more readily sold. Of course, a million pounds is 500 tons, which is about one-fifth of the output of all the gold mines in the world in a year. The good news is; if doled out over time (several years), they will not have that much of an impact on the price of gold. This means that even taking buyer costs into account, there will still be a significant chunk of value per ounce. The bad news is that if sold at once it will collapse the current price of gold and I would never get anywhere near the actual value of the gold. Also, the sheer amount of gold sold will attract the attention of the government revenue service, who will want their share.

Diamonds, on the other hand, cannot be sold in bulk without a specialized infrastructure in place to grade them by color, clarity, carat, and cut (the “Four C's”). Keep in mind that a pound of diamond powder for industrial use goes for about $10. That is ten dollars. Unless you are already well-connected in the diamond industry, selling the diamonds is going to be far too much hassle for too little return and will leave a paper trail a mile wide at every step. Honestly, I would take a million pounds in 90% silver before I take a million pounds in diamonds, and still come out ahead profit-wise.

What's your opinion?

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