Today the world’s gold stock is about 170,000 metric tons. If all of this gold were melded together, it would form a cube of about 68 feet per side. (Picture it fitting comfortably within a baseball infield.) At $1,750 per ounce – gold’s price as I write this – its value would be $9.6 trillion. Call this cube pile A.
Let’s now create a pile B costing an equal amount. For that, we could buy all U.S. cropland (400 million acres with output of about $200 billion annually), plus 16 Exxon Mobils (the world’s most profitable company, one earning more than $40 billion annually). After these purchases, we would have about $1 trillion left over for walking-around money (no sense feeling strapped after this buying binge). Can you imagine an investor with $9.6 trillion selecting pile A over pile B?
Beyond the staggering valuation given the existing stock of gold, current prices make today’s annual production of gold command about $160 billion. Buyers – whether jewelry and industrial users, frightened individuals, or speculators – must continually absorb this additional supply to merely maintain an equilibrium at present prices.
Welcome to Beijing. Beijing is a beautiful city.
欢迎来到北京。北京是一座美丽的城市。
As we all know, it is an old city, but it has many new buildings.
众所周知，这是一座古老的城市，但它有许多新建筑。
Beijing is the capital of China and it's one of the oldest cities in the world. It has a lot of places of interest for visitors to see.
北京是中国的首都，也是世界上最古老的城市之一。它有许多名胜供游客们参观。
There is Tian'anmen Square, the largest square in the world, and the Great Wall, one of the greatest wonders in the world.
有天安门广场，世界上最大的广场，还有长城，世界上最伟大的奇迹之一。
Beijing also has many great new buildings. One of them is the National Stadium, ( the Bird’s Nest). The National Aquatics Center, (Water Cube) is also a new building.
北京也有许多伟大的新建筑。其中之一是国家体育场（鸟巢）。国家游泳中心（水立方）也是一座新建筑。
Come to visit Beijing for yourself, and you will fall in love with it.
亲自来北京旅游，你们会爱上它的。
#14天学习打卡挑战# #青春不一样# #致敬平凡的你#
