“I have decided not to turn my entire net worth into a lump of metal that fits in a backpack.”This was my way of using humour to poke fun at the absurdly high price of gold. But you may wonder if this statement is literally true. What dollar amount of gold fits in a backpack?
A typical backpack used by high school students has a capacity of about 20 liters. Here are a few other facts that will take us to our destination:
– 1000 cubic centimeters in a liter
– Gold density is 19.3 grams per cubic centimeter
– One troy ounce is 31.1 grams
– A recent gold price was $1328.60 per troy ounce
Combining all this together, we find that a backpack hold $16.5 million worth of gold! Although I don’t like to talk too much about my exact net worth, I’m prepared to reveal that I have less than $16.5 million. So, my net worth in gold does, in fact, fit in a backpack. If you find it crazy that people are willing to pay this much for a modest-size hunk of metal, I’m with you.
Some might think I’m cheating here because the weight of this much gold is 851 pounds. So, while it fits in a backpack, I certainly couldn’t lift it. However, $1 million worth of gold would only be about 52 pounds and would be a little larger than a 1 liter carton of milk. So most people are capable of lifting their new worth in gold.
If you were to win a million dollars, you could get a nice house in a large Canadian city, a huge house outside the city, or a 52-pound lump of yellow metal. Your choice.