In some places people can’t trust banks with their money, so some keep their riches elsewhere. It is not impossible to save up over ones working years, invest well, run a business and thereby legitimately obtain $50 million in gold. This is especially true if you bought gold when it was less expensive.
Reader comment on Youtube:
Another reason not to trust Bloomberg: THEY CAN’T DO MATH!
1 TON = 32,150 ounces of gold
32,150 ounces x $1,556/ounce is $50,025,400
ABOUT FIFTY MILLION US DOLLARS! —NOT $6M!!!!
There is a difference in the British vs the American “ton” as well.
Gold is measured in Troy ounces and 1 Troy ounce equals 1.0971428571 ounces. 1 metric tonne = 32,150.746 Troy ounces 1 long ton of 2240 lb (UK) = 32,666.667 Troy ounces 1 short ton of 2000lb (US) = 29,166.667 Troy ounces
The price of gold is down a bit. With gold at 1,197.30 per troy oz, the value of a short ton (US ton) of gold would be $35 million dollars ($34,921,250.29). The value of 1 metric tonne of gold would be $39 million dollars ($39,111,800.39). Interestingly, the value of an ounce of gold is about the value of a decent metal detector that can help you find gold.