Bruce, I think this is how it's done: A metric ton is one million grams (or 2204.6 lbs Avoirdupois). Precious metals are measured in troy ounces (originating from Troyes, France) in which the pound is 12 oz, rather than 16 oz as in the Avoirdupois system (the troy pound has 5760 grains, while the Av. weighs 7000). The key - a troy ounce is 31.1035 grams.
Anyway, to get the value of 8000 metric tonnes, you could divide 1,000,000 grams by 31.1035 to get the number of troy ounces in a MT (= 32150.723). Then, multiply by 8000 to get 257,205,784 ounces. Multiply that by today's per oz close ($279) and you get $71,760,413,736 (rounded a couple of times along the way, that is). regards, Scott |
