All your Silver and Gold Quiz Answer
Understanding their rarity, industrial uses and history, goes some way towards comprehending their ongoing allure and appeal. Here are the answers to the Physical Gold Limited, gold and silver quiz.
Q1: What’s the average gold/Silver ratio over the past century
a.18:1 b. 47:1 c. 82:1
Answer: b. 47:1
In 2018 the ratio has widened to an incredible 80:1, representing a huge undervaluation and buying opportunity for silver. Official ratios started way back in 1792 when US law fixed it at 15:1
Q2: How much of the UK’s gold reserves did Gordon Brown sell?
a. 75 tons b. 182 tons c. 395 tons
Answer: c. 395 tons
His offloading of the countries treasures took place over 17 auctions and two and a half years. With gold’s low point hitting $252/oz in 1999, the chancellor achieved an average price of $275. The metal now trades well above $1,100/oz
Q3: All the gold that has ever be mined in history would fit in?
a. Half the Mediterranean Sea b. The River Thames. 3 Olympic sized pools
Answer: c. 3 swimming pools.
The world has mined 166,500 tons of gold. If all the gold was melted down, it would fit in 3 Olympic sized swimming pools. Only a small portion of that gold is held in government hands. Most of it is in private hands with a tiny bit being used in industry. Visualcapitalist.com has some amazing graphics showing how much gold has been mined and compare it to everyday objects.
Q4: The best conductor of electricity is;
a. Palladium b. silver c. aluminium
Answer: b. silver
In fact silver is the most conductive of all the elements, making it the preferred choice for all things electrical. Silver’s predominant use in mobile phones, switches and computers is fuelling its growing industrial demand.
Q5: The largest gold nugget ever found in the earth weighed
a. 42 troy ounces b. 912 troy ounces c. 2,520 troy ounces
Answer: c. 2,520 troy ounces
This incredible find dates back to 1869 in the great gold rush era. The huge nugget, weighing 173 lbs, was the same weight as an average man. No surprise it was referred to as ‘Welcome Stranger’!
Q6: The largest producer of silver in the world is;
a. Mexico b. Russia c. United States
Answer: a. Mexico
The new world dominates in silver production, with Peru taking the second slot. Actually, around 65% of all silver produced is a by-product of zinc, copper and lead mining.
Q7: What’s the average time it takes to sell gold after it’s first discovered?
a. 18 months b. 7 years c. 15 years
Answer: b. 7 years
Discovering gold is only the first part of the logistical challenge. The huge cost and bureaucracy of mining the gold takes another 7 years. This includes building the mine, recruiting and housing staff and completing all legal requirements. This provides us with a window into the future gold supply. We know that any major discoveries won’t hit the market for at least 7 years.
Q8: How much is the most valuable gold coin worth?
a. £450,000 b. £4.5million c.$45million
Answer: c. $45million
In 2011 an Australian Kangaroo gold coin claimed the Guinness world title of the largest coin, weighing a mammoth 1 ton with a purity of 99.99%. That is 32,000 ounces of gold. While the coin’s face value is a nice round of $1 million dollars, the gold content alone is worth nearly $45 million dollars.
Q9: Real silver was used in British ‘silver’ coins up until..
a. 1935 b. 1947 c.1971
Answer: b. 1947
They then switched to using cupro-nickel to reduce cost and prolong the lifetime of the coins.
Q10: Gold comes from…
a. Meteors b. Water c. Lightning
Answer: a. Meteors
Around 4 billion years ago the earth was bombarded by a meteor shower which lasted an incredible 200 million years. These meteors contained many metals including gold and silver. The gold, mixed with iron sunk through the earth’s outer layer to predominantly rest in the core. While a majority of the gold remains there, untouchable, we fight to mine the veins of gold nearer to the surface.
Q11: Gold’s boiling point is;
a. 312 degrees c b. 14,800 degrees c c. 2,808 degrees c
Answer: c. 2,808 degrees centigrade
Q12: The gold in Fort Knox weighs;
a. 8 million tonnes b. 124,000 tonnes c. 4,600 tonnes
Answer: c. 4,600 tonnes
Perhaps a lot less gold than people imagine.
Q13: Silver was first discovered;
a. 3000 BC b. 5000 BC c. 92 AD
Answer: b. 5000 BC
While silver was discovered in 5000 BC, it took a while for humans to use it. Archaeologists have found objects made from silver which have been dated back as far as 4000 BC and it’s estimated it took another 1000 years for mankind to learn to separate it from lead.
Q14: One cubic foot of gold weighs
a. 1,187 pounds b.11,870 pounds c. 118,700 pounds
Answer: a. 1,187 pounds
Gold is actually the heaviest and densest of all metals in the Periodic table
Q15: The last country to use a gold standard was;
a. South Africa b. Switzerland c. USA
Answer: b. Switzerland
The European country famous for mountains, chocolate and cheese, backed up 40% of its money supply with gold until 1999.
Q16: On the official scale of conductivity, gold ranks 76 out of 100 (with zero being least conductive). Silver ranks;
a. 72 b. 88 c. 100
Answer: c. 100 In fact, silver is used as the standard to which other conductors are measured. This explains why silver is used so extensively in electricals.
Q17: The highest price for a gold coin ever sold was;
a. $242,000 b. $1.26 million c. $7.59 million
Answer: c. $7.59 million
This was paid for a 1933 rare Double Eagle coin, which sold in 2002.
Q18: The world’s deepest mine is;
a. 800 metres deep b.2.5 miles deep c. 96 miles deep
Answer: b. 2.5 miles deep
The Mponeng mine, as deep as ten Empire State buildings standing on top of each other, is located in South Africa
Q19: The biggest consumer of gold in the world is;
a. China b. India c. America
Answer: a. China
Just like so many other areas of consumption and production, China is the merging power. They took over the helm from India in 2013, and account for 30% of the global jewellery demand alone.
Q20: Which wedding anniversary is known as a ‘Silver anniversary’?
a. 10 b. 20 c. 25
Answer: c. 25
Other notable wedding milestones are Wooden (5th), tin (10), crystal (15), Ruby (40), Gold (50th) and diamond (60th). Tradition suggests that a present made from the corresponding material should be given to your spouse on each relevant anniversary.