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Sigh.
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Ken! The bars we call "400 oz" bars, also known as "LGD" bars or "LBMA" bars
DO
NOT
HAVE
A
FIXED
WEIGHT
Perhaps you have never bought or dealt with these bars? Honest, I am
not lying. The bars we call "400 oz" bars are not
*****SUPPOSED****** TO HAVE a fixed weight. They are ******SUPPOSED
TO****** vary!! Honest to god!
Ask ANYONE .. ask Jim Ray. Ask Doug Jackson. Ask anyone on the
planet who deals with gold bars.
It is not complex ... pick up a fone and call any large bullion shop
anywhere and say you want a "400 oz" bar. They will give you a list
of the weights of "400 oz" bars they have in stock, and you pick one.
Just the other day, I was in ABC bullion on Pitt St in Sydney,
Australia, and I said, "Do you have any 400 oz bars in stock?" and
the lasy answered, "Yes, we have three," and then she quoted the
weights of the three they had in stock. Like any collection of 3
"400 oz" bars, they ranged wildly in weight .. by kilograms.
Thus ...
>There is a simple way to handle the problem of the error in measuring a
>bar's weight. The error is known (0.025 ounce per "400 oz" bar). The total
>error for e-gold's 140 bar pile is therefore +/- 3.5 oz.
It has absolutely nothing to do with error.
"400 oz" bars DO NOT WEIGH 400 ounces, or any specific weight.
They VARY in weight. Honest!!! :)
THEY
VARY
IN
WEIGHT,
GUYS !!!!!
THEY
ARE
MEANT
TO !!!!!
"Error" (or "accuracy" in the correct scientific sense), applies to
all bars. Say I own a "400 oz" bar that happens to weigh 13.657577
kilograms. The "error" in that measurement 13.657577, might be
0.00000035 grams, or whatever it may be depending on the equipment
used.
But again, all "400 oz" bars have TOTALLY DIFFERENT WEIGHTS.
It has nothing to do with accuracy.
Say you own a 400oz bar that happens to weigh, say,
413.63457265472654 and you take it to the best lab on earth and have
it ultraweighed .. so that you now know the weight plus or minus an
incredible accuracy of 0.000000000000000001 ounces!!!
Great. You now have a 413.63457265472654 ounce "400 ounce" bar.
>......
>
>This is assuming that the bars in e-gold's reserve are actual 400 oz bars
>+/- .025 oz.
Actual "400 oz" bars do not weigh 400 ounces, and THEY ARE NOT
SUPPOSED TO. They vary in weight.
This is very basic.
"400 oz" bars vary by POUNDS, indeed by KILOGRAMS.
(1) if you purchase a "400 oz" bar, you choose one from those
available with a weight you like.
(2) if you bail in a "400 oz" bar to e-gold, it will have some
specific weight (maybe 12.864872638 kilos, maybe 11.9236482344 kilos,
maybe 13.34982749292 kilos), and that's how much e-gold will credit
your account with
(3) if you bail out a bar, you'll choose one from the 140 on hand,
and whatever the exact weight is (again, maybe 11.9236482344 kilos,
maybe 13.34982749292 kilos, etc), that is how much you'll pay e-gold
for it.
(4) if a bank or governmemt or rich person owns a whole lot of "400
oz" gold bars, they have the weight of them all written down
(5) if you happen to have a genuine, 100% authentic, unaltered, real
LGB LBMA 400 ounce bar in your home safe, it will have some specific
weight, from 350 to 420 ounces.
All 400 oz bars VARY in weight, and they are supposed to!!!
>
>Ken
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
http://www.opinionjournal.com/editorial/feature.html?id=95000852
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