Monday, April 30, 2012

News and views: Million and Billion

We all speak about million and billion. But let us look at these for a moment:

Million = 1,000,000
In other words, a million is one followed by six zeros. In India this figure would be 10 lakhs.

Now a billion is a thousand million. So, billion would be = 1,000,000,000. In India this figure would be
100 crores.

Silver, a precious metal - the annual world production of silver is around 700 million ounces. Around 300 million ounces is obtained by re-cycling. So one can take the annual world availability of silver to be around 1,000 million ounces or one billion ounces. (One ounce = one troy ounce = 31.3 grams). These figures can be checked by anyone by going to google search.

News: Now let me give you the newspaper report from The Hindu of 30.4.2012:

Sujay Mehdudia caught up with Ved Prakash , Director (Marketing), MMTC, and talked about the bullion market, import of gold, demand for the yellow metal and how the PSU plans to deal with the emerging scenario. Excerpts:
What is your estimated target for gold import this financial year as compared to the past two years?
We have planned to achieve an import target of 175 million tonnes of gold and more than 1,100 million tonnes of silver this year.


(1) The import figure of silver is given as 1,100 million tonnes. Okay let us assume the have mentioned tonnes instead of ounces.

(2) If we take it as 1,100 million ounces. The world production per year is only 1,000 million ounces.
Is MMTC trying to import all and more silver than is produced all over the world in one year?

I am not an expert in this subject. I propose sending a copy of this to MMTC for their feedback. If any among you can throw some light on this it would be welcome. Let us further our knowledge.

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