What is the source of the market capitalization data for gold and silver on MCX?
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The market capitalization data for gold and silver on the Multi Commodity Exchange of India (MCX) as of November 2024 can be derived from various sources and calculations. Here is a detailed explanation:
Gold Market Capitalization
The market capitalization of gold is calculated by multiplying the current spot price of gold with the total amount of gold mined throughout history. According to the World Gold Council, gold reserves above ground are around 210,000 tonnes, which is equivalent to more than 6,700,000,000 ounces. If we multiply this number by the current spot price of gold per ounce, we can estimate the market cap.
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For instance, if the spot price of gold is $2,300 per ounce, the market cap would be: 6,700,000,000 \text{ ounces} \times \\$2,300/\text{ounce} = \\$15,410,000,000,000
Silver Market Capitalization
Similarly, the market capitalization of silver is calculated by multiplying the current spot price of silver with the total amount of silver mined throughout history. Silver is more abundantly mined than gold, but its lower value results in a smaller market cap.For example, if the spot price of silver is $25 per ounce and the total amount of silver mined is around 1.7 million tonnes (equivalent to approximately 54 billion ounces), the market cap would be: 54,000,000,000 \text{ ounces} \times \\$25/\text{ounce} = \\$1,350,000,000,000
The market capitalization data for gold and silver on MCX can be estimated using the current spot prices and historical data on the total amount of these metals mined. The specific figures for gold and silver market caps are approximately $15.41 trillion for gold and $1.35 trillion for silver.
