I think there is a math mistake on computation of Au-Ag production in 1934 on pg. 18 of the new Updated History Report by SFMI dated 12-31-08.

Under Troy Oz. production (line 3) the computation adds the 16-1 dollar value of Au and Ag together to see how many 16-1 units are in the listed $10.3 mil. total production of Au-Ag in 1934.

The answer is 248,372 units of Au-Ag (at 16-1) in the $10.3 mil.- NOT 248,372 oz. of Au alone. Au accounts for only half of the dollar value of each 16-1 unit in the $10.3 mil. produced in 1934.

The correct (?) numbers should be 124,186 Troy Oz. Au produced in 1934, and 124,186 x 16 oz. Ag for every 1 oz. Au = 1,986,976 oz. Ag produced in 1934.

The corrected to 2009 $ total Au-Ag value for 1934 should be $138,715,762. (half of what was published)

Ed