From the 1st article and 2nd articles in the aforementioned "price of gold" post, I construct this scenario.

If 2134 tons are traded each day on the London Exchange and that amount is 346 times what is mined per day; then....2134/346 = what is mined each day, namely 6.1676 tons. If 6.1676 tons are mined per day and the mines operate 250 days per year then 6.1676 X 250 = 1541.9 tons are mined per year.

Now if 60,000 tons are "paper gold" (to make as the article does, today's gold price make sense) then 60,000 tons / 1541.9 tons per year means that the next 38.9 years of gold production will be required to just cover the "paper gold" short position which currently exists. What are the odds this just quietly goes away?

If I have made any errors in my assumptions or computations please correct me; but that is a deficit that is likely to cause some serious trouble as well as a significant rise in the gold price if the numbers are accurate and that cat gets fully out of the bag. Honestly I think the numbers are conservative. But that's just my opinion.

60,000 metric tonnes X 2200 lbs./ton X (roughly) 15 troy oz./lb. X $1000/troy oz. = Just shy of $2 trillion. With gold at 1065 which it is as I write just the chump change left off from the gold price amounts to $118.8 billion

P.