To determine the gold price per ounce required to cancel out the entire U.S. debt, we will use the following steps:
Step 1: Determine the total U.S. debt.
- Current U.S. debt: $33 trillion
Step 2: Calculate the required value of gold reserves.
- Gold reserves: 261,498,350.45 troy ounces
- We need the total value of gold reserves to equal $33 trillion.
Step 3: Calculate the required price per ounce.
[
\text{Required price per ounce} = \frac{33 \text{ trillion dollars}}{261,498,350.45 \text{ troy ounces}}
]
Step 4: Perform the calculation.
[
\text{Required price per ounce} = \frac{33,000,000,000,000 \text{ dollars}}{261,498,350.45 \text{ troy ounces}} \approx 126,205.75 \text{ dollars/ounce}
]
Conclusion:
To cancel out the entire U.S. debt using its gold reserves, the price of gold would need to be approximately $126,206 per ounce.