Gold: Standard Lot: When trading 1 full sized lot of gold, I.e. Volume = 1.00, you are buying 100 ounces of gold on margin.
>tradeyouredge.com/understanding-lot-sizes-in-gold-silver-and-crude/
TODAY'S VOLUME so far @ 13:30 EST according to
>marketwatch.com/investing/future/gold?mod=home-page
95,200,000 million contracts
times 100 ounces per contract
equals 9,520,000,000 ounces
divided into 16 ounces per pound
is 595,000,000 million pounds
divided into 2200 pound per metric tonne
equals 270,454 metric tonnes
That is MORE gold than the world has
@ 187,000 metric tonnes
>usgs.gov/faqs/how-much-gold-has-been-found-world
So even if every trade was @ the SMALLEST lot, which is equal
to 10 OUNCES on margin, the trading volume so far today would
equal 27,454 metric tonnes which is equivalent to about
15% of all gold on earth being traded in a 24 hour period
Some anon please correct me if I'm wrong.