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Put on your ‘GOLD’ shirt August 8, 2014

Posted by hslu in Gold.
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Source: CNBC mobile site.

That’s how much this ~8.8 pound, 18-22 carat ‘gold’ shirt is worth.

His name is Pankaj Parakh and he is an Indian. He is a textile magnate with a lot of money. He got the shirt for his 45th birthday.

We the gold bugs need many rich people like Pankaj who has more money than he needs.

May be Pankaj can make a ‘gold’ wedding gown for his daughter or something.

Let do some math here:

The article says the following:

1. the shirt weighs more than 4 kilograms.
2. the shirt is made out of 18-22 carat gold.

Let’s assume it weighs 9 pounds and it is made out of 20 carat gold since we don’t know the exact gold content.

9 lbsx16 oz/lb = 144 ozs
20/24=0.8333% gold
144 oz x 0.8333 = 120 ozs of gold.

That’s how much pure gold the shirt has in it.

$213,000/120 oz = $1,775/oz

Let’s assume labor cost is minimum in India and let’s assume the othe metal in the shirt isn’t worth a lot, Pankaj bought the gold when it was eorth $1,775 per oz.

Gold closed at $1,311 per oz today for Dec. 2014 delivery.

How does Pankaj take off his gold shirt?

Very carefully, for sure.

I wonder how many more times Pankaj plans to wear his gold shirt?

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