Suppose the world demand for silver is about 343,750,000 troy ounces per year and the static reserve is 16. What are the known global reserves for silver?

Question

Quizplus · Accepted Answer

The known global reserves for silver can be calculated by dividing the static reserve (16) by the annual demand (343,750,000).

16/343,750,000 = 0.000000046

This means that the known global reserves for silver are approximately 0.000000046 troy ounces. To convert this to billions, we can multiply by 1 billion:

0.000000046 * 1,000,000,000 = 0.046 billion troy ounces

Therefore, the known global reserves for silver are about 5.5 billion troy ounces (rounded to one decimal place).

Suppose the World Demand for Silver Is About 343,750,000 Troy