This gold quiz tests your gold smarts. Plus, trivia is just good fun. These gold quiz questions are a combination of facts from our materials to test your smarts. As well as some random fun facts that we have come across and thought you might enjoy too.
Warm-up Gold Quiz Question
How much gold, in US dollar value, can fit in an average adult male shoe box?
A. $632,582
B. $1,000,000
C. $13,705,105
D. $17,878,520
Follow up question
How many ounces of gold will fit in an average adult male shoe box?
A. 716
B. 7,160
C. 3,716
D. 103
Answer
We did the exact math, testing it by computer dimensions layout. The average adult male shoe box is 13.25x10x5″ a 10 oz bar is 1.3×2.25x.3″ laying them out and filling in the side spaces, that box holds 716 of the 10 oz bars at $1,900/oz that holds $13,604,000 in a shoe box. At $2,497/oz that box holds $17,878,520.
That is the price difference between summer of 2023 and 2024. Check back next year to see if you should wait any longer.
Answer to part 1 is $17,878,520, Answer to part 2 is 7,160 ounces.
Gold Quiz Question 1
What is a safe haven asset?
A. An asset that only goes up in price.
B. An asset that has high liquidity.
C. An asset that is expected to hold its value during economic uncertainties.
D. An asset that has low volatility.
E. All of the above.
Answer
This was kind of a trick question, because while the other options may be characteristics of a safe-haven asset, that is not why people view them as such, thus the most correct answer is C.
Gold Quiz Question 2
Which of the following carries the label Tier-1 Safe Haven Asset according to the Central Banks?
A. Precious Metals Mining Companies
B. Physical Silver Bullion
C. Physical Gold Bullion
D. Gold ETF’s
E. All of the Above
Answer
Only physical gold bullion is classified as a Tier 1 safe haven asset because it carries zero counter party risk and has low volatility.
Gold Quiz Question 3
What is a premium?
A. The price of precious metals before it is mined, refined, and distributed.
B. The interest earned on Gold Stock
C. The total price paid for a gold coin or bar.
D. The price added to spot accounting for mining, refining and distribution.
E. None of the above
Answer
The premium is the cost associated with making metals into a finished product like coins and bars, plus any additional fees for doing business. Making the most correct answer D. Read more in our article on premium.
Gold Quiz Question 4
What factors POSITIVELY effect precious metal prices? (Select all that apply.)
A. Inflation
B. Peace
C. War
D. Political turmoil
E. Interest rates
F. All of the above
Answer
A, C & D these demands help support precious metals. People flock to safe haven assets during times of uncertainty.
Gold Quiz Question 5
True or false:
Gold American Eagles are the only coin outside of the IRS purity standards to be allowed inside IRA accounts?
Answer
American Eagles are eligible for Gold IRA accounts despite their .9167 purity being outside the IRS purity requirement of .995 for other gold products. As discussed in our article on American Eagles.
Gold Quiz Question 6
Who is the single largest owner of gold?
A. India
B. Germany
C. China
D. USA
E. Italy
Follow up question:
Who is the largest possessor of gold?
A. International Monetary Fund (IMF)
B. World Gold Council
C. Central Banks
D. The G-20
Answers
The US is the single greatest holder of gold at 8,133.5 tonnes, while the Central Banks possess over 35,000 metric tonnes.
Central Banks’ net wealth in gold:
$ 2,193,618,609,000
Unites States’ net wealth in gold:
$ 460,676,970,000
For those on the metric system, that is a near two trillion dollar difference.
Gold Quiz Question 7
Gold is such a rare metal that more steel is poured in one ____ in today’s world than gold has been poured in all of human history.
A. Year
B. Month
C. Hour
D. Day
Answer
Believe it or not, the answer is one hour.
Gold Quiz Question 8
True or false: Safe Haven Metal LLC offers free insured shipping nationwide?
Answer
If you don’t know that answer, then you don’t know Safe Haven Metal!
We offer free insured shipping nationwide.
Gold Quiz Question 9
What is spot price?
A. The price of precious metals before it is mined, refined, and distributed.
B. The price of Gold Stock
C. The price paid for a gold coin or bar.
D. None of the above
Answer
This was a harder one, because spot price is the continually fluctuating price of precious metals before the premium is added to account for the mining, refining, and distribution of coins and bars. Therefore the most correct answer is A. Learn more in our article on spot price.
Gold Quiz Question 10
What is the total amount of United States currency notes (paper money) in circulation in the world?
A. $900,000,000,000 (nine hundred billion)
B. $300,000,000 (three hundred million)
C. $1,000,000,000 (one billion)
D. $5,000,000,000,000 (five trillion)
Hint: Warren Buffet could probably make it work.
Answer
31 U.S.C. § 5115 (“(a) The Secretary of the Treasury may issue United States currency notes. The notes-(1) are payable to bearer; and
(2) shall be in a form and in denominations of at least one dollar that the Secretary prescribes.
(b) The amount of United States currency notes outstanding and in circulation-
(1) may not be more than $300,000,000; and
(2) may not be held or used for a reserve.”)
When Bill Gates and Warren Buffet were going around convincing other billionaires to give away almost all of their fortune to charity, Warren once quipped that he should write a book about how to live off of a half a billion dollars to teach the billionaires they could survive. But if you think about it, it’s actually pretty hard to spend that much money. You only need so many jets, houses, and cars… and islands.
Gold Quiz Question 11
What is the smallest official increment of United States money?
Hint: Gas stations love this game.
Answer
31 U.S.C. § 5101 (“United States money is expressed in dollars, dimes or tenths, cents or hundredths, and mills or thousandths. A dime is a tenth of a dollar, a cent is a hundredth of a dollar, and a mill is a thousandth of a dollar.”)
So at the gas pump, when they charge you $5.99,9/10 that was not them being cheap, but being really smart!
Okay, cheap too.
Kind of a trick question though.
Even though the law clearly says the mill is the smallest amount, the law also authorizes:
31 U.S.C. § 5116(b(2) (“The Secretary shall sell silver under conditions the Secretary considers appropriate for at least $1.292929292 a fine troy ounce.”)
You got to love the stuff our government says... sometimes.
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Conclusion
But the real take away from the gas station analogy, is that they were making the law work to their benefit. There are laws in this world that we would never think to look for and yet they impact all of us daily. By knowing what is happening with these laws and when they occur, you know what to do before the masses do. What are we talking about? If you have not already read our Special Report Central Banks, you really need to do so now, and you will know exactly what we are referring to. Then you will be well equipped with powerful knowledge, just like so many of our other customers are, that have read this free report.
The education gained from this special report just may save your entire life’s savings.
