By the way, I figured out how to calculate how much gold is mined worldwide in one year: ask a director of the World Gold Council. According to George Milling-Stanley, whom I saw speak this morning at the NYMEX's annual derivatives symposium, the worldwide government holdings of gold total about 33,000 metric tons, which is equivalent to thirteen years' total production. Even a non-quant like me can do the math.

George, the director of the American official sector of the gold council, recommends that we buy gold, and lots of it. He also committed the Freudian slip of saying "God" for "gold" at least once.

While at the symposium, I also got to peek down at the main trading floor of the NYMEX. It's an interesting place. It's always good to be reminded that this whole country's financial system, however complex and elegant it may otherwise be, also depends upon several thousand guys in a big room shouting at the top of their lungs.