30% of world’s gold market to be held by Apple for production of new smartwatch, says report
CUPERTINO, Calif. (INTELLIHUB) — According to a report an estimated “1 million Apple Watch Edition units” will be sold “every month” after its release consuming a total of 24 million troy ounces” of gold yearly. Thirty percent of the entire world’s supply. This of course is assuming that the watch is actually composed of 2 ounces of 18k gold as anticipated.
If true Apple would need to be supplied with “746 metric tones” of the “2,500” total tones of gold mined “every year” throughout world which Josh Centers pointed out will be a “supply chain nightmare”.
The new watch is expected to retail from between “$4000 and $10,000” on the open market, according to Business Insider’s Frank Holmes, which will add to Apple’s plush $42.1 billion a quarter income that’s already catapulting Apple to the top of the pack.
If Apple chose to make the new watch out of solid 24k gold the world’s gold supply would nearly be sucked half-dry annually.