The Gold Council released their latest report in January, 2009. According to that report, the total above ground gold stocks at the end of 2008 were 5,175,202,156 oz. My previous estimate was 5,856,520,091 oz.
Adjusting for the new, lower amount leads to these results:
MZM vs. gold as of 1/19/2009:
MZM (billions, St. Louis Fed, not seasonally adjusted): 9411.8
Gold supply (oz, estimated): 5,175,202,156
Gold price in USD: $840
MZM/oz: $1,819
M2 vs. gold as of 1/19/2009:
M2 (billions, St. Louis Fed, not seasonally adjusted): 8229.7
Gold supply (oz, estimated): 5,175,202,156
Gold price in USD: $840
M2/oz: $1,590
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