(Kitco News) – The winner of tonight’s Powerball jackpot could be holding the equivalent of almost 1.4 million ounces of gold based on current prices.

According to Multi-State Lottery Association, the $1.5 billion lottery draw is scheduled for 10:59pm Eastern Time Wednesday, and all eyes will be on the six magical numbers that could instantly make the winner gain billionaire status.

Five white balls will be drawn out of a drum with 69 balls and one red ball out of a drum with 26 red balls, the association’s website explained. The odds of winning are 1 in 292,201,338, said some media reports, comparing it to the odds of getting hit by lightning in any given year, which stood at about 1 in 700,000.

Based on current gold prices – around $1,094.20 an ounce as of 1:52pm ET – the lottery winner could stand a chance to win the equivalent of about 1,370,865 ounces of the yellow metal.

At least the lucky winner will have enough money to pay for storage…

Best of luck to all participants!

By Sarah Benali of Kitco News; sbenali@kitco.com
Follow me on Twitter @SdBenali