Hello and welcome to my 'How Many Grams In An Ounce Of Gold?' article.
Be it a collector or an investor of gold, it is important to have knowledge pertaining its weight. In this 'How Many Grams In An Ounce Of Gold?' article, we will be shedding light to a simple yet confusing question.
So sit back and enjoy reading this 'How Many Grams In An Ounce Of Gold' article!
Common Gold Weights
Gold bars (also known as bullions and ingots), is a finished product of creating and treating metallic gold. Usually, it is made by a certain producer or manufacturer.
Generally, they are classified in purity (fineness), their respective brands, unique serial numbers, and their weight. The most common measurement associated with gold is grams.
To further explain on this, grams come from the Latin word 'gramma', which is translated into 'small weight'. Most manufacturers and sellers have their golds in these corresponding weights:
- 1 gram
- 10 grams
- 100 grams
- 500 grams
- 1 kilogram
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A unique measurement that is also used for gold is 'ounce'. The succeeding section will tackle more about this.
Background of Weight Measurements
Most people would associate the word ounce with the weight measurement of United States. It is a sixteenth of a pound (approximately 28 grams).
However, when you are dealing with gold, you would most probably encounter the word 'troy ounce'. This measurement is the one that is being referred to in gold bars and gold businesses.
Historians believe that this term originated from the ancient Romans. As they developed and practiced a standard monetary system, they also created this measurement.
Bronze bars are the commonly used precious metals during that time. In a certain metallurgical process, it is broken down into 12 pieces called 'uncia', or ounce, which weighs 31 grams.
In our world today, we use the troy ounce whenever we are talking about precious metals. Also, it is a fun fact to know that the troy ounce is the last remaining unit in the troy weighing system.
Troy Ounce and Regular Ounce
As stated by the preceding sections, a troy ounce (31 grams) is different from the ounce (28 grams). We will be delving more about this topic.
Gold traders and sellers will use troy ounce, which is shortened to 'ozt'. It has taken its name from the Troyes trade market in France. This was a widely recognized market during those times.
As such, troy ounce was adapted when dealing with precious metals. This adaptation would, down the line, help in coming up with an agreement to use this to standardized trade and commerce currency.
Nevertheless, a small difference between these two measurements wouldn't matter too much, would it? The answer is a resounding no!
Small differences would later contribute to a larger discrepancy, especially if a buyer or investor will buy gold bars in bulk. Therefore, it is imperative to learn about this differences.
Conclusion
Ensuring that you buy is what you get is one of the core principles of the gold investing. In our world today, a lot of fraudulent sellers and scammers might trick you!
Thus, it is essential to be knowledgeable in several aspect about gold. One of these is on its weight. The knowledge when it comes to troy ounces will prove handy when conducting business related to gold.
Gold weights are measured in troy ounces (31 grams) while the ounce being used for other products and materials is equivalent to roughly 28 grams. Take note of this difference!
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