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BSOSCBlog.com • View topic - Precious Metals Measurement: Troy vs. Avoirdupois Ounces

Precious Metals Measurement: Troy vs. Avoirdupois Ounces

Precious Metals Measurement: Troy vs. Avoirdupois Ounces

Postby jpf1030 » Sat Feb 08, 2014 2:34 am

Howdy All,
The below info explaining the difference between troy and avoirdupois ounces and application to precious metals may be handy for you to have in the event you are yet to start acquiring metals. It is from a posting at dinarrecaps on 02/07/14. Get Prepared!!!
Happy Preparedness Trails,
Jim
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Not that it makes much difference today, but a troy ounce is 31.1034768 grams. When the RV/RI happens and we are converting to gold, then it will make a big difference! I pray that the go ahead to exchange happens SOON!

McDan: When someone speaks of something weighing an ounce, the chances are that they are referring to an Avoirdupois Ounce, which is the seldom-used "official" name for the ordinary ounce. Bathroom scales, kitchen scales, produce scales and other "ordinary" scales which are calibrated in ounces, are using these ordinary "Avoirdupois" ounces.

However gold, silver, platinum and gunpowder are measured using a slightly different weight - the Troy Ounce. The two ounces, Avoirdupois and Troy, are not exactly the same. Not everyone knows the difference and it could be very important: If you are buying precious metals (perhaps with a view to profiting from an item's scrap or melt value), you really need to be sure which type of ounce you are getting - because a Troy Ounce is over 9.7% heavier than an Avoirdupois Ounce!

An "ordinary" (Avoirdupois) Ounce is exactly 28.349523125 grams - or 437.5 grains.
A Troy Ounce is exactly 31.1034768 grams - or 480 grains.

The "prices per ounce" of Gold, Silver and Platinum we hear quoted in the commodities markets and seen on the charts are always for Troy Ounces.

Troy Ounces are the measurement used worldwide for precious metals. This includes bullion weights; the commodity market's price-per-ounce of gold, silver, platinum (also the other rare "Platinum Group Metals" rhodium, ruthenium, osmium, palladium and iridium); the precious metal "spot price"; and the graphs that track the price changes of precious metals over time.

If you are buying or selling precious metals - for example gold bullion bars or silver coins - or if you are working out the scrap value of old gold or silver items, you really need to be sure which ounce you are working with!
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jpf1030
 
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