There are a few different ways to determine the weight of gold in solid form. One of the more common options is what’s referred to as a “troy ounce,” which is universally acknowledged and used worldwide for certain precious metals, including gold. It’s still something of an anomaly in terms of units of measure, since it’s not part of the metric system, and it’s not associated with the U.S.-based “imperial” system, either. The experienced professionals from First National Bullion and Coin, Scottsdale’s premier dealer of gold, silver, platinum, and palladium, dive into the topic of the troy ounce as it applies to gold.
Making the Gram Conversion
A troy ounce of gold is equal to 31.103 grams. If you’re looking for bars of gold to purchase, you may come across weight listed in grams, especially if you’re browsing online. This doesn’t really mean much on the surface, since the price is based on the unit of measure the manufacturer uses. Still, it doesn’t hurt to have a better understanding of what a troy ounce amounts to in grams and vice versa.
Standard vs. Troy Ounce
If you have a “standard” ounce of gold in one hand and a “troy” ounce of gold in the other one, the first difference you’ll notice is that one is heavier than the other. A standard ounce of gold weighs 28.349 grams, so the troy ounce of gold would be the one that feels heavier.
A Brief History of the Troy Ounce
The troy weight and measurement system is unique, in part, because of its long history, which dates back thousands of years. According to some accounts, troy ounces were first used in a town in France called Troyes, where trading routinely occurred between English and French merchants. To eliminate confusion and make things easier for everyone involved, what came to be known as the “troy ounce” was born. In most parts of the world, the troy ounce predates the metric system. Also, it’s sort of a mix of older monetary systems, including the one used by the Romans, which is another reason it’s unique.
Buying Troy Ounces of Gold
With gold prices, you don’t have to worry about doing conversions. All gold prices are expressed in troy ounces. This also applies to silver, since it’s exchanged as commonly as gold. In fact, investors around the world use the troy ounce, which only adds to the popularity and appeal of gold due to the convenience factor.
Being a More Informed & Knowledgeable Investor
As we stated earlier, the troy ounce is still a universal unit of measure in the precious metals world for gold and silver. Having some added knowledge about troy ounces is beneficial if you’re a regular gold investor or looking to add gold to your investment strategy. At the very least, you’ll know for sure what you’re getting as far as quantity goes as you buy and sell.
Whether they need information on standard units of measurement for precious metals or they’re looking for the best place to buy gold bars, Scottsdale collectors should reach out to the trustworthy professionals at First National Bullion. We can answer all your questions and help you find all the information you need on how precious metals can be a valuable part of your portfolio. Give one of our experienced dealers a call today at (480) 546-5089.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.