Troyskaya ounce of gold, platinum, silver is 9.7% heavier than a similar ounce of Avoirdupois. It is not used for weighing precious metals in the jewelry industry, banks or stock exchanges. Confusion in concepts often leads to the fact that jewelry is sold on the Internet with a weight indicated in ounces, but which ones are not specified. Therefore, you need to find out what ounces are indicated by the seller, otherwise you can overpay for that same 9.7%.
In grams, an ounce of gold is equal to 31.104 g, it is calculated relative to the troy pound and is 1/12 of it. The unit of measurement is abbreviated "t oz", but sometimes "ozt" is used. Among modern ounces, the most massive in grams is the troy ounce of gold; in the old days the British used it as an apothecary measure of weight. Herbs, medicines, potions and mixtures were packaged weighing 31.104 grams.
Now the troy pound has fallen out of use, only the avoirdupois remains in English use, but the troy ounce has been preserved as a measure of weight for precious metals.
Many people assume that the name of the troy ounce is associated with the ancient Greek city of Troy, but historians do not think so. According to scientists, the name of the ounce was formed in French province Troyes Champagne, where the first fair was organized back in the 5th century. And in the 14th century it was the largest in Europe and became one of the main centers of all world trade.
Traders from many countries came to this market, and since different states had their own weight measures, confusion arose when weighing goods. Each city in France then had its own measure of weight - the Cologne pound, the Toulouse pound, and in Troyes there was the Troy pound.
The first mention of the Troy pound dates back to 1390. So the merchants made the local measure of weight uniform for the entire fair and all goods began to be measured in troy ounces. Many countries adopted this French measure of weight, including the British.
U troy ounce of gold there was a fixed weight, and it was very convenient. In Europe at that time there was another measure of weight, which was called gran. This measure meant average weight grains of barley, but people have had a dispute for centuries over exactly what mass the grain has and what grain can be considered average.
In 2015, the ruble market recorded sharp jump gold prices. This phenomenon is associated with the devaluation of the Russian currency and its fall against the dollar and euro. For 1 gram of gold at the beginning of 2014 they asked for about 1,300 rubles, now the increase in price is over 70%. According to experts, if the devaluation of the ruble continues, the cost of 1 gram of gold will also increase.
In addition to data on how many grams an ounce of gold contains, since 1950 there has been information on the price of one unit of valuable elements. At that time, the price of an ounce of gold was $34.7. In 1973, there was a sharp jump in the value of gold.
So the price increased from 97 to 160 dollars per ounce. Then, in 1979-1980, the cost increased further and now an ounce of gold cost $300. Then the price of gold began to fall, so the cost of an ounce of gold fell from 600 to 299 conventional units.
In 2002, a new round of growth in the value of gold began. And for almost 15 years now they have been asking for ounce of gold more and more.
In bullion and on exchanges, 1 ounce of gold has a fixed price. But for jewelry stores and workshops, the settings that banks define are only the starting point. When determining the final price for a precious item, a markup is made on the work of the jeweler, accounting for the wages of sellers and maintenance costs retail outlets. Therefore, the final price per ounce of gold may differ greatly from the actual cost.
This circumstance has led to the fact that the demand for investment coins has now fallen Central Bank Russia. People knowledgeable about this issue understand that the sample weighing 7.78 g is overpriced, so last years Investments increasingly went into European Philharmonic coins. Also popular is the American Eagle, which contains exactly 1 troy ounce, but the price differs from 1 ounce of gold, since this sign is platinum.
Although the Central Bank of Russia miscalculated in its sales policy, it continues to purchase precious metals. His storerooms contained 33,300,000 supplies ounces of gold, which were increased in February 2015 to 37,000,000 troy ounces.
Gold reserves are one of the indicators of a country’s well-being, a symbolic guarantor of its economic and social well-being. Today, about more than 90% of the world's gold reserves are stored in the form of gold bars in special storage facilities of states. The United States, Italy, France, Germany and China have the largest reserves of monetary gold. The United States remains the undisputed leader in gold bullion reserves. However, gold today is also the property of private individuals. But who is the richest owner is not known for certain. As a version - this is one of royal families East.
Why are gold reserves needed?
The natural question is why are gold reserves so important? Why did this precious metal become the cornerstone in the emerging global economic system?
Firstly, the presence of significant gold reserves allows the state to maintain economic independence from other currencies. Secondly, gold is still one of the reliable investment options. In the last decade alone, the cost of this yellow metal increased more than 5 times. In the event of an unstable economic situation in the domestic market of the state, threatening inflation of the national currency, gold will be able to serve as a kind of monetary equivalent recognized throughout the world.
Investments in gold: profitable or not?
In 2005, Rick Munaritz, one of the co-owners of the Internet service, faced a dilemma: what is more reliable to invest his money in? search engine Google or gold. At that time, their prices on the stock exchange were the same. But in 2008, the crisis struck and trading in Google closed at $307 per share, and in gold at $866 per ounce.
To the origins of history
But what is such a strange measure - a troy ounce of gold? Why is the universal unit of weight, grams, not used when weighing gold? And what is the ratio of these two units of measurement. How much is a troy ounce in grams? Let's try to understand the essence of this issue.
An ounce is nothing more than a twelfth of the ancient Roman bronze coin “assi”. The Romans used large bronze coins cut into pieces as money. Over time this currency unit began to be used as a measure of weight. It owes this to the Romans’ pedantic attitude towards coinage. There was no doubt about their compliance with coinage standards. How much does a troy ounce weigh in grams? You will learn about this later. First, a little history.
Let's make a reservation right away, ancient city Troy has nothing to do with this unit of measurement. The troy ounce owes its name to the small town of Troyes. In the twelfth century, fairs were held here, in which merchants from all over the world participated. That is why the need for a single universal measure arose. The diversity of national currencies already available at that time somewhat complicated the establishment of trade relations. Preference was given to the French livre. It consisted of a troy pound of silver, which, in turn, was divided into twelve troy ounces. Since then, the troy ounce has been gaining popularity and successfully adapted to the realities of the time. Especially for measuring the weight of expensive and valuable materials. Troy ounce - how many grams? It's time to find out about it.
How much does an ounce weigh?
How much does a troy ounce of gold weigh? In grams in Ancient Rome her weight was 27,288. After the disappearance of the Roman Empire, there was no single standard for the minting of bronze coins, and therefore the ounce somewhat lost its infallibility. Her weight in different areas began to differ noticeably. And this, in turn, became the subject of a dispute between the buyer and seller. The introduction of the metric system of units made it possible to determine how much a troy ounce of gold weighs in grams. Today one ounce weighs 31.1034768 grams.
Purity standards or how many precious metals are there in valuable coins?
Today, the ounce is the primary measurement in precious metals trading: it measures the weight of bullion or bullion coins (gold, silver, palladium and platinum) issued by central banks.
What is the current ratio "USD - troy ounce"? For example, in the USA, coins were made from gold weighing 1/10 of a troy ounce, corresponding to a denomination of 5 dollars; 25 dollars corresponded to a coin weighing ½ troy ounce, 50 dollars corresponded to a coin weighing 1 ounce. Classic option, are undeniably American Eagles - they contain one ounce of high-grade platinum.
In Russia, the weight of coins made of precious metals is indicated in grams, but the amount of precious metal is indicated in fractions of a troy ounce. The weight of the 50 ruble St. George the Victorious gold coin issued by the Bank of Russia weighs -7.89 grams, the weight of pure gold is at least 7.78 grams, which is ¼ troy ounce.
How much does an ounce cost?
What is a troy ounce? How many grams are in it? We've already dealt with this. All that remains is to find out how much an ounce costs? How is the price of gold formed? There is a reliable and time-tested practice of fixing gold. This tradition began in September 1919 in London. On September 3, 1939, due to the cessation of gold trading, the fixing procedure was discontinued. London trading resumed on March 22, 1954 and has not undergone significant changes since then. Within a minute, trading participants are ready to answer the question of whether the price of gold is rising or falling. If the number of buyers exceeds the number of sellers, the initial price of gold rises. This procedure is carried out in London at LBM auctions twice a day: at 10.30 am and three o'clock in the afternoon. It is believed that the price level for precious metals established by the London fixing is the fairest.
How much is gold today?
The dynamics of changes in the price of gold are of great interest not only to those who have chosen it as an object of investment. This is a kind of indicator of the state of the world economy. So, let's analyze how the gold rate has changed in recent years. In 1996, one ounce of gold cost about $400; already in 2010-2011, the price per ounce of gold rose to $1,300. During this time interval the increase was almost 30%. According to analysts, 2015 was not so good for the precious metals market. The cost of one ounce decreased from $1,000 in 2014 to $840 in 2015. And in 2016 there are quite convincing preconditions for an increase in the price of the yellow metal.
Finally
If you have finally decided to invest in physical gold, ideal solution will be the purchase of gold bars in one of the state banking institutions. If you make a transaction over the Internet, be careful. The fact is that there are two types of ounce: troy ounce and avoirdupois ounce. The substitution of concepts has already played a cruel joke on more than one entrepreneur. A troy ounce of gold is almost 9.7% heavier in grams. Good luck with your investment.
Historically, gold has different weights. When conducting trading operations with gold, completely different values are used. For example, the concept of “ounce of gold in grams” is used. Initially, it is not clear exactly what weight the precious metal has.
Gold weight measures are converted into customary units. But this can initially cause confusion when buying or selling metal. For example, in the countries of the former Soviet Union rarely used such units of measurement as pound, ounce. And accordingly, people need time to understand the nuances of weighing.
Ounce of gold
How did the troy ounce come about?
To figure out when the troy ounce came into being, you should delve into history. monetary transactions in the Middle Ages. The thing is that the French town of Troyes has long hosted fairs, which were attended by merchants from all over the world. Since coins were used as money, sellers and buyers had to agree on the value of this coin. Then it was customary to weigh the ingot and compare its weight with the troy pound of silver - the main coin of France at that time.
This measure of weight passed to England and has been preserved to this day in relation to precious metals. And since fixing and daily price setting take place in London, according to tradition, they decided not to change the weight measure. Therefore, it is beneficial for many banks to use the troy type of measurement, because it is by this type that quotes are established.
The rate is updated daily at 10.30 and 15.00 London time. And this is done by the five largest banks in the world: Deutsche Bank, Société Générale, HSBC, Scotia Mocatta and Barclays Capital. Individual brokers are not involved in the process. Banks take into account supply and demand for precious metals and draw conclusions based on economic indicators.
When calculating quotes, analysts and bank representatives use three currencies: the US dollar, the euro and the British pound sterling. A troy ounce of gold in grams is equal to 31.103. Therefore, if you calculate the cost of a product or ingot in grams, do not forget to convert the weight measures to see the cost.
The indicator is also used in the following areas:
- banking - it most influences the cost of the precious metal, since all purchase and sale operations take place through banks;
- the jewelry industry uses this weight to calculate the amount of gold needed for a piece;
- Pharmacology does not count gold, but medicinal substances, which is quite rare in our time.
It is in these areas that the exact weight of any product is used. But besides the troy ounce, there are other types of this unit of measurement. For example:
- An ounce of avoirdupois, which corresponds to 28.34 grams of metal.
- A pharmacy ounce, which is equal to 29.86 grams. Used for weighing medicines. Now the indicator is used for the manufacture of homeopathic substances.
- The ancient Roman ounce is the very first type of weight measure. It was also used for antique coins and other goods. Since this is a historical figure, it is not entirely accurate and is approximately 27.4 grams.
- An ounce of Maria Teresa is equal to 31.125 grams.
You need to know this in order to calculate the cost of the precious metal. Therefore, it is impossible to give a definite answer to how much 1 ounce of gold weighs. When making trading transactions, especially if they are on a large scale, look at the weight of the precious metal and convert it into familiar values.
The governments of some countries, for example, the USA, China, Canada, have introduced investment and collectible ones, which weigh one ounce. Among them are the following examples:
- Canadian maple leaf.
- American Eagle.
- Chinese panda.
- Austrian Philharmonic.
It is enough to pick up a coin and weigh it to find out how many grams are in an ounce of gold. This was done for convenience, but payments are not made with such coins. Moreover, not everyone can afford such products. In the meantime, the troy ounce remains the standard measure of weight, which means the significant contribution of traditions to the development of the economy in the world.
When it comes to weight precious stones and metals, the term “ounce,” which is unusual for the average person, appears. This measure has been known since Roman times and was the main unit of weight in Europe during the Middle Ages. Now it is not as widespread as it was before. Most often it occurs in transactions of purchase and sale of precious metals. Let's figure out how to find out how much an ounce of gold weighs in grams and what it is needed for.
A measure of weight with a rich past
When you hear the word “ounce,” you should know that the ancestor of this unit of weight was the troy ounce. In international practice, this value has a fixed abbreviation consisting of three letters in Latin letters. This can be an option t oz or ozt.
This mass value gets its name from French city Troyes. In the Middle Ages it was a large trading center, where representatives different nations They brought in all sorts of items that were in demand. To avoid confusion with calculations, all goods were bought and sold for pure gold. And the main measure of gold became the troy value. One troy ounce of gold weighs 31.103 grams.
Moreover, between 1824 and 1858 the troy pound (comprised of twelve ounces of the same name) was the basic unit of weight in Great Britain. Then it became generally accepted metric system measure used by the majority modern people. But goldsmiths continue to use the troy value in calculations. This is a kind of gesture of continuity between generations of jewelers and a tribute to this figure with its rich past. In addition, it is used in cosmetology when weighing especially expensive and unique ingredients.
It is in the troy unit that the mass of precious bank investment coins is measured.
Painstaking calculations
In order to correctly and quickly convert an ounce of gold into grams, you can use one of the online converters that are available in sufficient quantities on the Internet. If you do not have the opportunity to use World Wide Web or are you just a supporter traditional methods calculations, you can do it yourself. To calculate the weight of a precious measure you will need a special formula:
(? oz) x (1 lb/16 oz) x (1 kg/2.2046 lb) x (1000 g/1 kg) =
Explanations of abbreviations used
Using this formula, you can find out how many grams of gold are in, for example, five or nine ounces:
5 oz x (1 lb/16 oz) x (1 kg/2.2046 lb) x (1000g/1 kg) = 141.749 g
9 oz x (1 lb/16 oz) x (1 kg/2.2046 lb) x (1000g/1 kg) = 255.148 g
Thus, to calculate the exact number of grams in this unit, you need to know the values of one avoirdupois ounce, kilogram, and avoirdupois pound in grams.
How much does an ounce of gold cost?
If we talk specifically about the “yellow devil”, then the importance of the troy unit for this precious metal is difficult to overestimate. The fact is that the cost of gold is calculated in US dollars per troy ounce, and not per gram. Every day in Great Britain, in London, the question is decided how much this one measure of gold will cost in dollars. Moreover, prices are set twice every day. According to Moscow time, this happens at half past two in the afternoon and at six in the evening (10:30 and 15:00 - London time).
It is interesting that the question of how much one troy value of gold will cost in dollars is decided not by governments or presidents, but by several large banks that have the greatest power in the market. And the process of their agreement to set a single price for gold is called “fixing”. Thus, it is difficult to talk about the fixed cost of an ounce of gold, since these quotes change not just daily, but even twice a day.
The issue of the cost of gold of different grades is even more complicated. The fact is that bank quotes indicate the price of pure gold of 999 purity. And many gold products are alloys of pure gold with silver, copper, platinum and so on. Therefore, the cost will be lower in any case, unless we are talking about metal in bank bullion.
If you are planning to sell gold jewelry, be sure to keep track of pure gold quotes so you can try to sell your items when the price of this precious metal is at its peak.
Gold, like an ounce. What does this mean? What does this correspond to in our usual units? What is the history of this concept?
A troy ounce of gold in grams is 31.1034768. This unit of measurement is also used for other valuable substances: silver, platinum and more. Valuable ingredients in the cosmetics industry are also sometimes measured by weight using this measurement.
Despite the fact that an ounce of gold in grams is not a whole number, but a rather complex number, it has remained the de facto standard for many centuries. This began a long time ago, at the height of the Middle Ages. In the twelfth century, fairs were held annually in the French city of Troyes, to which people flocked great amount people, goods, money from different countries. A standard unit of measurement for precious metals was needed that would allow correct calculations when trading, despite the fact that coins were in use different types And of different denominations. In those years there were no banknotes, and coins were often valued based on their exact weight.
But this is not the only ounce of gold known in history. In grams, which amounted to 29.860, Russia had its own troy ounce. There were others similar. There was, for example, an ounce of Maria Teresa, which was 31.1025 grams. However, in goldsmithing, the same unit was always adopted, which was used at the official level.
At one time, a whole system of weights was used related to the troy ounce
A Troy grain was 1/480 of it. Twelve of these units made up a pound. It was called troy, and should not be confused with the usual weight measure under the same name.
Some states nowadays issue coins whose weight is one troy ounce of gold, which in grams is exactly 31.1034768. An example is minted in the USA.
Since 1919, the so-called fixing has been carried out in London, during which it is determined how much 1 ounce of gold costs. This event occurs twice a day. Representatives of the world's five largest banking organizations get together and set the price in US dollars per ounce.
Beginning in the first half of the nineteenth century, a gold standard began to exist. Its essence boils down to the fact that each currency strictly fixes its price ratio with gold. And all international payments are thus brought to a single basis. This brings an element of stability to the world economy, however, with the advent of the twentieth century and the outbreak of the First World War
This standard began to gradually become obsolete. States incurred enormous costs, and this greatly influenced the possibility of establishing a fixed price for gold. The world gradually began to divide into several economic zones, based on one or another peg of their national currency. Zones of the American dollar and gold were formed. Afterwards, the American currency finally won this competition.
Much has changed in the economy, but a troy ounce in grams is the same value - 31.1034768. It was used previously and continues to exist. When weighing gold, grams are practically not used. Oz continues a centuries-old tradition.