If you’re new to investing and collecting precious metals, this special way of measuring gold and silver can be confusing. The troy ounce is different than the regular ounce used to measure other goods, such as food. This system was put into place to keep the unit of measure standardized, as gold and silver are bought, sold and traded all over the world.
What Is the Difference Between an Ounce and a Troy Ounce?
One troy ounce contains 2.75 grams more than a regular ounce. If you were to place it on a regular scale it would be approximately 10% heavier than the standard unit of measure. To be exact, one regular ounce is 28.35 grams, while a troy ounce is 31.1 grams. One kilogram is equal to 32.1507 troy ounces.
Why Does It Matter?
This is important to know because there are sellers on the market that can make their products seem a better deal by listing them in ounces instead of troy ounces. This little trick could lose you quite a bit of money, especially if you purchase a large amount. Here at Midwest Bullion Exchange we list all our items in troy ounces to make it easy and convenient for you. If you do happen upon an item that is being sold in regular ounces, you will want to convert it.
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Disclaimer: Midwest Bullion Exchange, Inc. is a precious metals broker/dealer and is not a licensed investment adviser. Although we strongly advocate programs that allow you to hold precious metals in your retirement, we cannot predict the future performance of precious metals or programs that allow precious metals. Furthermore, we recommend that you consult with a professional tax adviser when making decisions that carry tax liabilities. Midwest Bullion Exchange, Inc. reserves the right to decline services to individuals after it has been determined the products and services offered by Midwest Bullion Exchange, Inc. are not suitable for the individual. The author has made every effort to ensure accuracy of information provided; however, neither Midwest Bullion Exchange, Inc., nor the author can guarantee complete accuracy. This article is for informational purposes only. Midwest Bullion Exchange, Inc. and the author of this article do not accept any fault for losses and/or damages arising from the use of this publication.
I acquired 1troy ounce gold bar. Could you tell me the price