Weight Conversions presented by OKC Gold Buyers
Today we’re going to cover the different weights and the different conversion metrics for those weights in the gold industry. There are three main types, troy ounces/ ounces, pennyweights, and then grams.
Don’t get confused. They’re just a weight. And in our opinion, some gold buyers will use pennyweights and grams to try to confuse the customer to try to make it look like there’s more than there really is. The bottom line is it’s more simple when you use troy ounces, and in our opinion it’s more confusing when you use pennyweights and grams, and I’ll show you why.
Start with the troy ounce. This is what the gold market runs on. The spot price of gold is X amount of dollars per ounce. It’s really simple. So we like to weigh in ounces because that’s what gold is priced on. Grams are very popular. A lot of people talk about grams. A lot of buyers weigh in grams. And to know the conversion, there are 31.1 grams in an ounce, or really in a troy ounce. And all you have to do is take the number of grams you have, divide it by 31.1, and you’ll know the troy ounce weight that way.
Pennyweights are also very popular. There are 20 pennyweights in a troy ounce. You simply take the number of pennyweights and divide it by 20 and that will give you the amount of troy ounces that your gold is. DWT is the symbol for pennyweights. It’s kind of weird, it doesn’t make any sense, and it stands for deadweight tonnage, and to be honest with you, I have no idea why.
So those are the different weights and their conversions. Hopefully that can help you figure out how many ounces you have because that’s what a gold buyer really has to know at the end of the day…how many ounces of gold do you have because that’s what the market is based on.