Oz Vs Ozt with OKC Gold Buyers
Ok, today we’re going to cover the ounce versus the troy ounce. And don’t get too confused here because it is a bit confusing. So why all the confusion? Well even though the words are pretty much used interchangeably, and you’ll see that later, there is a difference. One ounce equals .911 troy ounces. Ok, why does that matter? Well the gold market actually runs on troy ounces, but everyone says the word ounce. This can be confusing I know.
So when people say ounces, they really mean troy ounces. For example, somebody says the gold price is $1,700 an ounce. In reality, it’s $1,700 a troy ounce. And most likely they don’t know that because again, everybody says ounces so you just assume it’s an ounce. But there is a difference.
Now all this information is pretty much irrelevant unless you are doing your conversions on ounces, which makes sense again because everyone says ounces. So you might go to Google and type in gram to ounce conversions. But the conversions are actually different and this is why it’s important.
For example, there are 31.1 grams in a troy ounce and only 28.25 grams in a regular ounce. Look at pennyweights. There are 20 pennyweights in a troy ounce, but only 18.23 pennyweights in a regular ounce.
So let’s wrap this all up. The gold market runs on troy ounces but everyone calls it an ounce. And again, this is really insignificant unless you’re doing your conversions or trying to figure out the value of gold based on the ounce versus a troy ounce. In that case, your conversions would be 10% higher if you’re pricing it on a regular ounce, not a troy ounce like the market runs.
Again, try not to get too confused. I hope this clears everything up. If you have questions, you can always give us a call.