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What’s in a name? (Defining an Ounce)

In spot pricing of gold, silver, and platinum, you will frequently see references to a U.S. ounce and a Troy ounce. Do you know the difference?

Precious metals are priced as $/Troy Ounce with one Troy Ounce=31.1 grams. One U.S. ounce=28 grams, so a Troy ounce is heavier than a U.S. ounce by 3.1 grams.

So what does that mean?

Let’s say you have 16 grams of 14K gold in the form of jewelry. How many Troy Ounces of gold do you actually have—since 14K gold is 55% gold content?  To calculate the answer simply multiply 16 grams x .55 which equals 8.8 grams of 24K gold (100% content) in that jewelry item. Then divide 8.8 grams by 31.1 grams (in a Troy Ounce) which comes to .28 Troy Ounces or just over a quarter Troy Ounce.

Sounds complicated, doesn’t it?

The Gold Hunter’s proprietary computer program instantly calculates this gold content figure and we actually show these figures and discuss them with you at the time of our transaction! To my knowledge we are the only gold buyers doing this for the benefit of our clients.

The Gold Hunter understands that selling gold can seem like a risky thing and that there is always the worry about whether you’ll receive the true value of your gold. Our proprietary computer program is just one of the many ways we keep our business up front and straightforward. We want you to truly understand how we calculate the value of your gold—so you know for sure you’re not being ripped off!

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