[meteorite-list] $ gold / Oz

From: dean bessey <deanbessey_at_meteoritecentral.com>
Date: Thu, 10 Jun 2010 16:07:19 -0700 (PDT)
Message-ID: <474842.34673.qm_at_web56107.mail.re3.yahoo.com>

> When a price of gold is given per ounce, it is in
> Troy ounces.
>
> >>And if they are,
> What the hell is a "Troy oz?"<<
>
Gold DOES NOT trade in ounces. It trades in TROY OUNCES. A troy ounce is about 31 grams (As opposed to roughly 28 grams in a standard imperial ounce).
In Ancient Rome a bronze bar weighing one pound and used as money before the invention of coins and was called an "Aes Grave". 1/12 aes grave was called a "Uncia" (Or in English unica translates to ounce).
Precious metals in particular was trades in "Uncia's" (ounces).
Later England standardized (Well, changed anyway) things and in the new measurement system the pound was changed to 16 ounces and ounces were made slightly smaller creating the smaller imperial ounce.
Gold, silver and gunpowder continued to be priced in old Roman (Troy) Ounces but everything else traded in the new British measurements.
Not sure about gunpowder but gold and silver (And other precious metals) today still are priced in old Roman measurements in the futures markets.
Sincerely
DEAN


 


      
Received on Thu 10 Jun 2010 07:07:19 PM PDT