Ounce of gold

When gold dealers meet to trade, it’s important for them to have standardized units of measurement in order to facilitate business. An ounce of gold is the standard unit of trade, and gold is measured in troy ounces.

The troy ounce is the standard measurement for gold’s weight. Troy weight is generally used to measure gold, gemstones and black powder.

The system of measurement gets its name from the city of Troyes, France. A troy ounce equals a little more than 31 grams. One kilogram is equivalent to about 32 ounces. The troy ounce derives from the old monetary system of the ancient Roman empire. The Roman empire used bronze bars of differing weight as money. A bar that weighed one pound was an aes grave. A unica, or ounce, was one twelth of a pound. Later, an ounce was redefined as one-sixteenth of a pound, but the troy ounce was kept for use in weighing gold and other precious metals. Therefore the troy ounce is heavier than the standard, or avoirdupois, ounce.

The troy ounce was retained to maintain a standard measure of gold throughout time. This is especially important with regard to gold coins and other historical gold items. Investors should keep the difference between a troy ounce and a standard ounce in mind when buying and selling gold, and be sure to check to see if the dealer they’re doing business with is using the troy ounce standard in order to avoid being swindled.

Gold has been getting a lot of headlines over the past year because of its recent growth in value. Over the past four years, the price of gold has tripled. Gold typically increases in value during times of economic woe, as investors see it as a last bastion of value when other investments become shaky. This has proven true again during the current economic recession as gold’s value has increased, while other investments like land and stocks have collapsed.

Part of gold’s enduring value in times of economic crisis come from its long historical association with wealth. From time immemorial, gold has been used as a symbol of wealth. Ancient jewelry and coinage attest to gold’s importance in the evolution of currency and economics. Because of this long association, it’s almost hard wired into the human brain that gold is worth something, even when everything else is worth nothing.

Investors can take advantage of this psychological association people the globe over have with gold and wealth by investing in an ounce of gold. By purchasing an ounce of gold from a reliable dealer, you can safeguard your wealth in these troubled times in an asset with guaranteed value.