last week I received a email from a bullion dealer. They were selling a 1 gram of gold with no markup. So I waned to see how small 1 gram is, I imagined it next to a dime.
A lot of buying power in that 1 gram: Current gold price $2554.96. Divided by 28.3495 grams in 1 ounce: $90.1236353374839… So, would a retailer take this as payment for goods or services? How would he convert it for currency he could deposit or a bank would accept? It might be okay for stacking/accumulating, but the larger fractionals (1/10, 1/4 oz) seem friendlier and more efficient, for storage alone at the least. …imo…Spark
I am quite sure that PM's are measured in Troy Ounces that = 31.103 grams per oz. At $2554.96 per ounce divided by 31.103 grams per Troy Ounce = $82.14 per gram.
Heck, I've seen one-grain "bars", less than one-fifteenth that weight and volume. Also, that looks like it was broken off a larger "Twix bar"-style piece. At gold's valuation, I'd be pretty fussy about the edges, not to mention the actual weight, purity, and so on. "I want the big piece!" You can already get a milligram scale for a few tens of dollars. Maybe by the time the dollar "goes to zero" XRF guns will be cheap enough for everyone to carry one.
Alurid is correct. 31.1 grams per troy ounce. Copper is weighed at 28.3495 grams per ounce. But gold, silver, platinum, is always troy. Because in the old days you get a more exact measurement when you break troy down into 20 penny weight per troy ounce. There are 24 grains per pennyweight, which can be further divided into half pennyweight, quarter penny weight, even 1/3 penny weight. Since gold is so valuable you can get a more exact measurement by using grains. They use grams today and it's a little sloppier as that fractional amount is rarely used, and the gold guys use 31.1 grams.
The US small copper cent 1909-1982½ has a mean weight of 3.11 grams which is 1/10th a troy ounce. Makes for some easy math and a way for me to remember the 31.1 grams in a troy oz.
I have one of those 1 gram pieces in my collection. It was cheap when I bought it and now it’s worth 3 times what I paid. I didn’t buy it for profit, I bought it for the novelty it was and still is. And it is very small.
That little bar is very nice. I'd like a sack full of them. It reminds me of gold foil candy when I was a kid, tasty chocolate inside. I'd like a taste.
