| Author |
 Replies: 23 / Views: 3,343 |
|
Valued Member
Australia
491 Posts |
This is a full on forum. I am just, totally making sure what I am about. I am not use to part oz numbers and I need to be. So is 0.2354oz very nearly a 1/4oz ? I have never seen decimal numbers as part of a oz before. Better to be sure than sorry. We all needed to learn once upon a time. kg5  |
|
|
|
Moderator
 United States
14463 Posts |
1/4 oz = .250 oz
so the .2354 oz is just under 1/4 oz
Edited by Fuzzy317
02/22/2013 06:54 am
|
|
Valued Member
 Australia
491 Posts |
Thank you.
I now know for sure!
|
|
Valued Member
Canada
281 Posts |
Yes kg5,just under a 1/4oz The number you wrote is exactly, the actual gold content in a British Sovereign. |
|
Pillar of the Community
Australia
2830 Posts |
I wish that the world would adopt the SI or "Metric" system ...
but a few people are dragging the chain ... not that I'd accuse them of being slow on the uptake.
|
|
Moderator
United States
14463 Posts |
a US Half Eagle gold coin is .238 oz AGW
|
|
Pillar of the Community
Canada
1502 Posts |
+1 for Metric, especially on bars
|
|
Valued Member
United States
292 Posts |
Too old here to adapt to metric. But I agree it should be being taught from early age in schools. Our youth are quite capable of functioning with both until us old geezers are gone.
|
|
Valued Member
United States
200 Posts |
The metric system definitely makes more sense. We have grams, ounces and troy ounces. Then we have additional grains, mills etc etc. It is confusing.
|
|
New Member
United States
37 Posts |
Working with ounces and grams is pretty easy. I'm sure most people handle it fine. The trouble comes in when you're dealing with two different types of ounces!! There are 31.1 grams in a troy ounce, but 28.3 grams in a regular ounce.
I wonder how many people use the 28.3 conversion when buying PM and think they're getting a great deal? Imagine this hypothetical situation.
Lets say the spot price of gold is $1500. Now, you sell 3 10-gram bars for $1500 ($1447 for the 0.965 troy ounces of gold and the rest "premium"). If the buyer uses the 28.3 conversion factor he would think he's getting 1.06 ounces of gold for the $1500 (that'd be like buying below spot).
I'd never intentionally prey on someone like that, but I'm sure this happens more often than we would think.
|
|
Valued Member
United States
200 Posts |
It happened with me. Bought 90% coins thinking troy oz but got regular oz. When I got them, something felt out of place. Found out the two different ounces. Couldn't do anything as the seller never mentioned troy oz and the total amount was not much. Learned a valuable lesson for a small price. I am much more comfortable with grams. A gram is a gram is a gram.
|
|
Valued Member
Australia
491 Posts |
Interesting comments thank you! Hi miggs Quote:
The number you wrote is exactly, the actual gold content in a British Sovereign I like collecting KGV items and tripped over my tongue when I saw a heap of Uncirculated 1911-1931 King George V Gold Sovereigns but I do not know what country they were from. The price of gold frightens me and I went back to a bulk silver buy I have been chasing. |
|
Bedrock of the Community
Australia
21786 Posts |
Although it is a bit confusing, I like the Portzebian weights and measures system as published in the MAD magazine, about 40 years ago.  ------------------------------------------------------------------------------------------------------------------- Helen Of Troy was by some, considered to be the most beautiful woman that ever lived, the face of whom launched 1 thousand ships. What amount of feminine pulchritude required to launch ONE ship? That would be rated at ONE milli Helen.  Edited by sel_69l
02/25/2013 06:15 am
|
|
Pillar of the Community
United States
1721 Posts |
Many of my customers weigh their PM's on a postal scale before coming to see me. You want to sell me 16 ounces of PM as a troy pound? OK with me . When you explain the difference, some people give you a blank stare  or they act like you are trying to snooker them. |
|
Valued Member
Canada
281 Posts |
kg5, Although gold Sovereigns coins are inherently British since the Renaissance, in early 20th century, they were minted by Canada,Australia,India and South Africa for each a short period.They have a mint mark representing their respective country. I was afraid of the gold price back in 2007 but after extensive research, I realized the paper money printing around the world was and still is out of control. Gold is not an investment but a hedge against inflation. Ask me if I regret paying $700 an ounce... The gold price is manipulated but will still go much,much higher. |
|
Valued Member
Australia
491 Posts |
Interesting miggs! To tell the truth we bailed out of most of our shares when we found out about the USA housing market about 12 months before the crash in 2008. After much thought we went for a collectable that was not classified as an asset in Australia and that has proven to be a great move on our behalf. We have been selling this pool of collectables that we have gathered over the last 15 years and it adds nicely to our monthly cash flow. Our stock is large and will last many years and we can keep topping it up and nothing else is going to give us the same return. We have some very expensive non asset collectables that we have put to an auction house to move them as our environment is no longer suitable for there storage and we do not want to loose the value we have in them. Next place for this money pool is gold and collectable coin Sovereigns or the plain Sovereigns or just in oz are all in our consideration. Your info is great stuff! Quote:
Although gold Sovereigns coins are inherently British since the Renaissance, in early 20th century, they were minted by Canada,Australia,India and South Africa for each a short period.They have a mint mark representing their respective country. |
| |
Replies: 23 / Views: 3,343 |
Posted 02/22/2013 06:08 am
