Question about gold/silver

AzAfshin

When buying gold or silver, I see some places with very low surcharge over spot prices. BUT, and that's a big but, the price they quote is per ounce without stating which ounce. The ounces we're used to using are roughly 28 grams. But spot prices per ounce are for 31 grams. So if these places that are quoting small surcharges over spot prices are providing prices for 28 grams, they are actually charging a small surcharge on top of a 10% ignorant tax.

So my question is, which ounce measure are they quoting?

Knifecollector

It's an ounce for ounce basis. If you buy a 100 oz bar, you'll pay 100 x the mark up over spot.

11b6r

Gold, silver and all precious metals are ALWAYS measured in Troy ounces. 31.103 grams per troy. Anyone that sells a 28.349 gram measure of silver and calls it an ounce is committing fraud and can be prosecuted for the same.

11b6r

Jim- the Royal Mint gives conflicting number of grams.

https://articles.royalmintbullion.com/what-is-a-troy-ounce/



They also spell Thailand tailand. That might not be a mistake....