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the founder (OP)
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October 06, 2011, 03:33:21 PM |
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WiseOldOwl
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October 06, 2011, 04:10:46 PM |
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1 ounce / is not equal too / 28.35 grams ... In precious metals at least.
1 ounce of gold or silver or w/e is measured in troy ounces, or 31.1 grams..
The website says 1 ounce is 28.35 grams.
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enmaku
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October 06, 2011, 04:21:13 PM |
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No such thing as a "normal" ounce. They're either troy (1 oz = 31.1g) or avoirdupois (1 oz = 28.35g). Troy is used for precious metals (and gunpowder) and avoirdupois for everything else. Avoirdupois is the more modern measure but Troy ounces were kept intact to avoid confusion since gold/silver/etc were still in use as money at the time. It would be much better for the world in general if everyone simply used grams for everything, but that probably won't happen any time soon (at least not here in the U.S.). So he chose the wrong version of the ounce to represent precious metals in, at least he told us which ounce he was using. That's better than I can say for 99% of the gold/silver/etc related sites on the internet. |
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WiseOldOwl
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October 06, 2011, 04:22:14 PM |
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I know,
But 28.35 grams of silver is closer to 28.35 dollars, not the spot they have listed. That's all I am saying. In gold, 3 grams is well over 100 dollars. Basically it is going to mess their prices up by about 10%, because an ounce of gold is not a troy ounce of gold. and when you see a spot price, it is in reference to a troy ounce.
+1 to immediately above post
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netrin
Sr. Member
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Activity: 322
Merit: 251
FirstBits: 168Bc
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October 06, 2011, 05:10:51 PM |
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No one who deals with PM will use kitchen ounces. Grams or troy ounces. In that weight range there are No exceptions.
(I suppose some people are lucky enough to discuss kilos and tons, but few of us play golf with such people)
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BitcoinMint.US
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October 06, 2011, 08:08:48 PM |
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Besides the obvious error in not using troy ounces, they also claim that 15oz of gold has historically bought you 1oz of silver.  Saying metal traders use the site "all the time" is also a bit scary considering the calculations on the site are all based on an incorrect formula. I hope these issues get fixed. |
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the founder (OP)
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October 06, 2011, 08:53:51 PM
Last edit: October 06, 2011, 09:05:29 PM by the founder (FlexCoin) |
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Besides the obvious error in not using troy ounces, they also claim that 15oz of gold has historically bought you 1oz of silver. It's supposed to be 15 ounces of Silver to 1 ounce of gold.. I think it's fixed now... actually I think I fixed all the glaring errors, if you guys can catch anything else in there please let me know. |
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netrin
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October 07, 2011, 01:57:50 AM |
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Yes, it still claims that an ounce is 28.35 grams, which if used would make the price of gold $1499.56 / kitchen ounce. But no one measures gold in kitchen ounces. DROP the avoirdupois. State TROY ounces = 31.1034768 grams. "The troy ounce is part of the troy weights system derived from the Roman monetary system...To maintain purity standards and common measures across time, the troy ounce was retained over the avoirdupois ounce in the weighing and pricing of gold, platinum, silver and gunpowder." http://en.wikipedia.org/wiki/Troy_ounce |
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the founder (OP)
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October 07, 2011, 07:33:38 PM |
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Yes, it still claims that an ounce is 28.35 grams, which if used would make the price of gold $1499.56 / kitchen ounce. But no one measures gold in kitchen ounces. DROP the avoirdupois. State TROY ounces = 31.1034768 grams. "The troy ounce is part of the troy weights system derived from the Roman monetary system...To maintain purity standards and common measures across time, the troy ounce was retained over the avoirdupois ounce in the weighing and pricing of gold, platinum, silver and gunpowder." http://en.wikipedia.org/wiki/Troy_ounceUpdated with troy ounce . |
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netrin
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October 07, 2011, 09:04:23 PM |
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Looks good. Though I might think it's
1 troy ounce --> 31.1034768 grams
rather than
1 ounce --> 31.1034768 grams (TROY)
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