The Future of Gold

Why point out these facts, ask a good many people, if the extraction of gold is thus possible? Why not just keep it all a deep, dark secret, do as well as you possibly can yourself, or maybe let a few close friends in on the deal? Why spill the beans? What will happen to the price of gold, for crying out loud, if too much is dumped on the market?

For one thing, it would be most difficult to place too much gold on today's market. Gold has become a great deal more than merely something of value. It has become a space-age, electronics-era raw material. For the same reasons, it is increasing demands by dentistry, jewelers, and coinage (some countries, you know, still mint coins made of the lovely stuff) it is also in demand by modern technology. Gold does not easily combine with other elements, and therefore is not readily corroded. It can last a long time under adverse conditions that would make parts made of other materials fall to pieces. It sounds somewhat strange that plumbing fixtures under certain conditions can more cheaply be made with gold, but it has become true. An ever-increasing demand for the durable, maleable, versatile metal is putting anyone who can produce the product in a most favorable position. It is a seller's market.

Such a market is in little danger of becoming flooded.

Too many people have doubts and bewilderment as to the weights used in weighing precious metals. Here are the straight facts, and beware of those who tell you differently. When weighing precious metals, such as gold, platinum, and silver, Troy weights are used exclusively. The United States Standard troy pound was copied in 1827 from the Imperial troy pound of England for the use of the United States mint, where it was deposited.

A chart of equivalent weights may be of use:

Troy Weight

24 grains — 1 pwt (pennyweight)
480 grains — 20pwt or one ounce
5760 grains — 240pwt or 12 ounces (one pound troy)
The grain alone remains the same for avoirdupois weight. The ounce (02.) and the pound (Ib.) differ.

Avoirdupois Weight

1 ounce — 437.5 grains troy
1 lb. or 16 oz. — 1.2153 lbs troy

Metric Weight

31.108 grams — 1 Troy ounce
1000 grams — 1 kilogram — 32.146 Troy ounces
To change kilograms into troy ounces multiply the number of kg by 32.146.
To change grams into Troy ounces, multiply the number of grams by .03215.