Gold, What Is Its Attraction?

Gold is unique among the metals and is considered noble and beautiful by many people. Among its unique physical properties, gold is the most malleable and ductile of all metals, with the ability to be stretched or drawn. It has been estimated that a single ounce of gold can be drawn into a wire over 40 miles long without breaking. It is also an extremely dense metal having a specific gravity of 19.2 (19 times heavier than water). Gold is an excellent conductor of electricity. Its "nobility" means that no substance that appears commonly in nature will destroy it. It is virtually immune to the effects of oxygen and therefor will not corrode, tarnish, or rust. Caches of coins unearthed after centuries from both sea and land have been recovered as brilliant as the day they were lost.

Besides its physical properties, its luster and deep yellow color have, since its initial discovery, lured men and women with an attraction beyond rational comprehension. It is said that if you stare at gold long enough it begins to glow with an iridescence of its own, drawing the observer into its aura. Many have succumbed to what is commonly referred to as "gold fever'

From I933 Until December 3I, I974, it was illegal for Americans to own gold bullion in the United States.

Gold Weight: The Troy System

Problem: Someone says to you "You're worth your weight in GOLD !" What is your value?
Facts: Your weight is 150 pounds. The spot price for GOLD is $5000 a pound.
Answer: If you multiplied 150 x $5000 for an answer of $750,000 you are WRONG !
The Troy Weight System is used for weighing GOLD and other precious metals. A Troy Pound or Ounce is not the same as the common (Avoirdupois) Pound or Ounce. The system is said to have originated in the city of Troyes, France to which it has received its name.
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Troy System			Avoirdupois System
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24 grains = 1 dwt.(pennyweight)	28.4 grams = 1 oz.(a)
20 dwt. = 1 oz.(t)		16 oz.(a) = 1 lb.(a)
12 oz.(t) = 1lb.(t)		2000 pounds(a) = 1 ton

Conversions:
Avoirdupois to Troy		Troy to Avoirdupois
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1 gram = 15.43 grains		1 dwt. = 1.54 grams
1 gram = 0.65 dwt.		1 oz.(t) = 1.095 oz.(a)
1 oz.(a) = 0.913 oz.(t)		1 lb.(t) = 0.82 lb.(a)
1 lb.(a) = 1.22  lb.(t)
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The Correct Answer is: Your weight in GOLD or Troy pounds is 150 x 0.82 = 123 troy lbs. Your value in GOLD is 123 x $5000 = $615,000. So ! this little bit of knowledge just cost you $135,000.

To add to the confusion, you may hear of ore graded as ounces per ton (OPT). The ounces are in Troy and the tons are in the more common Avoirdupois system.