Silver - kg or oz

Considering the spot price of PMs uses ounces as the unit of measure, is it better to buy bullion in ounces as opposed to kilograms? What about when it comes time to sell?

With the current prices at the Perth Mint, you can buy 3 x 1kg silver bars for $3020.67 or 1 x 100oz bar for $3107.00. The thing is, 3kg is roughly 105oz! This means if you buy in kilograms you're getting more for less. I wouldn't think an organisation like the Perth Mint would make an oversight like this, so it got me thinking perhaps it's not best to buy in kilograms.

Can anyone shed some light? I'd like to get buying before the price goes further north!

 

Ah-ha! So is that the difference? Thanks GP

 

3000g = 96t oz 9.044790dwt

100t oz = 3110.3476g

I would assume PM are dealing in Troy Ounces.

Cheers markcoinoz

 

Beat me to it GP.

Thats something I have noticed on ebay where you get sellers using ordinary ounces rather than Troy and there by overstating the correct weight.

Cheers markcoinoz

 

OP..

Precious metals are measured in troy ounces at 31.1 grams..

1000 apologies if you already knew this key info.

1for1

 

Here are two number you must memorize:

1 troy oz = 31.104 grams

1 kg = 32.1 troy ounces

 

Ill admit when i first started i didnt know about troy ounces and that made me make some decisions that i thought were below spot purchases at the time. lol, oh well live and learn

 

Some of the people who I assume should know all about troy ounces have made that 'mistake' in the past when selling me junk silver. Now I make sure that I have the wieght in grams as well.

Edit: no one from this site, coin collectors!

 

When I got my Palmscale 300 I initially screwed this up when checking some coins I had bought. The Palmscale 800 which I've had for quite a while does troy oz as well as oz but the 300 model only does oz. I initially thought I'd bought counterfeit (and got that massive sinking feeling as you can imagine) but luckily switched to grams and realised before I started accusing the seller.

 

I like any silver personally!

 

I remember;

1 Troy oz = 31.103 grams
1 Kg = 32.15 troy ounces

but splitting hairs

 

If you're using the Chrome browser, you can type mathematical things in the address bar and it will give you the answer.

For example put "1 troy ounce = gram" then it will show the answer.

 

That's a neat trick. Thanks.

 

I just wish they all stick with ounces.

 

Don't worry jonesy82, you're not the only one to make this mistake.

Why there is even a mint mentioned on SS which used to produce silver avoirdupois ounces, rather than troy ounces. After they were informed by a SS buyer, they said "whoops, thanks", and have produced troy ounces ever since.