How to get two troy ounces of gold in a day

This video would be highly beneficial for anyone pondering over joining Start Your Own Gold Mine entrepreneurial course. Allow me to guide you through a few computations:

• one troy ounce is 31.10347680 grams

• two troy ounces are 62.20695360 grams

• review the value of 2 troy ounces in US dollars

• review the value of 2 troy ounces in EUR currency

• in 30 days, ideally, it would be 60 troy ounces of gold

• review the value of 60 troy ounces in US dollars

• review the value of 60 troy ounces in EUR currency

That is the potential gold production for these gold miners.

Troy Ounce vs Avoirupois Weight System: An Explanation

The terms “troy” and “avoirdupois” refer to different weight measurement systems that are used primarily for precious metals (like gold, silver) and common goods respectively. Here’s the difference between them along with how a troy ounce is calculated:

Troy Ounces:

Originating from medieval France, Troy weights were initially used mainly in Europe for measuring valuable materials like precious metals(gold, silver) and medicines. A troy ounce is equal to about 10% more than the avoirdupois ounce commonly used today for most other purposes.

One troy ounce is equal to 31.10347680 grams. This conversion is based on the international definition of the troy ounce, which is used primarily for precious metals like gold, silver, platinum, and palladium.

How is the Troy Ounce Defined in Grams?

The troy ounce is part of the troy weight system, which dates back to the Middle Ages and was historically used in precious metal trading. Its exact metric equivalent is derived as follows:

1. 1 troy pound = 12 troy ounces (unlike the avoirdupois pound, which is 16 ounces).
2. The troy pound was legally defined in the UK in 1824 as 5,760 grains.
3. Since 1 grain = 0.06479891 grams, the calculation follows:
   • 1 troy pound = 5,760 × 0.06479891 ≈ 373.2417216 grams.
   • Therefore, 1 troy ounce = 373.2417216 / 12 ≈ 31.1034768 grams.

Accuracy and Standardization

• The conversion factor 31.1034768 grams per troy ounce is internationally recognized and used by:
  • The London Bullion Market Association (LBMA)
  • The Commodity Exchange (COMEX)
  • Government mints (e.g., U.S. Mint, Royal Canadian Mint)
• Modern measurements using precise instruments (like mass spectrometers and high-precision scales) confirm this value.

Why Not Exactly 31.1 Grams?

The troy ounce is based on the grain system, which predates the metric system. The exact conversion is maintained for consistency in global trade, ensuring no ambiguity in precious metal transactions.

Summary

• 1 troy ounce = 31.1034768 grams (exact, by definition).

• This value is obtained from the grain-based definition of the troy pound and is standardized worldwide.

Definitions:

• Troy Weight: A system of units used for measuring precious metals and medicines, where the ounce is divided into 12 pennyweights (dwt) and a pound troy contains 12 ounces.

• Avoirdupois Weight: The primary weight measurement system in most countries around the world for commodities of general use such as food, clothing etc., where an ounce is divided into 16 parts (called drachms) and a pound contains 16 ounces.

The fundamental difference lies in their usage and scale: troy weight is used primarily by jewelers for precious metals due to its finer gradation, while the broader application of avoirdupois reflects its use in everyday commerce.