The word "ounce" comes from Ancient Rome and comes from the Latin uncia. Roman citizens used large copper coins as a means of payment, which were cut into several pieces. 1/12 of each coin and was called an ounce. The mass of these segments was about 27 grams and, of course, differed in weight from this unit of measurement today. Over time, the ounce came to be used throughout the European continent. Later, most countries switched to the metric system for measuring weight. What is a trinity ounce? This is discussed in this article. In addition, the article will discuss the principles of gold price formation on world trading floors.
The arrival of the trinity ounce
Beginning in the 13th century, one ounce was equal to 1/16 of a pound. Even then, the term "Trinity ounce" appeared. With its help, the weight of gold was fixed. This measure of mass measurement has a rather curious history of origin. In France (in the city of Troyes, Champagne province) famous fairs were regularly held in the XII-XIII centuries. In themmerchants from all over the world took part and, accordingly, there was a need to exchange monetary units. For the convenience of the fair participants, a common standard of measurement began to be used.
The main currency at these events was the French livre, which was equivalent to a troy pound of silver. The trinity ounce was used to exchange precious metals. Since then, this measuring unit has been widely used. Even today, in many progressive states, the troit ounce is used, which weighs a twelfth of a troy pound. The latter, in turn, was the main measure of weight in England from 1824 to 1958. Its second name sounds like "gold coin pound". The mass of a troy pound is 373.2417 grams. Therefore, the weight of a trinity ounce in grams is 31.1035.
Price and principles of its formation
How and by whom is the price of one ounce of gold determined? Here it is worth noting right away that the cost of this noble metal is usually expressed in US dollars. Despite the fact that the metric system of measurement is the most common and popular in the modern world, the trinity ounce is a kind of symbol of respect for centuries-old traditions. From 1919 to 2015, the price of gold was determined by the so-called London fixing. Representatives of the largest and richest banks in the world set a fixed price for a troit ounce of the yellow metal. From March 20, 2015, the gold fixing is no longer held. It was replaced by electronicAuctions LBMA Gold Price.
Effective investment
Over the past few years, the price of a troitsk ounce of gold has grown almost 2.5 times: from $520 to $1,250. Most financial experts predict a permanent but gradual increase in the price of this precious metal. In other words, gold is an attractive investment. In addition, its regular purchase will help protect your own savings from inflation. As a confirmation of these words, the following fact can be cited: today, for one troit ounce of gold, you can buy the same amount of goods as two centuries ago. For example, in the 18th century, an excellent men's suit in gold equivalent cost the same as today.
Varieties of ounces
It should be emphasized that in addition to the troitsk ounce, other types of it were also used earlier. For example, a pharmacy ounce, whose mass is 29.86 grams. This measure of measurement was widely used on the territory of modern Russia until 1930. An ounce of Maria Theresa weighs 31.1025 grams. The most popular ounce in the ancient world is the ancient Roman one. Its mass, as already noted in this material, was about 27 grams, or more precisely, 27.3 grams.
