The word "ounce" comes from ancient Rome and comes from 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 bore the name ounce. The mass of these segments was about 27 grams and, of course, differed in weight from this unit of measurement today. Over time, an ounce began to be used throughout the European continent. Later, most countries switched to metric weight measurement. What is a Trinity ounce? This is described in this article. In addition, the article will discuss the principles of gold price formation on world trading floors.
The advent of the Trinity ounce
Starting in the 13th century, one ounce was equal to 1/16 of a pound. Already then the term “Trinity ounce” appears. With its help, the weight of gold was fixed. This mass measurement measure has a curious, curious history of origin. In France (in the city of Troyes, in the province of Champagne), famous fairs were regularly held in the 12th-13th centuries. They were attended by traders from all over the world and, accordingly, there was a need for the exchange of monetary units. For the convenience of the fair participants began to apply a common measurement standard.
The main currency at these events was French livre, which was equivalent to a troy pound of silver. For the exchange of precious metals began to use the Trinity ounce. It is precisely since then that this unit of measure has been widely used. Even today, in many progressive countries, they use a trinity ounce, whose weight is twelve pounds 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 a "gold pound." The mass of a troy pound is 373.2417 grams. Consequently, 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? It should be noted right away that the value of this noble metal is usually expressed in US dollars. Despite the fact that in the modern world the most common and popular is the metric measurement system, the Trinity ounce is a kind of symbol of respect for centuries-old traditions. From 1919 to 2015, the price of gold was determined through the so-called London fixing. Representatives of the largest and richest banks in the world set a fixed price for a trinity ounce of yellow metal. Since March 20, 2015, gold fixing is no longer held. He was replaced by electronic auctions LBMA Gold Price.
Effective investment
Over the past few years, the price of a Trinity ounce of gold has grown almost 2.5 times: from 520 to 1250 dollars. Most financial experts predict a permanent but smooth increase in the price of this precious metal. In other words, gold is an attractive investment target. In addition, its regular acquisition will help protect their own savings from inflation. To confirm these words, one can cite the following fact: today for one Trinity ounce of gold you can buy the same amount of goods as two centuries ago. For example, in the XVIII century, an excellent men's suit in gold equivalent cost the same as today.
Varieties of ounces
It must be emphasized that in addition to the Trinity ounce, other types of it were previously used. For example, a pharmaceutical ounce, whose mass is 29.86 grams. This measure 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 Ancient Roman. Its mass, as already noted in this material, was about 27 grams, or more precisely, 27.3 grams.