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Troy ounce silver bullion.
The silver traded on the stock exchange is worth around 17 million us dollars in.
The chicago board of trade and the london bullion market.
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The spot market is a public financial market that tracks the immediate going rate for different commodities such as precious metals at any given time.
The price of silver per ounce is always measured in troy ounces which are equal to 1 09711 avoirdupois ounces.
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When americans refer to ounces they generally are referring to avoirdupois ounces.
It is crucial to know precisely what the silver spot price is at the moment you want to buy or sell silver bullion.
However the price can change by the minute so lower spot prices do not get considered accurate when locking in a trade.
This avoids confusion between the conversions between troy ounces and troy pounds.
One troy ounce equals 31 1035 grams.
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What is 1 troy ounce of silver worth today tuesday 5 january 2021.
The spot price for silver is the theoretical cost right now for one troy ounce of 999 fine silver bullion.
The importance of buying in troy ounces.
1 troy ounce 1 097 ounce silver price per 1 ounce.
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For this reason most of the bullion being traded and sold is measured in troy ounces or kilos.
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So in terms of weight 1 pound of silver is approximately 80 grams more than 1 troy pound of silver.