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What are the weight and purity measurements of precious metals?

Although the weight of gold and silver is sometimes quoted in kilograms or grams, the official weight measurement to gauge the mass of precious metals is the troy ounce. One troy ounce (oz) equals 31.1034768 grams. Note that a troy ounce is not the same as an avoirdupois ounce (more commonly known as the kitchen ounce) which equals approximately 28.34 grams.

The purity of gold and silver is measured in millesimal fineness, which denotes the purity of the metal in parts per thousand. For example, the PAMP 100 gram gold bar contains a gold fineness of 999.9, which means that the bar is 99.99% pure gold. Another example, the $20 Double Eagle with a gross weight of 33.43624 grams contains a gold fineness of 900, which denotes a gold purity of 90% or 33.43 x 0.9 = 30.092 grams of pure gold.

In addition to fineness, the traditional purity measurement of gold is the karat (K). The highest karat rating is 24 and this equals or is greater than 99.9% pure gold. Gold jewellery in Europe most often contains a gold purity of 14 and 18 karats, which equals 14/24 = 58.3% and 18/24 = 75% pure gold respectively.

The basics: what is spot, bid & ask, spread and premium?

Before purchasing in precious metals, make sure you know the basics: what is spot, bid & ask, spread and premium?


The spot is the current market-clearing price of gold or silver set by supply and demand factors in the global financial markets. Spot price refers to 1 troy ounce of .999 fine gold or silver.

The bid (or buy as a layman’s term) is the price at which market participants, such as Tavex, are ready to buy gold or silver at any given time.

The ask (or sell as a layman’s term) is the price at which market participants, such as Tavex, are ready to sell gold or silver at any given time.

The spread is the difference between the ask and the bid price. For example, if the bid for a 1-ounce British Britannia gold coin is 1400£ and the asking price is 1410£, then the “bid-ask spread” is 10£. A low bid-ask spread is often a good indicator of high liquidity. Products with high liquidity, such as the Gold Britannia coin, will have a lower bid-ask spread than other less-known gold coins. This means that you will save money when trading in and out of your purchase.

Every product that Tavex sells comes with a premium. A premium is added to cover the cost of the production and distribution of the item. The premium is calculated by taking the price of a product minus the spot price of the metal. For example, if the current spot price of gold is 1420£, and if Tavex sells a 1 ounce Gold Britannia for 1470£, then the premium is 50£.

If you have any further questions, please feel free to Book a consultation or Contact us.

Which product should I choose?

Bullions can typically be divided into 2 categories: bars and coins. 

One very common question people come up with prior to their purchase is which products should they choose. We will try to help you a bit. There are three important things to keep in mind when choosing the right product.

These are:

  1. the lowest price per gram,
  2. the traceability of the product globally,
  3. the different sizes and values of the product.

In general, the largest products have the lowest margins. So, it’s recommended to buy a larger amount of gold once than a small amount of gold often. Meaning, that we recommend buying a 10g Gold Bullion Bar once, rather than 1g Gold Bullions ten times. 

Following products have the lowest price per gram. They are among the most reputable products that are accepted internationally by banks, private individuals or other gold traders:

Now you might have an answer to your question about which and how our gold and silver products should be chosen.

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