Convert metal weights to dollar values, compare metals at live prices, and track key ratios
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The gold-silver ratio tells you how many ounces of silver it takes to buy one ounce of gold. Historically it averaged around 47:1, but in recent years it has ranged from 30:1 to over 100:1. Investors watch this ratio as a signal — when it's unusually high, silver may be undervalued relative to gold.
Precious metals are always quoted in troy ounces, not the familiar avoirdupois ounces used for food and everyday goods. A troy ounce is heavier:
Gold jewelry and bullion are rarely 100% pure. Purity is expressed in karats (jewelry) or fineness (bullion):
| Karat | Fineness | Gold % | Common Use |
|---|---|---|---|
| 24k | .999 | 99.9% | Bullion coins, bars |
| 22k | .916 | 91.6% | Sovereigns, some coins |
| 18k | .750 | 75.0% | Fine jewelry (Europe) |
| 14k | .583 | 58.3% | US jewelry standard |
| 10k | .417 | 41.7% | Budget jewelry (US) |
| 9k | .375 | 37.5% | UK jewelry standard |
Silver purity is expressed as a decimal (fineness). Common standards:
| Mark | Silver % | Common Use |
|---|---|---|
| .999 Fine | 99.9% | Bullion coins and bars |
| .925 Sterling | 92.5% | Jewelry, flatware |
| .900 Coin | 90.0% | Pre-1965 US coins (dimes, quarters) |
| .800 | 80.0% | Some European silverware |
Precious metals (gold, silver, platinum, palladium) are quoted in dollars per troy ounce because they're traded as financial instruments as much as raw materials. Industrial metals like copper and aluminum are quoted in dollars per metric ton because they're consumed in bulk quantities — a single copper wire order might be thousands of tonnes.
Gold has been used as money and a store of value for over 5,000 years. Its value comes from scarcity (all the gold ever mined would fill about 3.5 Olympic swimming pools), durability, divisibility, and universal recognition. Central banks hold gold as a reserve asset alongside foreign currencies.
Silver historically served dual roles — monetary metal and industrial commodity. Today about 50% of silver demand is industrial (electronics, solar panels, medical devices), which makes its price more sensitive to economic cycles than gold.
Platinum and palladium are part of the Platinum Group Metals family. Both are rare (platinum annual production is about 1/15th of gold production) and primarily used in catalytic converters for vehicle emission control. Palladium became dramatically more valuable than platinum around 2019 as automakers shifted toward palladium-heavy gasoline engine catalysts.