Gold gram
Encyclopedia
A gold gram is the amount of value represented by exactly one gram
of gold
. It is a unit of account
frequently used for digital gold currencies. It is sometimes denoted by the symbol "gg", "AUG", or "GAU".
A milligram of gold is sometimes referred to as a mil or mgg. Therefore, 1 AUG = 1 gg = 1000 mgg = 1000 mil, and 1 mil = 1 mgg = 0.001 gg = 0.001 AUG. This allows gold holdings and transfers to take place in tiny fractions of a gram (equivalent to a few cents
)
A possible source of confusion is that gold is often priced on the open market in the more traditional troy ounce
(one troy ounce is exactly 31.1034768 grams, which is larger than the avoirdupois
ounce generally in use in the United States
and has a mass of 28.35 grams). Kilogram gold prices are commonly used by the Zurich Gold Pool where 1,000 kilograms = one metric tonne. Elements as GOLD
is AU and its number 79.
Gram
The gram is a metric system unit of mass....
of gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
. It is a unit of account
Unit of account
A unit of account is a standard monetary unit of measurement of value/cost of goods, services, or assets. It is one of three well-known functions of money. It lends meaning to profits, losses, liability, or assets....
frequently used for digital gold currencies. It is sometimes denoted by the symbol "gg", "AUG", or "GAU".
A milligram of gold is sometimes referred to as a mil or mgg. Therefore, 1 AUG = 1 gg = 1000 mgg = 1000 mil, and 1 mil = 1 mgg = 0.001 gg = 0.001 AUG. This allows gold holdings and transfers to take place in tiny fractions of a gram (equivalent to a few cents
Cent (currency)
In many national currencies, the cent is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin which is worth one cent....
)
A possible source of confusion is that gold is often priced on the open market in the more traditional troy ounce
Troy ounce
The troy ounce is a unit of imperial measure. In the present day it is most commonly used to gauge the weight of precious metals. One troy ounce is nowadays defined as exactly 0.0311034768 kg = 31.1034768 g. There are approximately 32.1507466 troy oz in 1 kg...
(one troy ounce is exactly 31.1034768 grams, which is larger than the avoirdupois
Avoirdupois
The avoirdupois system is a system of weights based on a pound of 16 ounces. It is the everyday system of weight used in the United States and is still widely used to varying degrees by many people in Canada, the United Kingdom, and some other former British colonies despite the official adoption...
ounce generally in use in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and has a mass of 28.35 grams). Kilogram gold prices are commonly used by the Zurich Gold Pool where 1,000 kilograms = one metric tonne. Elements as GOLD
GOLD
GOLD may refer to:* GOLD, an IEEE program designed to garner more student members at the university level * GOLD is an open source BNF parser* GOLD, Gathered or linked data, in the staging tables of a data warehouse...
is AU and its number 79.