How Much is 6lbs of Gold Worth?
You might be curious about the value of six ounces worth of gold. Although the price of gold fluctuates, it has been a great store of value for many years. The price of gold has increased by approximately 8% per year since 1970, more than twice the rate of inflation. Throughout history, gold has outperformed the stock market in terms of value. It did however drop in value between 1980 and 2000, leading to a dramatic decline in its price.
The price of gold is determined in terms of pounds and troy ounces. The official price for gold varies every day, but is still considered a very stable investment. If you are looking to buy gold, you should know the price of a pound of gold before you begin investing. A kitchen ounce is approximately $6,200 while a troy-ounce is about $1,300.
If you’re buying gold from a jeweler, you can use the avoirdupois ounces as a reference. If you’re buying a precious metal, the best way to figure out its value is to purchase it with a guarantee of weight in troy ounces. In general, the troy ounce gold price refers to the bid price on the stock exchanges around the world. While it remains relatively constant, it can vary depending on the country’s currency value and the dealer’s premium.
Historically, gold prices have increased a little bit from their lows in the 1970s. They have tripled from their lows in 1976. The 1980s and 1990s saw prices rise again and are now ten times more than they were in 1976. Whether you decide to invest in gold for personal use or as an investment, you’ll never go wrong. The price of gold will always remain stable as long as you buy it when the price is high and keep it safe.