Quick answer: Gold, silver, platinum and palladium are normally discussed per troy ounce of fine metal. Copper may be quoted in cents per pound or dollars per metric tonne, depending on the market. None of these wholesale references automatically equals the amount a retail seller receives.
Five metals, several market conventions
| Metal | Common basis | What still needs clarification | Start here |
|---|---|---|---|
| Gold | Currency per fine troy ounce | Bid, ask or midpoint; wholesale or retail; purity and timestamp | Gold price guide |
| Silver | Currency per fine troy ounce | Fine-metal basis, product premium, assay and dealer spread | Silver price guide |
| Copper | Cents per pound or currency per metric tonne | Exchange contract, cathode grade, location, delivery month and scrap grade | Copper price guide |
| Platinum | Currency per fine troy ounce | Quote source, purity, physical premium and retail liquidity | Platinum price guide |
| Palladium | Currency per fine troy ounce | Quote source, form, assay, recovery and industrial-market spread | Palladium price guide |
Benchmark, spot, futures, retail and scrap
These words describe related but different numbers. A benchmark is produced under a defined methodology at a defined time. A spot quotation generally refers to near-term wholesale trading. A futures price belongs to a standardized contract for a future delivery month. A retail price includes a fabricated product and the costs of selling it. A scrap offer reflects expected recovery after sorting, assay, processing, financing and risk.
Before comparing two prices, ask whether they refer to the same product, unit, currency, market and time. A copper futures quotation cannot be compared directly with a local price for insulated wire. A gold ask price cannot be treated as the guaranteed buy-back price for jewelry.
Conversion is arithmetic, not a new market quote
A per-gram precious-metal value is normally calculated from a per-troy-ounce reference. One troy ounce equals exactly 31.1034768 grams. A converted number inherits the source, timestamp and limitations of the original quote.
price per gram = price per troy ounce ÷ 31.1034768Copper conversions often begin with either pounds or metric tonnes. One metric tonne equals approximately 2,204.62262185 pounds.
price per pound = price per metric tonne ÷ 2,204.62262185From a quote to an item's value
- Record the reference price, currency, unit, source and time.
- Measure the item's gross weight in a known unit.
- Determine purity, fineness, grade or expected recovery.
- Calculate the amount of recoverable metal.
- Apply appropriate premiums, deductions, fees or collectible value.
All Metal Prices currently uses manual-input calculators. They let you bring a published reference price and inspect every step without presenting an unlicensed or stale feed as “live.”