When you go to kitco.com and they list the current price of silver or gold (commonly referred to as the "spot price"), the value that you see listed is the current trade value of one "troy ounce". Troy weight is entirely different from the typical weight scale we use in the US today, more specifically called the avoirdupois system. Troy weight is only really used for precious metals, gems and gunpowder, so unless you have experience trading in those markets, you may need a little education on this scale.
First of all, a troy ounce is not the same as a standard ounce. I'm not going to bore you with numbers and values and conversion tables. If you're truly interested in the specifics, there are abundant resources available. Suffice it to say, a troy ounce has about 10% more mass than a standard ounce -- that is to say, it's heavier. However, a troy pound is smaller than a standard pound. There are only 12 troy ounces to a troy pound, while there are 16 ounces to a standard pound.