Have you ever wondered what the weight of a gold bar is?
Although gold has been a staple in the global economy for thousands of years, there is still a lot that people don’t know about it. For instance, do you know how much a gold bar weighs?
The answer to this question might surprise you as it is a lot more complex than you can imagine. If you are looking for a more definite response, you will need to understand all of the factors surrounding the gold bar (why is gold so expensive?).
So, without further ado, here is what you need to know:
The Types of Gold Bars
You may not be aware of the fact that there are actually many different types of gold bars available. Let’s take a closer look at the two most common types:
- Cast Bars: these are the quickest types of bars to make, although the finished product may be a bit irregular. Here, gold is melted and then poured into a mold. This ensures that each bar will be roughly the same shape and size, although there will be discrepancies. For investors, these are the cheapest type of gold bars to buy.
- Minted Bars: although cast bars might be easier to make, minted bars tend to be a more popular option. This is because they are more aesthetically pleasing version. Minted bars are also more uniform in shape, size, and weight due to the construction process. Here, long bars of gold are produced and they are cut down to the correct shape and size.
As mentioned, there are several other types, including investment, unwrought, and ornamental gold bars. Nevertheless, these may not be as widely accepted as the minted or cast categories.
How Are Gold Bars Weighed?
Most people may have a fixed idea of what a gold bar may look like and therefore, what it will weigh. However, gold bar weights aren’t quite as cut and dry as this. One of the reasons is that various nations may use different units of weight. Here is a breakdown of how gold bars may be represented.
- Gram: this tends to be rather universal and most countries will rely on this measurement.
- Troy Ounce: this unit may be used in English-speaking countries such as the United States, UK, and Australia.
- Tola: you may find this in Middle Eastern or Indian Sub-Continent nations.
Bar Weight Conversions
To allow you to better understand how these weights relate to one another, here is a brief conversion explanation:
- 1 gram = 0.0321507465 ounces troy
- 1 ounce troy = 31.1034768 grams
- 1 tola = 0.375 ounces/ 11.6638 grams
The Different Weights of Gold Bars
Now, let’s get into the different-sized gold bars that are available in the market. For the most part, you will find that these bars can be separated into the categories of small and large:
With small bars, you can find up to 50 varying weights. They can start from just 0.3 grams all the way up to 1000 grams. For those wishing to deal in Troy ounces instead, the weights are assessed between 1/10th of an ounce to 20 ounces. Universally, though, the 1000g tends to be most widely used, distributed, and sold.
Large bars, too, can be separated into three distinct categories. Here, you will find that the prevailing weights are either 100oz, 400oz, or 3000 grams. As mentioned, though, these are the most common options. It is not unusual for certain investors or refiners to request that the bars be created according to other weights.
The Average Size
As you can see, there is quite a bit of discrepancy in terms of size and weight in gold bars. It is due to this that many international agencies rely on a standard. Here, they deal in gold bars that are 400 troy ounces or 25 pounds. Even then, there is some leeway and most agencies will accept weights between 350 and 430 ounces. These bars must measure 7 x 3 5/8 x 1 3/4 inches according to the guidelines put forth by the US mint.
How Pure Are the Gold Bars?
All the information above shows that there can be a few variations when it comes to gold bars. This is true even when they are supposed to be of similar sizes and weights to one another. In this case, you may be wondering how the purity of each gold bar is affected by these discrepancies.
Well, in this instance, traders and investors are a bit stricter with the guidelines. After all, in order for the bars to be valued properly, they need to have a specific purity. Most gold bars have to boast a minimum of 99.5 percent purity. This is the case for London 400oz bars. There are some bars, such as tola bars, however, that need to have a minimum purity of 99.9 percent.
There is a little bit more to the gold bar purity system, though. Traders and investors typically don’t look at these numbers when buying or selling the bars. Instead, gold bars are traded according to their fine gold content.
The fine gold content can be calculated as follows:
Gross weight of bar x gold purity
This gives the traders a better idea of just how pure a specific gold bar is, based both on its size as well as gold content.
What is the Value of a Gold Bar?
The final question to answer regarding gold bars is just how much they are worth. Well, as with most things surrounding gold bars, there isn’t actually a fixed price for gold bars. This is largely due to the fact that the price of gold tends to fluctuate.
Understand, the price of gold is based on a number of different factors. This includes its inverse relationship to certain currencies such as the US dollar. Therefore, when these other factors are affected, the price of gold can either drop or rise. In turn, this causes the overall cost of the gold bar to also fluctuate.
It is clear that there is quite a bit more to gold bars and their weight than you could have anticipated. By appreciating all of the elements that you have to take into consideration, you are better equipped to understand the weight and value of these items.