Many people, at some point in their lives, have thought of buying gold bars. However, as attractive as it sounds, buying gold bars require serious thinking before investing such a hefty amount. Though many people own gold jewelry such as gold earning, necklaces, and rings, what makes gold bars different from other gold items is their actual value which is a lot more than you expect them to be. AU Precious Metals has shed some light on how much is a gold bar worth and things to consider before getting your hands on these bars.
Types of Gold Bars
Gold bars come in multiple types, which differentiates them from each other in terms of value. Two main types of gold bullions include
- Cast Bars
A cast gold bullion is made by molting the gold and pouring it to solidify the gold. Because this process doesn’t take a lot of time and labor, the cast bars made through this process are often uneven and relatively cheaper than the other type of gold bullion. The plus point of these cast bars is that they are easier and quicker to identify.
- Minted Bars
Minted bars, unlike cast bars, are normally cut to a particular dimension from the cast bars, making these bars smooth and uniform. Due to the complex and expensive manufacturing process, minted bars are significantly more expensive than cast bars.
All gold billions are registered with unique serial numbers and given an authenticity certificate to prevent forgery.
How to Buy Gold Bars
The first and foremost thing you need to do when buying gold bars is to find reliable and reputable sources or websites for the purchase. Secondly, if you want to minimize the cost, buying gold bars, buying in large quantities is a good option for getting some premium discounts. But again, this depends on how much you are investing. Last but not the least, it is important to consider the weight, quantity, and price of the gold bars before making the purchase. Gold bars having 90% of the buy weight are often ideal for purchase for investment purposes.
Size of the Gold Bars
When it comes to the size of the gold bars, even smaller bars serve a good purpose for investment. The size of the bars ranges from 1 bar to 1 kilo, I gram being the smallest size and 1 kilo being the largest size available for purchase. Due to the density, these gold bars weigh a lot and are traded in commodities exchange. But no matter what the size is, you cannot underestimate how much the gold bar is worth the value.
Finding the Worth of Gold Bars
Several factors play a role when determining the value of gold bars, such as
- percentage
- condition,
- size
- serial number
- current market price
You can expect to pay $330 for a 5-gram bar, and a kilo gold bar can cost as much as $64,353. However, it is important to consider that minted bars will cost more than cast bars, depending on their current market prices.