From Nancy Cisneros of Fresno, California asks about the weight of a gold bar as she is looking to not to just invest in gold, but to actually possess her investment.
There are MANY sizes of gold bars used in trading and for investment purposes. The Standard Gold Bar which is probably what you are referring to Nancy measures 7 x 3 5/8″ x 1 3/4″ (according to the United States Mint). The weight is what you are after and it comes in at about 25 pounds but is referenced as 400 ounces.
I’ll cover some other options for you so you’ll have a clear understanding of your investment decisions in gold. A Troy Ounce is about 31 grams, and when compared to all other gold bars, the 1-ounce bar is the most common sized bar which is purchased and traded worldwide.
The reason? It’s affordable price and plenty of inventory.
One of the smallest bars you can purchase is the 1 gram bar. Yes, 1 gram. This is a mere .032 Troy Ounces. Understand there is a higher premium on these bars and the same labor is needed to create these bars as needed for larger bars.
A Troy Pound will be approximately the size of a smartphone, but it will feel much heavier due to the density of the precious metal.
One question that gets asked quite is bit is: If I had “this much money” how much gold would that be?
It’s actually pretty easy to figure that out for yourself. Well, if you have Alexa at home, you could just ask her, but if you want to do it yourself, here are the steps.
- Search Google “what is the current price for gold”
- Take the amount of money you have and divide it by the current price.
- This is the amount of 1 oz. bars you can purchase.
- Divide this number by 16 and this will give you the number of pounds of gold.
Remember: 24 karats means pure gold.