Values of Gold Bar
Gold that is being sold in the gold market often comes in bars of gold bars. A gold bar refers to a gold ingot which may come in different types, weights and categories.
A gold bar being a gold ingot means that it is a metal that is solid but melted or liquefied to form into different shape. A bar of gold needs second procedure of shaping by using cold/hot processes.
Types of Gold Bar
There are different types of gold bars. These types are casted and minted. The basis of classifying bars of gold is the method of manufacturing. The cast bars are created by pouring the molten gold into the ingot mold to attain the desired shape. A minted gold bar is made from gold blanks that have been trimmed according to specific dimensions from a piece of gold.
The markings are applied by presses. Chipgold is a new form of gold bar that is made up of small ingot (1-20 grams) contained in sealed package as small as a credit card. This package is also certified.
A cast gold bar is when the gold is liquefied then poured into a mold to attain the desired shape. Minted is when a gold is taken to a facility or place for the purpose of turning it into a gold bar.
Weights of Gold Bar
A troy ounce is equal to 31.1034768 grams. A $600 per ounce of gold is below $20 in gold gram. The gold ounce is measured in troy ounces. This is not similar to the measurement of ounces used in food. The latter ounces are referred to as avoirdupois ounces. The avoirdupois ounce is lighter than troy ounce.
The following are the weight measurements of gold bar:
One tonne is equal to 1000 kilograms or 32, 150.746 troy ounces which was valued at US$ 24,360,620 on October 15, 2007.
One kilogram of gold is equal to 1000 grams or 32.15074656 troy ounces which was valued at US$ 24,360.62 as of October 15, 2007.
One tael is equal to 50 grams valued at US$ 1,218.03 on October 15, 2007.
This is the official China taels rate using the metric system. In the past, a tael's weight is just around 36.7 grams depending on the province's customs. In Hong Kong and Taiwan, a tael is equal to 37.429g.
Gold bar is very heavy weight at 19.3 g/cm3. Ten million US dollars of gold is often equivalent to just one cubic foot.
