People see gold bars in movies and wonder how heavy they are in real life. Well, gold bars vary in weight and also with the location in question. Every location has standard sizes for gold bars as well as value. So you may not find the same gold bar you see in movies in your location.
There’s so much to know when it comes to gold bar weight. For instance, many people wonder if there’s an average weight for gold bars. The question on the gold bar sizes that exist and their weights is also common. Others ask how they can calculate the value of a gold bar by weight.
This article will provide answers to these and more questions about gold bars. It will make your search for gold bars easier by guiding you on gold bar sizes and weights. That will make it easy to decide what you’d comfortably invest in to reach your goals effortlessly.
Read on to find out more.
Is There an Average Weight of a Gold Bar?
As mentioned before, there’s no global average weight for gold bars. It differs from one location to another. Thus, you need to consider location before concluding the average weight. For instance, the United States Mint holds gold bars weighing an average of 27.5 pounds.
That’s similar to the average weight of gold bars held by the United Kingdom. However, you may note differences if you explore other jurisdictions. But then, you can hold gold of whatever size and weight you can afford. The different sizes available are meant to cater to every need.
Some people can afford paper clips or smartphone-sized gold. Others can afford the heavy bars that are common in the film world. However, having a 27.5-pound gold bar is no small feat. On average, such a gold bar would cost you any amount from $700,000.
That makes it a massive investment even for the wealthiest investors. If you are a first-time gold buyer and a budding investor, you could opt for smaller quantities. You can then dispose of the small bars you have then purchase one standard bar in the future.
What Sizes of Gold Bars Exist?
Various categories of gold bars exist in the market today. Mints around the globe want to ensure that everyone interested in owning gold fulfills their dream. Thus, they hold gold bars of varying sizes and weights. Both new and well-established investors can find bars for their budgets.
You can categorize gold bars into small, medium, and large sizes. If looking to invest in it, you can find the size to fit your budget and other needs. This section will discuss the different sizes of gold bars in detail. Read on.
Small Gold Bars
Small bars are a perfect pick for people starting their investment journey. They are cheaper and allow investors greater flexibility which reduces financial strain. In short, they are the best for you if you want to set foot in the bullion market but won’t be open to taking big risks for a start.
An excellent example of a gold bar in this category weighs around 0.22 pounds. To put it in a nutshell, that’s a gold bar paperclip-sized gold bar. But then, small gold bars can get as big as the size of a double-A battery. That’s the largest among gold bars in the small-sized category.
The prices for small gold bars, as mentioned earlier, are relatively affordable. For $85, you can buy a paperclip-sized gold bar and start small on your investment journey. Working with a good dealer will make your investment journey even more manageable and less straining on your finances.
Gold dealers like Acre have simplified their services to accommodate all investors. They allow you to pay for any size and weight of gold bars in installments and get them delivered to your doorstep after paying fully. That makes reaching your long-term investment goals easier.
Medium Gold Bars
Medium-sized gold bars are also best for new investors in the gold industry. The smallest medium-sized gold bar weighs similar to a slice of bread. The largest in the middle-sized category can weigh up to 0.685 and is almost the same size as a grapefruit.
If you already have invested some amount in gold bars, investing in this will be like moving to better levels. It will strengthen your foundation and make investing in large bars easier. It will also save you the hassle of having many gold bars that you can otherwise store as one.
The prices for middle-sized bars are also friendly for new investors. Working with a reputable seller makes the prices even lower, as you can pay in installments. You can pay for as many medium-sized gold bars as you want and have them delivered to your address at once.
With medium-sized bars, growing is much easier. First, you aren’t starting small, meaning you’ll reach your investment goals faster. Second, you aren’t paying too much for them, so you won’t strain like an average investor who’s buying large bars. You’ll end up with so much gold before you realize it.
Large Gold Bars
Why not go bigger if you have the ability? Well, large gold bars are a perfect investment for gold enthusiasts. These are the kind of gold bars stored in the U.S. Mint. To be precise, they are big, and they weigh much heavier than small and medium gold bars.
Investing in a large gold bar, however, requires a lot of investment. A large gold bar can weigh up to 2.204 pounds. This is equivalent to 1 kilo of anything you can think of. Or you can compare it to about a liter of water which is a lot of gold if you asked an expert.
However, you also will pay not less than $59,700 to own such an amount of gold. You can even pay as much as $20 million since there’s no limit to how large a gold bar can be. The largest recorded in the World Guinness Book of Records is worth $10 million and is owned by Mitsubishi Materials Corporations.
Calculating Value of Gold by Weight
Several factors determine the value of gold, including size and weight. Others include the level of purity and its form. You’ll pay a lot more to buy gold in the form of coins than bars. That’s why more people are investing in gold bars across the world.
But then, weight is one of the common factors used to determine the value of gold. You can measure it and use an online tool to find its value. You will need the purity information, measurement units, desired currency, and other details to estimate the best price.
The downside is that most of these tools use three main units of measurement. You can either use kilos, ounces, or grams. If your preferred unit of measurement is a pound, you can still find a tool that will meet your needs. Also, you can convert the measurement units after weighing.
But then, you need to be aware of the standard pricing in your location. Not every gold dealer in the market is genuine, save for reputable ones like Acre and many more. So, it is possible to get scammed or to pay more than the standard prices. Thus, be sure of what the pricing in your location is first.
What Should You Buy?
When it comes to what to buy, you have the freedom to decide. But then, some factors still also determine what you can buy. For instance, you could want to purchase a large gold bar, but your budget limits you. Similarly, someone else may have the money but be limited by other factors.
Thus, what you’ll buy depends on your situation. You’re all set if you have the money, can access the desired quantity, and whether you are willing to spend on it. Otherwise, you may not acquire the gold if all these factors don’t favor your situation.
Real Gold Is a Real Good Investment
To sum up, gold bars have proved to be a good investment over the years. Many people prefer gold bars because of their prices and many other factors. If you wish to purchase gold, you still have the freedom to pick between bars and coins that are somewhat expensive.
But then, an investment in gold bars isn’t a bad idea. All you need is to find a good dealer to buy from, as fake sellers have infiltrated the market. The dealer you choose needs to be trustworthy, reliable, and reputable. That will guarantee you real gold and better services.
Once you have a reliable vendor, you can feel free to start investing. However, don’t forget to always do background checks before completing purchases; verify that every bar is real and pure. Also, work with a vendor who is flexible and brings you convenience. You can contact us to check our flexible purchase options and top-notch gold bars.
Sources:
Fort Knox Bullion Depository | usmint
How Much Is a Gold Bar Worth In 2021? | betterbullion
Status Report of US Government Gold Reserve - Current Report | fiscal.treasury.gov