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How Much Is A Gold Ingot Bar Worth?
Posted By Jim On 08/10/2009 @ 12:08 pm In Personal Finance | 30 Comments
I was watching the pilot of Royal Pains , a television show about a doctor who gets fired and, through a bit of luck and opportunism, opens up shop to the rich and famous of the Hamptons. Anyway, in the pilot, he helps someone at a party and the person who owns the home, a royal from Europe, gives him a bar of gold.
That’s when I realized I have no idea how many “ounces” are in a bar of gold, let alone how much a bar of gold is worth.
I’m a personal finance blogger… how could I not know that???
So I found out.
First, ingot merely refers to the fact that you’ve taken a material and put it into a shape of some kind. By definition, a gold bar is a gold ingot. However, a gold ingot could be in any shape, it just so happens that a bar makes the most sense (it stacks, it’s easy to handle, etc.).
Second, gold bars can come in any size, weight, and purity. There’s really no standardization when you talk about a “gold bar.” However, there is what’s called a “400 ounce London Good Delivery,” which is a standard (learn more about that here ). The 400 ounces refer to troy ounces which means we can easily calculate the value of a gold bar, if it is a 400 ounce London Good Delivery gold bar, by multiplying that by the spot price of an ounce of gold.
So… drum roll please… the price of a gold bar is, assuming $946 (price as of 11 August 2009) an ounce –
Daaaaaaaaamn. That’s a lot of coin.
(By the way, the show isn’t bad. The pilot is a little… piloty, you know where they try to show you a lot but don’t go too far in depth… but I think I could enjoy this show. Not bad for a show by USA :))
(Photo: bullionvault )
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 Royal Pains: http://www.usanetwork.com/series/royalpains/
 here: http://www.goldbarsworldwide.com/PDF/GB_6_LondnGooDelivBars.pdf
 bullionvault: http://www.flickr.com/photos/bullionvault/3592551910/sizes/m/
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