The 400 oz Gold Bar Surges
to $1mn, see the ways it is Stored and Delivered in Packs
On
August 16, 2024, the price of gold reached $2,500 per troy ounce for the first time
ever. Consequently, this meant that the value of a 400 oz gold bar (the size often
seen in movies) hit $1 million for the first time as well.
Given
this historic news, we’ve visualized the value of a gold bar in various sizes. Note
that each bar has a different depth measurement.
Data
and Key Takeaways
The
table below includes the full dimensions of each gold bar depicted in the graphic.
Note that values are based on Aug. 21, 2024 prices ($2,510/oz).
|
Bar Weight (oz) |
Name |
Length (inches) |
Width (inches) |
Depth (inches) |
Value |
|
400 |
Good Delivery |
10.70 |
3.72 |
2.03 |
$1,000,000 |
|
32.15 |
One Kilo |
3.15 |
1.58 |
0.71 |
$80,697 |
|
16.07 |
Half Kilo |
2.56 |
1.26 |
0.55 |
$40,336 |
|
1 |
One Ounce |
1.65 |
0.94 |
0.08 |
$2,510 |
|
|
iPhone 14 Pro Max |
6.33 |
3.05 |
0.31 |
$1,099 (at launch) |
The
400 oz bar, also known as a “Good Delivery bar”, is the standard size held and traded
internationally by central banks.
Good
Delivery refers to a set of rules issued by the London Bullion Market Association,
which describe the characteristics of gold (and silver) bars used in settlement
in the London bullion market.
For
gold bars, these characteristics include:
·
Fineness:
Minimum of 995.0 parts per thousand fine gold
·
Marks:
Must include a serial number, refiner’s hallmark, fineness, and year of manufacture
While
these types of bars are typically not bought by consumers, there are many smaller
sizes of bars that can be commonly bought and sold.
This
includes the one ounce bar, which we can see is much smaller
than a flagship iPhone. Buying these bars is also relatively easy, if you’re a Costco
member.
In
fact, in April 2024, Wells Fargo reported that Costco was selling as much as $200
million in gold bars every month.