Gold has long been the most popular commodity in the world, mainly due to the ease in which it can be liquidated into a currency, plus gold is accepted as a form of payment in many situations. Its rarity is partially the reason for its value, plus it can be melted down and cast into another form, and with that in mind, here is a list of gold formats, along with a brief description of each.
- Gold Bars – Also called ingots, gold bars come in many different weights, ranging from a 10-gram ingot to a 400-Troy Ounce gold bar, which is the norm for serious traders. The kilobar, which is 1,000 grams in mass, is another popular size. Gold is typically measured in Troy ounces (1 Troy ounce = 31.1 grams), while Asian countries tend to produce gold bars in kilograms and grams. This is the most popular gold format for serious investors and the great thing about gold bars is they come in many different sizes, which means you can invest as much or as little as you wish.
- Scrap Gold – Old gold jewellery is referred to as scrap gold, or any item of gold that is to be melted down and reformed. Gold bullion dealers have what is called a spot price for scrap gold of various purities, such as 9, 14, 18, 22 and 24k. If, for example, you wanted to sell gold jewellery to the best gold buyers in Adelaide, a Google search is all it takes to source a reputable gold dealer who would be happy to pay you the current spot price for your old jewellery. Scrap gold could include old dental fillings made from gold, or any item that contains gold, which can be extracted when melted down.
- Gold Coins – This is a preferred way for many investors to buy gold, with several well-known pure gold coins such as the American Buffalo, the Canadian Maple Leaf and the British Britannia Gold coin. Other alloyed coins that are 91.7% pure gold that is alloyed with copper and silver, include the American Eagle and the South African Krugerrand. There are many types of gold coins, which does add a collective element to storing your wealth in such a way. If you are looking to buy some gold coins, an online search will help you find a leading Australian gold dealer and you can take a trip to their offices, where the transaction can take place. When selling gold, it is crucial that you know both the weight and the purity, which will ensure you receive the true value. There are very detailed accounts of gold coins, which might help you if you are thinking of buying.
If you are looking to sell gold in any format, it is important that you are fully aware of the weight and the purity of your gold, and with an online search, you can source a reputable gold dealer, who would be happy to pay you the current spot price for your gold.
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.