Determining the value of a gold bar can be a complicated process if you’re doing it all on your own. Fortunately, Royal Bull Silver & Gold is here to offer you four things to consider to estimate the value of your gold bar.
Your Gold Bar’s Value Is in Its Weight
The weight is always the first attribute to look to when you need to determine a gold bar’s value. For an approximate idea of the value, visit Royal Bull’s Precious Metals Prices chart here, and you will see the price of a troy ounce of gold in Canadian dollars. Do some simple calculations and find out how much $$$ you have.
Note that this spot price doesn’t take into account the retailer’s costs, so rarely would you ever find a gold bar for sale at a spot price. Many are slightly more expensive to recoup these business costs.
Although in most cases a gold bar’s worth is in its weight, there are additional factors to take into account, some of which may lead to your gold bar being worth much more.
Your Gold Bar’s Age May Contribute to Its Value
Most gold bars for sale today are made by modern mints that can mass-produce gold bars by the thousands. Very few historic gold bars are available for investors to purchase, but they do occasionally come up for sale. Although the metal content is the same, the year in which they were poured or minted can mean that their value can be quite a bit more than the gold spot price. Purchasing a vintage gold bar from Johnson Matthey or Engelhard (neither of which no longer exists) can be the exact gold bar that certain investors and collectors need.
Determine the Gold Bar’s Condition
Minted gold bars produced by modern mints often are sold in assay packaging that proves the bar’s content, gold quality, condition and other notable specifications. For bars that do not have the luxury of an assay card, taking your gold bar to an appraisal is a wise step. When you do so, keep it secret and keep it safe – it’s worth its weight in gold, and then some!
Ask the Mint About the Gold Bar’s Value
Not too long ago, you hoped that your gold bar was authentic and you hoped that you were not being lied to. Nowadays, gold bars often have unique serial numbers and security information that not only reassures you of the authenticity of the gold bar, but can give you much more information about the gold bar – more than you ever thought possible.
Mints such as PAMP Suisse have mobile phone apps that can help you to verify your gold bar. Future technology will show buyers and sellers the history of the gold bar going as far back as to when it was made and which gold mine the bullion originated from.
So, How Do You Determine the Worth of a Gold Bar?
It’s a combination of all of the above, and then some. Gold bar bullion is unique, and with every new gold bar minted, there is that much less gold to be mined. Over time, the value will likely continue to climb!
Buy your gold bar now while the prices are low. Visit Royal Bull’s gold bar page to see the gold bars of varying weights, conditions, designs and ages and pick the one that is calling your name. We look forward to working with you to add gold bar value to your investment portfolio today.
