Gold Bars Guide
Gold bars are rectangular pieces of refined gold sold mainly for their metal content. They come in sizes from one gram to the roughly 400-ounce bars traded between banks, are produced by government mints and private refiners, and generally carry lower premiums per ounce than coins of the same weight. Bars of .995 fineness or better from accepted refiners can usually be held in a precious metals IRA.
Common Sizes
Retail gold bars are sold in both metric and troy weights. A troy ounce is 31.1035 grams; see our troy ounce guide for conversions.
- 1 gram to 20 grams: very small bars, often sold as gifts or for buyers starting with small amounts.
- 1 troy ounce: the most common retail size and directly comparable to one-ounce coins.
- 50 and 100 grams: popular in Europe and Asia; 100 grams is about 3.22 troy ounces.
- 10 troy ounces: a common size for larger buyers in North America.
- 1 kilogram: about 32.15 troy ounces, widely traded internationally.
- 400-ounce Good Delivery bars: the wholesale standard, discussed below.
Minted Bars vs Cast Bars
Bars are made in two main ways. Cast bars are poured from molten gold into molds, giving them a rougher, slightly irregular surface and rounded edges. They are simpler to produce and often carry lower premiums. Minted bars are cut from rolled gold strips and struck with dies, producing sharp edges, polished surfaces and detailed designs. Most small retail bars, especially under one ounce, are minted. Neither type contains "better" gold; the difference is in finish and cost.
Who Makes Gold Bars
Bars come from two kinds of producers. Government mints such as the Royal Canadian Mint, The Perth Mint and The Royal Mint make bars as well as coins. Private refiners, many of them in Switzerland, produce a large share of the world's retail and wholesale bars; well-known names include PAMP, Valcambi and Argor-Heraeus. Our page on sovereign mints and private refiners explains the difference.
The London Bullion Market Association maintains a Good Delivery List of refiners whose large bars meet its standards for the wholesale market. Being on that list is a widely used marker of a refiner's quality, and CME Group's COMEX maintains its own list of approved brands for futures delivery.
Good Delivery Bars
The bars central banks and bullion banks trade are LBMA Good Delivery bars. They weigh roughly 350 to 430 troy ounces, with about 400 ounces typical, and must be at least .995 fine. Each bar carries the refiner's stamp, a serial number, its fineness and year of manufacture. These bars are not practical for most individuals, but their standards shape the retail market, and much of the world's gold pricing references this wholesale trade.
Assay Cards and Packaging
Many minted bars are sealed in a tamper-evident plastic card, often called an assay card or certicard. The card typically shows:
- The refiner's name and logo
- Weight and fineness
- A serial number matching the one stamped on the bar
- Sometimes the signature of an assayer
Keeping a bar in its sealed card can make resale easier, because a buyer can see the bar has not been tampered with. Opening the card does not change the gold, but some dealers may want to test an unsealed bar before buying. Larger cast bars usually come with a separate certificate rather than a sealed card. Counterfeit cards exist too, so buying from reputable sellers matters; see how to spot fake gold and silver.
How Size Affects Premiums
Every bar sells at the spot value of its gold plus a premium for fabrication, distribution and dealer margin. Much of that cost is per piece rather than per ounce, so larger bars generally carry lower premiums per ounce than small ones. A one-gram bar can cost noticeably more per ounce than a one-ounce bar, which in turn usually costs more per ounce than a kilo bar.
The trade-off is flexibility. A single large bar must be sold all at once, while several smaller pieces can be sold one at a time. Our comparison of gold coins vs gold bars discusses this in more depth, and our guide to premiums and spreads shows how to compare quotes.
Gold Bars in a Retirement Account
Section 408(m) of the Internal Revenue Code allows an IRA to hold gold bullion that meets the fineness of a regulated futures market, which is .995 for gold. In practice, custodians typically also require bars to come from refiners or mints accredited by a recognized exchange or the LBMA, or from a national government mint. Each custodian sets its own list, so confirm a specific bar is accepted before buying. The bars must be held by the trustee or custodian at an approved depository. See our guide to IRA-eligible gold and silver bars.
Goldco, a precious metals company, lists gold bars among its products for IRAs and direct purchase. Our Goldco review explains how its process works. Its precious metals specialists can describe products but are not licensed to give financial, legal or tax advice.
Selling and Taxes
Dealers buy bars from recognized refiners readily, though they may pay less for unfamiliar brands or bars without documentation. The IRS treats gold bullion as a collectible; long-term gains can be taxed at a maximum rate of 28%. Our guide to selling gold and silver covers the process. Talk with a licensed tax professional about how this applies to you.
Frequently Asked Questions
Are gold bars cheaper than gold coins?
Per ounce, bars usually carry lower premiums than coins of the same weight, especially in larger sizes. Prices vary by dealer and market conditions.
Should I keep my bar in its assay card?
Many owners do, because a sealed card can make resale simpler. The card does not affect the gold content.
What fineness do bars need for an IRA?
Gold bullion must be at least .995 fine, and custodians usually require an accepted refiner or mint.
Can individuals buy 400-ounce bars?
They are primarily a wholesale product. Most individuals buy bars of a kilogram or smaller.