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Visualizing The Value of a Gold Bar (Aug 2024)
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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, including an iPhone 14 Pro Max for reference. Note that each bar has a different depth measurement, which is not shown in this graphic.
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.
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The post A Gold Bar is Now Worth $1 Million, Thanks to Record-High Gold Prices appeared first on Visual Capitalist.