Gold Bars

Weight
10.00 oz
Spot Price
$12,685.50
Buy Price
$13,161.21
Gold Bar - 10 oz

The ten troy ounce gold bar is an investment grade gold bullion bar weighing exactly 10 troy ounces, or 311.034768 grams. A gold bar – 10 oz has a fineness, or gold content, of at least 99.9%.

Ten ounce gold bars are normally rectangular in shape and would be either produced as cast or minted bars. Since they are manufactured by a variety of refineries and government mints, the look and feel of a 10 oz bar can vary.

GoldCore only sells gold bars of recognised and widely-traded brands. These would include 1 kg gold bars from such highly regarded refineries as Johnson Matthey, Credit Suisse, Pamp Suisse, Heraeus, and government mints such as the Royal Canadian Mint and the Perth Mint.

A gold bar – 10 oz can make a nice gift but it can also be added to Irish investment portfolios. 10oz bars are conveniently sized, affordably priced, and are well-known in the international marketplace.

Investment Info

The 10oz gold bar size is a popular size, made by a number of the world’s gold refineries. Therefore, the marketplace is liquid due to the large number of bars that have been produced historically, and the extensive dealer network that ensures competitive pricing.

As a form of physical gold ownership, 10oz gold bars allow investors to gain easy exposure to the gold price.

10oz gold bars provide a cost-effective way to build up a physical gold holding so as to diversify an investment and savings portfolio. Acquiring gold in 10oz bar format allows investors to accumulate their gold holding over time and not need to time the purchase compared to if they were making one large purchase.

The exact 10 troy ounce weight makes the 1oz gold bar easy to value and price since the real-time international gold price is quoted in terms of dollars per troy ounce.

10oz gold bars qualify as investment gold and so are free of Irish import duties and VAT

The compact size, durability and portability of 10oz gold bars allows for easy storage options.

History

Gold is the oldest known metal, and is thought to have been discovered circa 6000 BC. Early civilisations sought after gold because of its unique characteristics. It is thought that the Egyptian Pharaohs minted the first gold bars or forms of gold bars in 4000BC.

Gold is one of the seven Metals of Antiquity and one of the few, along with silver and copper, to be found occurring in its natural state. Although occurring naturally, it wasn’t found in abundance and could not be created, so was assigned a rarity value. Gold’s attributes led to it being used primarily in ornamentation, jewellery and ceremonial roles as early societies evolved.

Over time, it was realised that in addition to as its rarity value, gold formed strong alloys with other metals and was a suitable mechanism for use as circulating money. This led to gold occupying a central position in the world’s monetary systems and as money. The discoveries of gold that led to the famous gold rushes of the 1800s are directly responsible for the growth and expansion of what are now some of the world’s best known cities, such as San Francisco, Johannesburg, Sao Paulo, Sydney and Melbourne.

Many countries used a ‘gold standard’ as a monetary system in the 1800s and early 1900s with gold coinage circulating as money. But gold was also held in bar from for ease of storage, shipment and international trade. The industry standard 400 ounce London Good Delivery gold bars, held mostly by central banks, evolved out of the need to ship gold between countries as part of international trade settlement between the 1920s and 1970s.

When the US formally abandoned the link between the US dollar and gold in 1971, the market moved to a free price for gold and many national gold markets were liberalised. At this time many gold refiners began minting and issuing smaller gold bars as an investment product

Minted and cast 1oz gold bars are bought almost entirely for investment purposes but are used as gifts in some countries. They are rarely bought for fabrication purposes, although many may be sold back, melted down and then used for fabrication into jewellery and other products over time.

 

Live Prices

Order Value Price Premium
$170,000 + $13,131.37 3.52%
$1,500 - $169,999 $13,161.10 3.75%

Storage

A critical decision for Irish investors when buying investment gold bars is where you want to store your investment. The compact size, durability and portability of the 10oz gold bar allows for easy storage options. However, 10oz gold bars are quite valuable and need to be securely stored, and with the rising risk of burglaries in Ireland you should not store too many valuables at home.

There are two main options available, either:

  • Take delivery of your coins at your address ensuring that you have adequate facilities and insurance in place or;
  • Store you investment gold coins with a secure third party.

GoldCore offer Irish clients fully insured secure storage facilities in many international locations such as Switzerland, UK, USA, Australia and Asia.

GoldCore has partnered with Sentinel Vaults, the leading Irish safety deposit box and document storage company to offer GoldCore customers secure storage with Sentinel at a discounted rate. Sentinel’s secure facility is based in the heart of Ballsbridge, Dublin 4.

Composition

Each 10oz bar has a minimum purity of 0.995 and is normally 0.999 pure or even 0.9999 pure.

These bars contain exactly 10 troy ounces of gold.

Refinery Info

Below are profiles of some internationally known gold refineries and government mints who produce 1kg gold bars that can be sourced by GoldCore.

Switzerland occupies a central position in world gold refining, and refines approximately 70% of the world’s gold. There are six Swiss refiners listed on the Good Delivery List of the London Bullion Market Association. Four of these refiners are very large and world famous.

Of the four majors, Metalor is located in Neuchâtel, near Berne, but the other three are located just a few miles from each other in the south canton of Ticino, very near the Italian border. Valcambi is in Balerna, Pamp is in Castel San Pietro, and Argor-Heraeus is in Mendrisio. This clustering of Swiss refineries occurred for historical reasons since at one point in the 1970s and 1980s, Italy was the world’s largest jewellery producer and the refineries located in Ticino to service this Italian market.

Valcambi, formerly owned by Credit Suisse, is owned by US mining giant. Newmont Mining Corporation and has an annual gold mining capacity of 1400 tonnes. Pamp is owned by MKS of Geneva, and has an annual refining capacity of 450 tonnes of gold. Argor-Heraeus, previously owned by Swiss bank UBS, and now partially owned by German company Heraeus as well as Commerzbank and the Austrian Mint, can refine 400 tonnes of gold per annum.

Umicore is a Belgian based refiner, that manufacturers gold bars at its facilities in Belguim (Hoboken),the Netherlands (Amsterdam), Germany (Pforzheim) and Austria (Vienna). Annual gold refining  capacity at its European refineries is more than 150 tonnes.

The Royal Canadian Mint (RCM) has operated as a Crown Corporation since 1969. It has an independent board of directors but is fully owned by the Canadian Government and operates under Canadian legislation. Originally the RCM was a branch mint of the British Royal Mint when it first opened in Ottawa in 1908. The RCM produces circulating coinage for Canada and other countries at its Winnipeg branch, and operates the world famous gold and silver refinery in Ottawa, where it produces high quality bullion bars and coins.

The RCM is a member of the London Bullion Market Association’s good delivery list for both gold and silver good delivery bars, and CME’s Comex exchange recognises the Royal Canadian Mint on its approved refinery list for gold bars.

The Perth Mint is fully owned by the State Government of Western Australia. The company operates Australia’s only gold refinery and also produces legal tender gold and silver coins behalf of the Australian Commonwealth Government, and a range of silver and gold bar products.

The refinery is on the LBMA’s good delivery list for both gold and silver good delivery bars, and on the CME’s Comex approved refinery list for gold bars.