Asked in JewelryMath and ArithmeticGold and Precious Metals
How much is a bar of gold worth?
September 19, 2009 4:56AM
It depends on how many troy ounces the gold bar actually is.
Most smaller bars are either 1 or 10 troy ounces.
Look up the spot price of gold per troy ounce, multiply that by the number of ounces your gold bar is, add about 5% and that is what you should sell or buy your gold bar for. For example, the spot price for gold today was 1010 per ounce and I was selling bars for about 1040 per ounce.
A lot of people have the misconception they can buy gold at the spot price but that's not true. Add about 3% for bars, 5% for bullion coins, and then add on shipping and insurance too.
I'm sure people will still want to argue and insist on buying gold at the exact spot price but that's not practical. Oh sure, you might find someone hard up for money or a company running a special or bait and switch but if you want to buy from reputable company, expect to pay the additional percentages above.