Gold is traded on the world market in ounces, whereby one ounce corresponds to 31.1034768 grams. Accordingly, there are also bars of this size.
Many manufacturers have bars with this weight and a purity of 999.9 in their assortment. Some manufacturers even produce them with special security features and as fair-trade versions. The large supply often leads to better prices than with special sizes that are only offered by a few manufacturers.
Who produces 1 ounce bars
Every producer of gold bars also makes a 31.1 gram bar, in Switzerland the following refineries are certainly the most important:
Argor-Heraeus from Ticino
Metalor from Neuchâtel
Pamp from Ticino
Valcambi from Ticino
Px Precinox from Neuchâtel
Bars sold by banks under their own logo are also produced by these refineries. The bars of the Zürcher Kantonalbank, for example, come from Argor-Heraeus.
How one ounce (31.1 gram) bars are produced
There are two common production processes: stamping and casting. In both processes, gold is first refined to a fineness of 999.9. Then the ingot is produced.
In the casting process, a precisely weighed quantity of gold granulate or gold sand is liquefied and then cooled in a mould. It makes no difference whether the gold is poured from a crucible into a mould in a heated state or whether the mould itself is heated with the granulate. In any case, the result is an ingot with a surface finish that is typical for this production process.
For stamping, a long gold strip is first formed from an ingot or strand, which is already very close to the future ingot in terms of both width and thickness. From this gold strip, 31.1 gram plates are punched out, which in the next process step are stamped with the manufacturer and product information.
The purity of the 31.1 gram bars
Nowadays, almost only gold bars with a purity of 999.9 are produced in Switzerland. In older bars, the finenesses of 999 and 995 are still regularly found. The fineness more commonly associated with platinum is 999.5, which is rather unusual for gold.
The 995 is the lowest purity that just meets the Good Delivery Standard defined by the London Bullion Market Association (LBMA). This is probably one of the reasons why the fineness of 995 is the lowest purity for bars that is still exempt from VAT under the Swiss VAT Ordinance. Bars that do not reach the fineness of 995 are subject to VAT.
What are the security features
31.1 gram bars are usually sold sealed in plastic, so-called blister packs. The certificate is also included in these blisters. When buying precious metals, the customer should make sure that the blisters are sealed and the certificates are still present.
Cast bars are often sealed in a bag and the certificate is also included.
The special kine bars from Argor-Heraeus have a laser engraving all over the back, which serves as protection against counterfeiting.
The price of gold bars weighing one ounce
The price of 31.1 gram (one ounce) gold bars is based on the gold price on the stock exchange. Often the price on the internet is given in francs per ounce. The production costs for such a bar are largely identical to those of a larger bar. The costs must therefore be passed on to a smaller turnover than for a 1 kg bar. This leads to a larger spread between the buying and selling price. Nevertheless, the spread for an ounce bar is usually much more attractive than for smaller bars. This makes it very popular with private individuals.
Occasionally it is said that a cast bar is cheaper than a stamped bar due to lower production costs. However, this statement should be taken with a grain of salt and is not always correct.
Buying and selling 31.1 gram gold bars
The 31.1 gram gold bar is very common and represents a substantial, but not too large, value. This makes it easy to find a buyer or seller for it. Of course, this gold bar can be traded on premesec.ch
FAQ: Frequently asked questions about 1 ounce of gold
What is an ounce?
An ounce is a unit of size originating in the United Kingdom, meaning the troy ounce. One ounce is equal to 31.1034768 grams. Since London was the most important precious metal trading centre until the middle of the 20th century, and gold is traded on the world market today in US dollars, the metric system has not become established in the precious metal trade. So-called standard gold bars, such as those hoarded by the National Bank, weigh about 400 ounces.
Why are there gold bars and gold coins weighing 31.1 grams?
31.1 grams may seem an unusual number at first, but it corresponds to one ounce in the Anglo-American system of measurement. Since world trade and thus also the international gold trade is conducted in US dollars, the unit of measurement used in the USA, the ounce, is also used for the traded unit.
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