Post by Trade facilitator on Apr 8, 2023 1:40:50 GMT 1
Gold Bars: Gold Is A Precious Metal - It Is The 3rd Most Valuable Metal After Platinum And Palladium
Investing in gold has always been a popular option for many people around the world. Buying gold has been a traditional way of preserving wealth and passing it along from one generation to the next. Gold keeps its value better than currency since it is believed that the price of gold moves along with inflation.
A gold bar, also called gold bullion or gold ingot, is a quantity of refined metallic gold of any shape that is made by a bar producer meeting standard conditions of manufacture, labeling, and record keeping.
Larger gold bars that are produced by pouring the molten metal into molds are called ingots. Smaller bars may be manufactured by minting or stamping appropriately rolled gold sheets.
The standard gold bar held as gold reserves by central banks and traded among bullion dealers is the 400-troy-ounce (12.4-kilogram; 438.9-ounce) Good Delivery gold bar.
The kilobar, which is 1,000 grams (32.15 troy ounces) in mass, and a 100 troy ounce gold bar are the bars that are more manageable and are used extensively for trading and investment.
The premium on these bars when traded is very low over the spot value of gold, making them ideal for small transfers between banks and traders. Most kilobars are flat, although some investors, particularly in Europe, prefer the brick shape.
Types Of Gold Bars:
Based upon how they are manufactured, gold bars are categorized as having been cast or minted, with both differing in their appearance and price.
Cast bars are created in a similar method to that of ingots, whereby molten gold is poured into a bar-shaped mold and left to solidify. This process often leads to malformed bars with uneven surfaces which, although imperfect, make each bar unique and easier to identify. Cast bars are also cheaper than minted bars, because they are quicker to produce and require less handling.
Minted bars are made from gold blanks that have been cut to a required dimension from a flat piece of gold. These are identified by having smooth and even surfaces.
Security Features Of Gold Bars:
To prevent bars from being counterfeited or stolen, manufacturers have developed ways to verify genuine bars, with the common way being to brand bars with registered serial numbers or providing a certificate of authenticity.
In a recent trend, many refineries stamp serial numbers even on the smallest bars, and the number on the bar should match the number on its accompanying certificate.
In contrast to cast bars (which are often handled directly), minted bars are generally sealed in protective packaging or Tamper Evident Packaging (TEP) to prevent tampering and keep them from becoming damaged. A hologram security feature known as a Kinegram can also be embossed directly on a gold bar. Bars that contain these are called Kinebars.
Brief History Of Gold:
In order to understand where the value of gold comes from and why it is a preferred investment vehicle, we need to know the history of gold investing.
Gold has been in use since 2000 BC when the Egyptians first started to use it to make jewelry. At this time, the only known use of gold was to make jewelry, a use that is still fashionable to this day.
Gold was not used as a currency until 500 BC. Gold was seen as an acceptable form of currency for imports and exports since all trading countries were already using it as jewelry and considered it a substance of high value. The stamping of gold and forming it into coins made cross-border trading much easier and gold became a widely accepted form of currency.
History Of Gold Mining In Nigeria:
Gold mining in Nigeria started as far back as 1913. Unfortunately, at the beginning of 1930, the process of precious metal mining in the country began to decrease, and at the beginning of World War II, gold production was zero. The process resumed in the 1960s, but rapid development did not take place. The civil war in Nigeria interfered again.
The 1980s marked the rebirth of precious metal mining in Nigeria. It was managed by the Nigerian Mining Corporation (NMC). But this period did not last long, as government bodies poorly funded the company. In general, mining in Nigeria did not develop much due to the indifference of the government agencies in charge. The major reason was that all the forces and funding went to the development of the oil industry in 1956.
States Where Gold Is Found In Nigeria:
Gold deposits are mostly found in Iperindo in Osun State and other areas near Maru particularly Gurmana, Tsohon Birnin Gwari-Kwaga, Malele, Anka, Okolom-Dogondaji, and Bin Yauri.
Other Nigerian states that also have gold resource deposits are Abuja, Abia, Bauchi, Cross River, Edo, Niger, Sokoto, Kebbi, Oyo State, Kogi, Zamfara, and Kaduna.
Addendum:
Our company is the foremost company in Gemstone and Solid Mineral Business in Nigeria today. We train individuals and corporate organizations on how to do Gemstone and Solid Mineral Business the right way; if you are interested, please contact the admin of this forum now for further details.
A gold bar, also called gold bullion or gold ingot, is a quantity of refined metallic gold of any shape that is made by a bar producer meeting standard conditions of manufacture, labeling, and record keeping.
Larger gold bars that are produced by pouring the molten metal into molds are called ingots. Smaller bars may be manufactured by minting or stamping appropriately rolled gold sheets.
The standard gold bar held as gold reserves by central banks and traded among bullion dealers is the 400-troy-ounce (12.4-kilogram; 438.9-ounce) Good Delivery gold bar.
The kilobar, which is 1,000 grams (32.15 troy ounces) in mass, and a 100 troy ounce gold bar are the bars that are more manageable and are used extensively for trading and investment.
The premium on these bars when traded is very low over the spot value of gold, making them ideal for small transfers between banks and traders. Most kilobars are flat, although some investors, particularly in Europe, prefer the brick shape.
Types Of Gold Bars:
Based upon how they are manufactured, gold bars are categorized as having been cast or minted, with both differing in their appearance and price.
Cast bars are created in a similar method to that of ingots, whereby molten gold is poured into a bar-shaped mold and left to solidify. This process often leads to malformed bars with uneven surfaces which, although imperfect, make each bar unique and easier to identify. Cast bars are also cheaper than minted bars, because they are quicker to produce and require less handling.
Minted bars are made from gold blanks that have been cut to a required dimension from a flat piece of gold. These are identified by having smooth and even surfaces.
Security Features Of Gold Bars:
To prevent bars from being counterfeited or stolen, manufacturers have developed ways to verify genuine bars, with the common way being to brand bars with registered serial numbers or providing a certificate of authenticity.
In a recent trend, many refineries stamp serial numbers even on the smallest bars, and the number on the bar should match the number on its accompanying certificate.
In contrast to cast bars (which are often handled directly), minted bars are generally sealed in protective packaging or Tamper Evident Packaging (TEP) to prevent tampering and keep them from becoming damaged. A hologram security feature known as a Kinegram can also be embossed directly on a gold bar. Bars that contain these are called Kinebars.
Brief History Of Gold:
In order to understand where the value of gold comes from and why it is a preferred investment vehicle, we need to know the history of gold investing.
Gold has been in use since 2000 BC when the Egyptians first started to use it to make jewelry. At this time, the only known use of gold was to make jewelry, a use that is still fashionable to this day.
Gold was not used as a currency until 500 BC. Gold was seen as an acceptable form of currency for imports and exports since all trading countries were already using it as jewelry and considered it a substance of high value. The stamping of gold and forming it into coins made cross-border trading much easier and gold became a widely accepted form of currency.
History Of Gold Mining In Nigeria:
Gold mining in Nigeria started as far back as 1913. Unfortunately, at the beginning of 1930, the process of precious metal mining in the country began to decrease, and at the beginning of World War II, gold production was zero. The process resumed in the 1960s, but rapid development did not take place. The civil war in Nigeria interfered again.
The 1980s marked the rebirth of precious metal mining in Nigeria. It was managed by the Nigerian Mining Corporation (NMC). But this period did not last long, as government bodies poorly funded the company. In general, mining in Nigeria did not develop much due to the indifference of the government agencies in charge. The major reason was that all the forces and funding went to the development of the oil industry in 1956.
States Where Gold Is Found In Nigeria:
Gold deposits are mostly found in Iperindo in Osun State and other areas near Maru particularly Gurmana, Tsohon Birnin Gwari-Kwaga, Malele, Anka, Okolom-Dogondaji, and Bin Yauri.
Other Nigerian states that also have gold resource deposits are Abuja, Abia, Bauchi, Cross River, Edo, Niger, Sokoto, Kebbi, Oyo State, Kogi, Zamfara, and Kaduna.
Addendum:
Our company is the foremost company in Gemstone and Solid Mineral Business in Nigeria today. We train individuals and corporate organizations on how to do Gemstone and Solid Mineral Business the right way; if you are interested, please contact the admin of this forum now for further details.
