For the first time ever, a gold bar is worth $1,000,000 as gold prices surge past $2,500 per ounce, driven by central bank purchases and inflation hedging.
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For the first time in history, an entire gold bar is now worth $1,000,000. The precious metal reached a milestone last Friday surpassing $2,500 per troy ounce. A gold bar typically weighs around 400 ounces. Most gold bars are not fully pure and usually have around 300-400 ounces of gold. Many are able to invest in gold, buying small affordable bars at places such as Costco. Investors in gold have seen great returns over the past 2 years as it continues to rally breaking new all time highs. The central bank has purchased 483.3 tons of gold which in bars is equivalent to around 40,000 bars. This has sparked the rally as well as expectations of looser monetary policy from the Federal Reserve to come. This year alone spot gold prices have gone up 20%. As gold increases investors think interest rates will have cuts soon. When interest rates fall typically we see gold increase as investors use gold as a hedge towards inflation.
