£1,000 in gold today: 9.7g in a 10g bar, 9.9g in a 100g bar
In short
- At 06:39 a.m. gold is £3,074 an ounce, or £98.83 a gram (HawkValue).
- £1,000 buys 9.73g in a 10g bar, 9.91g in a 1oz bar and 9.94g in a 100g bar at the cheapest dealers. At the spot price it would be 10.12g.
- Sell back at once and every £1,000 returns £918–£956, so gold has to rise 4.6–9.0% to break even.
At 06:39 a.m. gold is £3,074 an ounce, and £1,000 buys about 9.7–9.9 grams in a bar, against 10.1 grams at the spot price. The gap is premium and spread, and it depends on what you buy.
What happened
Gold keeps climbing: £2,938 an ounce on 3 November, £3,017 on 4 November and £3,074 at 06:39 a.m. today, up 4.6% in two days. Silver is £39.32.
A bar or a coin trades at a different price from the metal in it. Cheapest listed offers (dealer prices at 04:49 a.m., compared with spot at 06:39 a.m.): 10g bar at Chards £1,028.02, 4.02% over the £988 gold value; 1oz bar at Chards £3,139.31, 2.13% over the £3,074 gold value; 100g bar at Chards £10,058.67, 1.78% over the £9,883 gold value; Britannia 1oz coin at Chards £3,133.92 (1.96%); Sovereign at Baird & Co £746.51 (3.16%).
The other side is buy-back. The cheapest sellers here do not all publish a buy-back price, so the spreads below come from the dealers that do. 10g bar: Baird & Co buys at £956.36 against a selling price of £1,042.30 (gap £85.94, 8.25%); 1oz bar: Tavex UK buys at £3,008.23 against a selling price of £3,147.53 (gap £139.30, 4.43%); 100g bar: Baird & Co buys at £9,563.56 against a selling price of £10,096.95 (gap £533.39, 5.28%); Sovereign: Baird & Co buys at £700.22 against a selling price of £746.51 (gap £46.29, 6.20%).
What it means for you
The maths: at the spot price £1,000 would be 10.12g. In a 10g bar from Chards you get 9.73g, so about £39 of the money goes in premium. In a 100g bar from Chards it is about £18.
Sell back at once at those dealers and £1,000 returns as £918 (10g bar), £956 (1oz bar), £947 (100g bar), £938 (Sovereign). To break even, gold has to rise 9.0% for the 10g bar, 4.6% for the 1oz bar, 5.6% for the 100g bar, 6.6% for the Sovereign.
For comparison, gold rose 4.6% over the last two days, which is below every break-even figure above. Someone buying today starts from these prices, not from the lower ones of 3 November. Prices can fall back as fast as they rose. This is arithmetic on the offers at 04:49 a.m., not a forecast.
See also: gold prices in £ and the gold calculator.
Bottom line
The bigger the bar, the less you pay per gram over spot. Buy-back gaps vary more by dealer than by size, so compare both prices before you decide. What suits you depends on the amount and on how fast you may need the cash.
Sources: HawkValue data: spot gold at 06:39 a.m.; dealer offers (Chards, Baird & Co, Tavex UK) at 04:49 a.m.
Gold prices at UK dealers live →
For information only. This is not investment advice.
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Gold bar break-even: 10g needs +9.7%, a 100g bar +6.3%
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