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In 1792, the gold/silver price ratio was fixed by law in the United States at 15:1, [11] which meant that one troy ounce of gold was worth 15 troy ounces of silver; a ratio of 15.5:1 was enacted in France in 1803. [12] The average gold/silver price ratio during the 20th century, however, was 47:1. [13]
It began selling $2,000 gold bars online in September and sold more than $100 million worth of the bars last quarter. But Costco’s move is more about marketing than just about increasing sales.
The LBMA sets and promotes quality standards for gold and silver bullion bars. The minimum acceptable fineness of the Good Delivery Bars is 99.5% for gold bars and 99.9% for silver bars. Bars with a purity less than these may not be referred to as "bullion".
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While each of these bars contains the equivalent of about 400 troy ounces (12.4 kilograms) of pure gold, they differ in their composition. Mint gold bars are a minimum of 99.5% fine gold, while coin bars, which were made from melted gold coins, are the same composition as the coins from which they were made. [49]
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