With gold hitting $2,500 an ounce last week, the value of a large gold bar—which typically weighs 400 troy ounces—is topping $1 million.
Even the generally conservative World Gold Council celebrated the milestone on LinkedIn, posting a chart showing gold’s rise since 1970.
Of course, not all gold bars contain 400 troy ounces of the metal. For instance, Costco’s popular gold bars weigh just 1 ounce.
The spot price of gold hit $2,500 an ounce for the first time ever on Aug. 16. At press time, it was trading over that benchmark, at $2,508 an ounce.
Analysts have given a variety of reasons for gold’s remarkable run this year, from global instability to heavy buying by central banks.
(Photo: Getty Images)
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