For all the reasons people try to become millionaires, there might be a new one now: to buy gold bars. For the first time in history the standard 400-ounce gold bar is worth over $1 million.

That’s a testament not only to gold’s enduring popularity as a safe haven asset but also to its reputation as a store of value that maintains its purchasing power through both good times and bad.

While most of us won’t ever be able to afford to purchase a 400-ounce gold bar, there are numerous other options available to buy gold if you want to take advantage of rising gold prices.

Gold Bars in International Trade

The standard gold bar used in international gold trading is the Good Delivery bar, a bar that meets the standards set by the London Bullion Market Association (LBMA). LBMA sets standards for weight and fineness of the gold bars used in trade, so that buyers of gold know what they’re getting.

The price of gold that you see quoted everywhere is the price per ounce of one of those 400-ounce gold bars. So unless you’re in the market for one of those bars, you’re not going to be buying gold directly at the spot price.

But those gold bars form the basis for gold markets and the basis for the gold prices that all of us use to buy and sell gold. And while those bars rarely exit the gold marketplace to settle into the hands of us normal folk, there are numerous types of gold bars available to consumers.

Gold Bars for Consumers

One of the first things to note about gold bars for consumers is that you’ll pay a premium to the spot price. Generally, the smaller the gold bar, the higher the premium.

If you think about this, it makes sense, as the smaller sizes require additional effort to produce, package, market, distribute, etc. It’s just like paying $4 for a gallon of milk, $2.50 for a half gallon, and $1.50 for a quart.

Gold bars for consumers come in a variety of sizes, from 1/100 of one ounce up to 100 ounces, with many sizes in between.

For international investors, the kilobar has become popular over the past decade, offering a full kilogram of gold, which equates to roughly 32.15 troy ounces. Metric weight bars are offered in sizes down to ½ gram.

The larger gold bars are generally cast or poured from liquid metal, and tend to look a little rougher than smaller bars. They normally will be marked with a refiner’s logo, weight and fineness markings, and a serial number.

Smaller bars may be minted, and can look almost like square or rectangular coins. Some of them may feature more intricate designs, and some are even offered in enclosed holders with certificates of authenticity.

If the million dollar gold bar has you thinking that gold bars are something you’re interested in buying, Goldco can help you buy whatever size gold bar you’re interested in.

Gold Coins for Consumers

Of course, many consumers and investors still prefer gold coins over gold bars. Gold bars certainly have some cachet, but a large gold bar can be pretty expensive.

Gold coins, from one ounce down to ¼ ounce and even smaller, can be bought in greater quantities than large gold bars. And with numerous different designs to choose from, they offer beauty that many gold bars just can’t touch.

With a gold bar, you think of Fort Knox, government gold vaults, and institutional stability. With gold coins, you think of gold as money, the international gold standard, or Scrooge McDuck’s money bin.

There’s something indescribable about gold coins, a mystique and an aura surrounding them that you just don’t get from other assets. When you hold gold coins in your hand, you understand instinctively that you’re holding real wealth.

Protect Your Wealth With Gold

Many people have trusted gold to protect themselves and their wealth over the centuries. Gold’s ability to act as a safe haven asset and as a store of wealth is one reason gold is one of the first assets people turn to when times get tough.

Today gold continues to set all-time highs, reaching over $2,500 an ounce. Growing fear of recession is driving gold demand, which has already been elevated in recent years.

With a Federal Reserve rate cut expected in September, rising unemployment, and the revelation that the federal government significantly overstated US job creation, the stage is being set for another potential gold bull run.

In the aftermath of the 2008 recession, gold went on a multi-year bull run that culminated in an all-time high in 2011, with the gold price nearly tripling from its 2008 lows to its 2011 highs.

We could almost say that gold has been in a bull run of sorts since 2020, with all-time highs being set then, as well as in 2023 and multiple times this year. And if the US economy falls into recession, there’s every reason to believe that gold could do just as well during and after the next recession as it did after 2008.

If you’re looking to protect your wealth with gold, you have numerous options available to you, from gold IRAs to direct cash purchases of gold sent straight to your door.

With a gold IRA, you can protect your existing retirement assets with a tax-free rollover from your existing 401(k), 403(b), TSP, IRA, or similar accounts. That allows you to use pre-tax dollars to buy gold and then enjoy all the same tax advantages as any other IRA.

If you prefer direct cash purchases of gold, you can have gold shipped directly to your door. Or if your purchase is large enough you can choose to have your gold stored at a bullion depository.

No matter how you choose to buy gold, now is the time to start thinking about how gold figures into your financial plans. If you think gold could help you protect your financial future, call Goldco today to learn more about your gold buying options.

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Trevor Gerszt is the founder and CEO of Goldco, a precious metals dealer in Los Angeles. For more than 20 years, Trevor has sought out ways to help people build long-term wealth through the security and stability of precious metals and other alternative assets. Goldco is A+ Rated by the Better Business Bureau, a 5-Time INC 500 Winner and has countless 5-Star Reviews for its quality customer service, dependability and strong reputation.