Články October 12, 2026
What Are You Actually Buying When You Buy Investment Gold?
Not all gold bars are the same, and not every gold coin contains the same amount of gold. Choosing the right product involves more than comparing price and weight. Purity, manufacturer, provenance and future resale terms also matter. Here is how to understand the markings on investment gold and what to consider when choosing bars and coins.
Gold Is More Than a Number of Grams
Two bars can have the same weight and purity yet sell at different prices. The difference may reflect the manufacturer, production method, security features, packaging or market availability.
When you buy physical investment gold, you acquire a specific product with a declared precious metal content. Its recognisability, documented provenance and ease of verification will also matter when you decide to sell it.
A good choice therefore starts with a simple question: What exactly am I getting for my money?
Purity: What Does 999.9 Mean?
Investment gold bars often bear the marking 999.9 / 1000. This means they contain 99.99% pure gold. This fineness corresponds to 24-carat gold and is common among modern investment bars and many gold coins.
However, not all investment gold coins have this purity. Some traditional coins are made from gold alloyed with other metals to improve their durability. The British Sovereign, for example, is struck in 22-carat gold.
Lower purity does not automatically make a coin a poorer investment product. What matters is distinguishing the coin’s total weight from the weight of the pure gold it contains.
When comparing prices, look at the price per gram of fine gold rather than simply the product’s total weight.
Manufacturer: Why Does the Refiner or Mint Matter?
Gold of the same purity has the same material properties regardless of the brand. However, the manufacturer influences how readily a particular product is recognised and traded.
Examples include the Swiss refiner Argor-Heraeus for gold bars and the Austrian Münze Österreich, which produces the Vienna Philharmonic coin.
Established manufacturers produce products with well-known specifications and designs. This allows a dealer to compare weight, dimensions, markings and other characteristics during verification.
A recognised brand can make resale easier. However, it does not replace authentication of the individual item. Choosing a trustworthy seller is therefore equally important.
LBMA: What Does It Actually Mean?
The LBMA — London Bullion Market Association maintains, among other things, the Good Delivery List of refiners that meet strict requirements for production, quality and responsible sourcing.
Small investment bars are sometimes described as “LBMA-certified bars”. A more accurate description is that the bar was produced by a refiner on the Good Delivery List.
The London Good Delivery standard itself applies to large bars used in the professional London bullion market. An ordinary 10-gram or one-ounce bar is not individually certified by the LBMA.
For buyers, the manufacturer’s inclusion on this list provides useful information about its standing and standards. It is not, on its own, proof that every product bearing its logo is genuine.
Certificates and Serial Numbers: Different Roles
A manufacturer’s certificate confirms the product’s declared specifications, such as weight and purity. For many minted bars, it forms part of the card in which the bar is sealed. Other products may use a different form of certification.
A serial number identifies an individual item. If it appears on both the bar and the certificate, the numbers should match.
Certificates and serial numbers provide important information, but they do not guarantee authenticity on their own. Professional verification also checks the product’s physical properties.
Standard bullion coins are different: they often have neither an individual serial number nor a separate certificate. This does not indicate lower quality. What matters is the particular coin’s specifications, provenance and authentication.
Packaging: Why Keep a Bar Sealed?
Original packaging protects a bar from scratches and other damage. Some security packaging also makes it possible to detect whether it has been opened.
If a bar is sealed in packaging that incorporates its certificate, we recommend keeping it that way. This preserves its original presentation and the information accompanying it.
Opening the packaging does not change the gold itself. Its purity and metal content remain the same. However, the verification process—and, depending on the dealer’s policies, the buyback terms—may change.
Coins should be protected in capsules or other suitable packaging. Unnecessary handling and home cleaning can damage their appearance, which can be particularly significant for collectible issues.
Gold Bar or Gold Coin?
Both forms allow you to buy physical gold. They differ in design, available sizes and sometimes their price premium.
Gold bars come in a wide range of weights. Smaller bars can suit regular purchases, gifts or selling part of your holdings. Larger bars generally cost less per gram, but cannot simply be divided when you want to sell only a portion.
Bullion coins feature recognisable designs, an established history and often a face value. However, that face value usually represents only a small fraction of the value of the gold they contain. For example, the one-ounce gold Vienna Philharmonic contains approximately 31.1 grams of fine gold and has a face value of €100.
It is also important to distinguish standard bullion coins from collectible products. With a collectible coin, you may pay a substantial premium for rarity, finish or limited mintage. Any potential appreciation then also depends on collector demand.
A bar is not always cheaper, and a coin is not always the better choice. Compare individual offers and their buyback terms.
What Are You Paying for Besides the Gold?
The retail price of physical gold also includes production, processing, packaging, transport and the dealer’s margin. The amount above the value of the metal itself is known as the premium.
For smaller bars, this premium is generally higher per gram because production and packaging costs are spread over a smaller amount of gold.
When choosing a product, consider both its purchase price and the difference between the selling and buyback prices. This helps you understand the costs associated with that particular product.
What Should You Check Before Buying?
- Gold content: How many grams of fine gold are you buying?
- Manufacturer: Who produced the bar or coin?
- Seller: Are the sales and buyback terms clear?
- Markings and documentation: Do they match the particular product?
- Condition and packaging: Are they in good order and consistent with the description?
- Price: What is the premium, and on what terms can you resell the product?
- Size: Do you want one larger item or the flexibility to sell smaller portions?
Choose Gold You Understand
You do not need to know every technical detail to buy investment gold. However, understanding the basic specifications and knowing what to ask can help you make an informed choice.
At Golden House, we will gladly explain the differences between individual bars and coins and help you choose according to your budget and intended use.