Larger bullion investors wishing to maximize their purchase power turn to precious metal ingots such as this, with its low markup over spot price. 1,000 troy ounces constitute a gross weight of approximately 65 pounds. “Approximate” is a key word at this level as weight varies somewhat from bar to bar. Farther down the scale to, for example, a 100 oz. bar, you will find the measurements to be more exacting from bar to bar but then, the premium rises as well. That’s why consideration, or at least knowledge, of this oversize brick is wise. Ask your Goldbroker expert for details.
All silver and gold bars refined by Russia’s Kolyma plant in the far eastern reaches of the nation are accredited by the London Bullion Market Association, and have been so since 2004, a mere 5 or 6 years since it began casting London Good Delivery 400 ounce gold bars. It began a new system of casting, adding five other bars in 2009 including this 1,000 oz. Silver Bar, its largest. The bar is stamped with the triangular Kolyma logo as well as the word Russia (in Russian) in an oval circle.
Kolyma Refinery was established in 1997 as an Open Joint Stock Company (OJSC) to meet the demands of the modern-day gold boom in Far Eastern Russia and in response to the dropping of the state monopoly on the export of fine gold and silver. It is located a distant 5000 miles east of the Russian capital, Moscow, in the immense nation’s Magadan region. The refinery has the full capacity needed to treat all the silver mined in Russia’s Far East (approximately 400 metric tons) as well as 700 metric tons of gold every year. About 200 employees work 12 hour shifts, 7 days a week.
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