A gold ingot is a piece of refined gold that has been molded into a cohesive form for ease of transportation and potentially further refining or processing. Many modern gold ingots are called cast gold bars or poured gold bars.
What is an Ingot?
An ingot is defined as a mass of metal that has been cast into a form for shaping, remelting, or refining. It comes from the Old English word ‘goeten,’ which means ‘to pour,’ and its first recorded use was in the 15th century. The term ingot typically refers to a metal, and ingots are made from all kinds of metals, from iron and aluminum to gold and silver. Some ingots are even made from non-metals like semiconductor material. In fact, ingots made from silicon are the first step in building computer chips.
How are Ingots Made?
The production of an ingot starts with Doré or gold ore that is refined to a given purity, like 99.9% or .999 fine. After the gold is refined, it is heated to a liquid or molten temperature, which is poured into a form or mold. As the molten liquid cools, it solidifies and takes the shape of the mold.
After cooling, the ingot is stamped with information about its purity, weight, and manufacturer. Stamping is vital to establish the authenticity of the gold ingot, without which, an assay would be necessary. Molds to manufacture ingots can be made in various sizes and shapes, but many are trapezoidal, making them easy to remove from the mold and stack. Some ingots may be rounds, as in the case of gold rounds.
Is There a Difference Between a Gold Ingot and a Gold Bar?
All cast gold bars are technically gold ingots, but not all gold ingots are bars. In practical terms, a gold ingot is generally a larger gold bar that meets specific weight, purity, and size requirements. While some gold bars are produced by minting or stamping gold, this gold has often been cast as an ingot beforehand.
Who Sets the Standard for Gold Ingots?
The London Bullion Market Association (LMBA) is an international organization that represents the over-the-counter wholesale market for gold and silver bullion. The LBMA functions as a trade association that regulates refining standards, trading practices, and the Good Delivery List. The LBMA Good Delivery List dictates the standards of production for gold and silver delivery in the London bullion market.
Standards for Gold Ingots on the LBMA Good Delivery List
For gold ingots to be considered for the Good Delivery List, they must have a minimum fineness of 99.5% or .995. Although they may vary in size, they should be between 350 to 430 ounces of gold. They should be ingot or trapezoid-shaped with a height of 25 to 45 millimeters, a width of 55 to 85 millimeters, and a length of 210 to 290 millimeters. The gold ingots traded on the LBMA Good Delivery List are slightly different than the gold bars you see for sale. They are significantly heavier and larger than standard one-ounce gold products, and their minimum fineness is slightly lower than many .999 fine gold bars and rounds.
| Dimension | Minimum | Maximum |
| Height | 25 mm (0.98 inches) | 45 mm (1.77 inches) |
| Length | 210 mm (8.27 inches) | 290 mm (11.42 inches) |
| Width | 55 mm (2.17 inches) | 85 mm (3.35 inches) |
| Fineness | 99.5% Fine (0.995) | None |
