Gold bullion is physical gold that comes as bars or coins refined to a high purity. Its price tracks gold content rather than the design or the name stamped on it.
Here we cover the details of gold bullion, investment options, and how to get started.
Gold bullion is physical gold, refined for investing and valued by the metal it contains, not the design or the maker.
What is gold bullion?
Gold bullion is investment-grade gold that’s valued for its metal content. It includes high-purity bars and coins that follow the gold market’s pricing versus the collectible market, which is more about rarity.
You can see how the market is trending with resources like the World Gold Council.
Gold bullion bars vs. gold bullion coins
Coins seem to be more popular, and in 2025, 97.6% of Swiss America’s customers bought coins. Still, deciding between gold bars and coins mostly comes down to personal preference.
Here’s a quick comparison of both options:
| Detail | Bullion coins | Bullion bars |
|---|---|---|
| Who makes them | Government mints | Private refineries |
| Example products | American Gold Eagle, Canadian Gold Maple Leaf | PAMP Suisse, Valcambi |
| Size range | From 1/20 ounce to 1 ounce | From 1 gram to 400 ounces |
| Packaging | Tubes or capsules | Minted bars sealed; cast bars have paper certification |
| Appearance | Struck finish with artwork | Minted bars are sharp-edged; cast bars look rustic |
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What are the best gold bars to buy?
The best gold bars come from established refiners like PAMP Suisse and Valcambi. Each bar tells you four things at a glance:
- Weight
- Purity
- Refinery hallmark
- Serial number
They range from one gram up to the 400-ounce bar you see in vault photos, and the larger gold bar sizes usually carry a lower premium per ounce. One of the most popular bar brands is PAMP Suisse, which is recognized all over the world.
What are the best gold coins to buy?
The most popular coins for investing are the American Gold Eagle and the American Gold Buffalo. The Eagle is 22-karat, mixed with a little copper so it holds up to handling, but it still contains a full ounce of gold. The Buffalo is pure 24-karat, .9999 gold. Both come from the US Mint and are recognized around the world.
The best gold coins to buy usually come down to the lowest premium your dealer has in the size you want. For non-US-minted coins, the Krugerrand is worth a look for its low premiums.
Bullion vs. collectible (numismatic) coins
As we mentioned above, bullion is priced on its metal content. Collectible coins, also called numismatic coins, are priced on rarity and condition, so a rare piece can be worth far more than the amount of gold it holds.
For pure metal value, bullion keeps things simple. Numismatics is a different investment approach with a collector’s premium to consider.
Purity, weight, and sizes
Gold bullion is measured in troy ounces, which weigh a bit more than the standard ounce on your kitchen scale. Their purity ranges from 99.5% to 99.99%.
You don’t have to buy a whole ounce to start. You can buy fractional gold coins as small as 1/20 ounce, then 1/10, 1/4, and 1/2. If you’re curious about the grams-to-ounces math, one troy ounce is about 31.1 grams.
How much is gold bullion worth?
A piece of bullion is worth the gold in it times the spot price, plus the premium you paid on top. Let’s say you have a one-ounce coin; its metal value is about ... right now. The price you pay will then include a premium which covers manufacturing and dealer costs.
When you go to sell your gold bullion, dealers pay close to spot. It’s best to work with a gold dealer that offers a two-way market and will buy your gold if you need to sell.
How to buy gold bullion
You can buy gold from online dealers, local coin shops, government mints, and precious metals dealers. Customer support, education, and buyback policies should all factor into your decision. Protect yourself by working with established dealers that have been in business for decades, have great customer reviews, and participate in industry groups.
We shared more about why choosing the right dealer matters in one of our recent videos:
To learn more about adding gold to your savings, connect with the Swiss America team today.
What is gold bullion? FAQs
What’s the difference between gold and gold bullion?
Gold is the metal element in jewelry, electronics, and coins. Gold bullion is gold made specifically for investing, refined to at least 99.5% purity and stamped with its weight so anyone can price it.
Bullion bars are usually marked with weight, fineness, and a refiner’s mark or serial number, which helps buyers verify them. Gold bullion coins are also sold by weight and gold content. Exact markings vary by coin.
Is gold bullion real gold?
Yes. Bullion is some of the purest gold you can own, made for investors and verified by an assay and the refiner’s stamp. The amount of gold on the bar or coin is usually its stated gold content, but the total weight can be higher because of alloy metals in some coins.
Is gold bullion 100% gold?
Not quite, but close. Most bullion is 99.5% to 99.99% pure, which is 24-karat or four-nines gold. A few coins like the American Gold Eagle are 22-karat, yet still hold a full ounce of gold, with a little copper added for durability.
Is gold bullion a good investment?
It can be, as a physical asset you own outright and can sell anywhere. Gold carries no counterparty risk and has held its purchasing power over long stretches when the dollar slipped.
The trade-off is that it pays no dividends or interest, so most people treat it as a store of value and keep about 5 to 15% of their portfolio in gold.
Can I hold gold bullion in an IRA?
Yes, if it meets the IRS purity standard of 99.5%. The American Gold Eagle is one exception to this purity level. To set up a Gold IRA, you’ll work with a custodian who manages your account and arranges for storage in an IRS- approved depository until you’re ready to take a distribution.
The information in this post is for informational purposes only and should not be considered tax or legal advice. Please consult with your own tax professionals before making any decisions or taking action based on this information.
