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1000 oz Silver Bar

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1000 oz Silver Bars are truly the "big daddy" of silver bullion bars. These are the silver bars poured by silver refiners when creating pure silver from silver ore, and should ideally fall within "Good Delivery" criteria (see below). Typically cruder in style than the smaller minted bars, the 1000 oz bars do not weigh exactly 1000 troy ounces, but owing to the manufacturing process have an weight between approximately 900 and 1050 ounces.

1000 oz Silver Bar
1000 oz Silver Bar
Photo by Unit 5 - image lic. under CC BY-SA 3.0

1000 oz bars typically offer the lowest markup over spot to the bullion investor - however owing to the increased logistics and security concerns involved in handling and storage, these bars are generally not considered suitable for delivery to individual investors. The 1000 oz bars are more the preserve of previous metals depositories, international bullion markets, central banks, bullion product manufacturers and bullion vaults. Individual investors who wish to receive actual physical shipment of their silver are often advised that it is more sensible to obtain 100 oz bars instead. An additional reason for this is that it is easy to sell a single 100 oz bar, whereas one cannot really cut off one tenth of a thousand ounce bar - the 100 oz bars are a more liquid commodity. However it is of course possible to purchase silver 1000 oz bars and have them stored in a high security vault through an insured storage program.

1000 oz bars are typically poured (cast) as opposed to minted, and are manufactured by major LBMA-accredited or COMEX-accredited bullion producers, such as Johnson Matthey. Bars will be stamped with a serial number, purity, weight and assay mark.

1000 oz Silver Bar Dimensions

The 1000 oz silver bar is truly a hefty block of silver. Exact size varies because of the variance in the casting method - but approximate dimensions, depending on manufacturer, are around 12" x 5" x 31 /4 " That's a little more than the width of a regular house brick and around one and a half times the length! 1000 troy ounces is equivalent to 31.103 kilograms or 68.571 avoirdupois pounds.

Silver Good Delivery Bars

The London Bullion Market Association (LBMA) puts forth a set of criteria for bars to be accepted as Good Delivery. Gold "Good Delivery" bars are 400 troy ounces, however the standard for silver bars is 1000 troy ounces. If a bar does not fall within the following criteria, it must be stamped "NGD" ("Non-Good Delivery"). Silver "Good Delivery" bars, as per the specifications of January 2012, should be as follows:

Fineness: minimum of 999.0 parts per thousand silver
Marks: serial number, refiner's hallmark, fineness, year of manufacture, weight (optional)
Silver content: 750 – 1100 oz t (900 – 1050 oz t recommended)
Recommended dimensions:
Length (top): 250 – 350 mm
Width (top): 110 – 150 mm
Height: 60 – 100 mm

There are further Good Delivery criteria for safe packing, stacking, weighing and delivery - and the LBMA maintains an up-to-date list of silver refiners who are capable of producing bars that meets the standards, and who have complied with LBMA monitoring procedures. [1]

1000 oz Silver Bar Price

These bars are for serious players only: At April 2012 market prices, 1000 ounce bars can be seen for sale at $32,490 each. Bullion traders typically offer a slightly different price depending on the method of payment: Credit card purchases often carry a surcharge of around 2 or 3 percent.



References: [1] http://en.wikipedia.org/wiki/Good_Delivery





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