A gold bar is defined as any gold item, regardless of shape, which is made by a bar manufacturer, records the name of the manufacturer, the precise weight and the precise purity, and is sold at a low premium above the gold price.
Gold bars are classified into two different typescast and minted, based on their method of manufacturing. Cast bars are made by pouring molten gold into an ingot mold to help the gold to take a form. Minted bars are made from gold blanks that have been hand cut to the required dimensions from a flat piece of gold. Markings are almost always applied by presses. ChipGold is a relatively new form of gold bar consisting of a small ingot 1-20 grams in a sealed and certified package the size of a credit card.
Gold bars are produced in a wide variety of sizes, shape, and fineness, most of them destined for one-way transit to manufacturing end-users who intend to refabricate the gold into other forms such as industrial/electronic plating or decorative applications. Most gold bars are not intended for use as investment products (i.e., recirculated on the secondary public market) primarily because their authentic weight and purity both fall into question owing to the ease of tamperability once the bars have traveled outside of the original commercial chain of custody.
U.S. residents can buy gold bullion and sell gold bullion bars and gold coins cost-effectively, directly and privately. There is no reporting when you buy gold bullion. However, be aware of cash transaction reporting rules.