What is Bullion?
Bullion is a physical form of precious metal (gold and silver) that is valued by its weight and purity. New Zealand Mint use the term bullion to distinguish the investment grade gold and silver products that we sell from the commemorative and collectible products that we sell.
What is a troy oz?
There are 31.1035 grams in a troy ounce and 32.1507 troy ounces in a kilogram.
It is generally understood that the precious metals industry uses the troy ounce as its basic unit of measurement, even in countries who have adopted the metric system.
Is an ounce and a troy ounce the same?
No, an ounce is 28.3495 grams whilst a troy ounce is 31.1035 grams. A troy ounce is used as the unit of weight, therefore any 1-ounce product we sell, whether it's a 1 oz Gold Kiwi, 1 oz Silver Fern, Turtle etc., will all be 31.1035 grams in weight.
Is the 1 oz Gold Kiwi a coin?
Although the 1 oz Gold Kiwi is coin shaped it is more accurately described as a minted 1 oz gold bullion medallion.
What is the difference between a bullion medallion and a coin?
A bullion medallion differs from a gold or silver coin in that it is not legal tender. Bullion rounds do not have a face value nor are they recognised by any legal system as currency. Their value is purely in their precious metal content. A gold or silver coin on the other hand is a precious metal coin that has been issued with a legal tender value and could be redeemed for the face value minted on the coin.
Why do people like minted bullion products?
Minted bars and coins are considered one of the easier ways to buy and sell bullion as both bullion traders and private buyers are usually quite familiar with the quality and standards associated with the various products and brands available.
Can I sell my gold and silver back to New Zealand Mint?
Yes we do buy gold and silver bullion products. In particular we buy back bullion products that we have produced ourselves and a range of bullion from other accredited bullion producers. It is a very straightforward process that begins when the metals you wish to sell back are here on site.
If you are interested in selling back we recommend you first get the ball rolling by giving us a call on 0800 696 468.
What is the Spot Rate?
The spot rate is the internationally agreed price based on supply and demand, for the value of 1 Troy ounce of gold or silver in unfabricated form.
Pricing for all New Zealand Mint bullion products are derived from this constantly fluctuating rate.
Why Do I Pay a Margin?
When you buy physical bullion, you are buying gold and silver manufactured into a tradeable form. It is necessary for bullion retailers to charge a margin above or below the spot rate (depending on whether you are buying or selling) for fabrication or minting charges.
New Zealand Mint offers competitive buy and sell rates on bullion and can improve these rates on volume.
How Does the Exchange Rate Affect Prices?
Gold and silver use the US Dollar as a standard unit of value.
We can quote in NZD or USD. To quote in NZD we convert the USD price using a live NZD/USD exchange rate. For example:
USD Spot ÷ NZD/USD = NZD Spot
US$1400.00 ÷ .81 = NZ$1728.39
Have more questions? We are more than happy to help. Please get in touch with us via our contact page and we will get back to you as soon as we can.
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