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How much is 1 pound of gold worth?
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Have you considered adding gold to your investment portfolio? This precious metal can be used as a hedge against inflation, protection against fluctuations in the stock market or in other ways to add stability to investment portfolios.
When you shop for gold, you’ll find that it’s usually sold by the gram or the ounce. But what about buying bullion by the pound? If you had a 1-pound gold bar lying around, how much would it be worth?
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How much is 1 pound of gold worth?
If you look at how gold is usually measured and sold, you may find that one ounce of gold isn’t the same weight as one ounce of sugar. That’s because gold is typically measured in troy ounces rather than standard ounces.
One troy ounce weighs about 31.1 grams while a standard ounce weighs about 28.35 grams. Although there are 16 standard ounces in a pound, there are only 14.58 troy ounces in a pound. So, at today’s gold price (approximately $2,027.44 per troy ounce), one pound of gold would cost about $29,560.08.
But that’s only the case if you have a gold bar that weighs a standard pound, which would be unlikely since bullion is usually measured in troy weight units. If the gold bar weighs one troy pound, it only weighs 12 troy ounces. That would mean the price of the bar would be approximately $24,329.28.
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Frequently asked questions about investing in gold
Find the answers to some of the most common questions about investing in gold below.
Why should you invest in gold?
There are several reasons to consider investing in gold, including:
- The inflation hedge: The price of gold typically climbs alongside inflation. So, it can be a great way to protect your portfolio’s value during inflationary cycles.
- Counter market volatility: Gold “is not correlated with the typical stocks and bonds you will find in your traditional portfolio,” says Peter J. Klein, founder and CIO at ALINE Wealth. “So, it moves in a different direction than the majority of one’s portfolio.” As such, investors often use the precious metal to reduce risk of losses due to market volatility and potentially increase their risk-adjusted returns.
- An alternative to traditional currency: As a dollar alternative, gold is usually an effective way to hedge against economic pressures.
What causes movement in the price of gold?
Several factors play a role in the price of gold. It tends to increase in value when:
- Inflationary pressures are on the rise
- The stock market turns bearish
- Economic conditions are a cause for concern
Other factors may play a role in gold’s value as well. For example, if miners produce less gold than expected in a set period, the price could rise. Should production be higher than expected, gold’s price could fall.
Moreover, geopolitical conditions also play an important role in the price of gold.
“From a geopolitical perspective, gold is also an asset that is sought out in times where there are risks in the geopolitical front,” says Klein. “For millennia, gold has been a safe haven for investors in times where the geopolitical fronts are heating up.”
What are the best ways to invest in gold?
The best way for you to invest in gold depends on your unique investment goals and financial capabilities. That said, some of the most popular options include:
- Physical gold: You can buy physical gold coins and bars and store them in your safe or a third-party depository.
- Physical gold ETFs: Physical gold exchange-traded funds (ETFs) pool investments from a wide range of investors and use the money to purchase and store gold bullion. Each shareholder essentially owns a share of the gold in the ETF’s vault. Investors share in the profits the gold generates based on the number of shares they own.
- Gold mining ETFs: Gold mining ETFs typically invest in a wide range of gold mining companies, rather than physical gold — though some of them have physical gold holdings as well. These funds can experience price movement as a result of gold news and news relating to the stocks they hold.
The bottom line
One pound of gold is worth between $24,329.28 and $29,560.08 when calculating it with today’s gold spot price. Nonetheless, whether you buy one gram, one ounce or one pound of gold, it can be a wise idea to add some of the precious metal to your portfolio to offset potential losses due to other investment assets.
NEW YORK — Former New York Gov. David Paterson and his stepson were attacked in New York City on Friday night, authorities said.
The incident occurred just before 9 p.m. on Second Avenue near East 96th Street on the Upper East Side, according to the New York City Police Department.
Police said officers were sent to the scene after an assault was reported. When officers arrived, police say they found a 20-year-old man suffering from facial injuries and a 70-year-old man who had head pain. Both victims were taken to a local hospital in stable condition.
In a statement, a spokesperson for the former governor said the two were attacked while “taking a walk around the block near their home by some individuals that had a previous interaction with his stepson.”
The spokesperson said that they were injured “but were able to fight off their attackers.”
Both were taken to Cornell Hospital “as a precaution,” he added.
Police said no arrests have been made and the investigation is ongoing.
The 70-year-old Paterson, a Democrat, served as governor from 2008 to 2010, stepping into the post after the resignation of Eliot Spitzer following his prostitution scandal. He made history at the time as the state’s first-ever Black and legally blind governor.
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A 17-year-old boy was critically injured and a person is in custody after a gunman opened fire on a SEPTA bus in North Philadelphia Friday evening, police said.
At around 6:15 p.m., Philadelphia police were notified about a shooting on a SEPTA bus traveling on Allegheny Avenue near 3rd and 4th streets in North Philadelphia, Inspector D F Pace told CBS News Philadelphia.
There were an estimated 30 people on the bus at the time of the shooting, Pace said, but only the 17-year-old boy was believed to have been shot. Investigators said they believe it was a targeted attack on the teenager and that he was shot in the back of the bus at close range.
According to Pace, the SEPTA bus driver alerted a control center about the shooting, which then relayed the message to Philadelphia police, who responded to the scene shortly.
Officers arrived at the scene and found at least one spent shell casing and blood on the bus, but no shooting victim, Pace said. Investigators later discovered the 17-year-old had been taken to Temple University Hospital where he is said to be in critical condition, according to police.
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Through their preliminary investigation, police learned those involved in the SEPTA shooting may have fled in a silver-colored Kia.
Authorities then found a car matching the description of the Kia speeding in the area and a pursuit began, Pace said. Police got help from a PPD helicopter as they followed the Kia, which ended up crashing at 5th and Greenwood streets in East Mount Airy. Pace said the Kia crashed into a parked car.
The driver of the crashed car ran away but police were still able to take them into custody, Pace said.
Investigators believe there was a second person involved in the shooting who ran from the car before it crashed. Police said they believe this person escaped near Allegheny Avenue and 4th Street, leaving a coat behind.
According to Pace, police also found a gun and a group of spent shell casings believed to be involved in the shooting in the same area.
“It’s very possible that there may have been a shooting inside the bus and also shots fired from outside of the bus toward the bus,” Pace said, “We’re still trying to piece all that together at this time.”
This is an active investigation and police are reviewing surveillance footage from the SEPTA bus.