The amount of gold you can buy for $1000 is based on two primary factors: the price of gold, and the purity of the gold you are buying. Right now, the price of gold is about $1700/ounce, but that price is constantly fluctuating. You can get the current price of gold by visiting goldprice.org.
Next, you need to know the purity of gold you’re buying. If you’re buying gold as an investment, the most popular purchase is 24k gold, which is 100% gold without any additional alloys. Since it’s 100% gold, with $1000 you’d be able to purchase 1000/1700 of an ounce of gold, or .588 ounces, or 16.670 grams of gold. For comparison purposes, a compact disc weighs about 15 grams. A AAA battery weighs about 12grams.
If you aren’t purchasing 24k gold, and instead are purchasing gold that is mixed with an alloy, you’ll get more gold for your $1000. Here is about how much gold you’d get for $1000 based on a $1700/ounce price of gold:
24k: .588 ounces, 16.670 grams
about 1.3 AAA batteries
22k: .642 ounces, 18.200 grams
about the weight of a small mouse
18k: .784 ounces, 22.226 grams
almost the weight of a AA battery
14k: 1.008 ounces, 28.576 grams
about the weight of half a tennis ball
12k: 1.176 ounces, 33.339 grams
about the weight of a light bulb
If you’re investing in gold, the 24k gold is the most popular bet. They often come in small increments, such as 5g gold bars. So you can buy 3 of those with your $1000 based on current market prices. Here’s a look at the size of a 5g gold bar:
Buying gold 5g at a time will take a while to fill up Scrooge’s pool of gold money, it’s still a nice way to store your investment.