Gold Price Macau
Conversion : 1 troy ounce = 31.1034768 grams
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Gold Price Macau
Macau is known officially as Macau Special Administrative Region of the People’s Republic of China. Macau is approximately 40 miles West of Hong Kong, and the autonomous region has a population of over 650,000. With a total area of less than 12 square miles, Macau is reportedly the most densely populated region in the world. Macau was previously a Portuguese colony, but was returned to Chinese sovereignty in 1999. Macau handles its own executive, legislative and judiciary matters, while matters of defense and international issues are handled by the People’s Republic of China.
The official currency of Macau is the Macanese Pataca. Under the region’s currency board system, the currency is backed 100 percent by foreign exchange reserves, and currently it is backed by the Hong Kong Dollar. The Monetary Authority of Macau is obligated to issue and redeem pataca at a fixed exchange rate against the Hong Kong Dollar without limits.
If you are looking to buy gold in Macau, you will see spot gold prices quoted in the local currency. Quotes are often also available in other key global currencies such as U.S. Dollars, Chinese Renminbi, Great British Pounds, euros or Japanese Yen. Prices for gold are typically quoted by the ounce, gram or kilo.
The Macau economy is heavily reliant on tourism and gambling. The region is very small and has little resources of its own, so many key resources are brought into the region from the Chinese mainland. Gambling was made legal in the 19th century, and today serves as a major driver of the region’s economic activity. Macau has seen an influx of hotel and casino operators, and many of the world’s most recognized names in that industry now have businesses in the region. Macau’s Grand Emperor Hotel has a lobby floor that contains real gold bars.
For those looking to try to build real wealth using gold, then bullion bars may be a great choice. Compared to bullion or collectible gold coins, bullion bars may potentially offer the most reasonable premiums over spot. Unlike bullion or collectible coins, which may be considered good, legal tender, bars have no face value and may be relatively less expensive to produce. Although bars may have various markings such as the refiner’s logo or the bar’s weight, purity or serial number, they often do not feature the same amount of design detail that is featured on coinage.
Larger gold bullion bars may offer an even greater per-ounce cost savings. This is because regardless of weight, bars have similar production costs. A 1 gram bar may not cost much less than a 1 ounce or 10 ounce bar. This means that the premium attached to a larger gold bar may be less per-ounce, providing more actual gold for the same or similar premium.
The wide range of weights available today, however, can make gold ownership more attainable for small investors or those on a tight budget. If coins are your preferred product of choice, sticking with large mintage bullion coins may be the best way to stretch your investment dollars.