Is it legal to own a 400-ounce gold bar?

The gold market has been anything but boring over the last couple of years, and it has been especially interesting over the last few months in particular. With gold prices climbing well past the $5,000 per ounce mark in late January before moderating slightly over the last few weeks, even the investors who once dismissed gold as a relic of another era are now taking a much closer look. It’s the kind of close look that has some people wondering whether they could own not just a gold coin or a small bar, but one of the iconic, vault-worthy 400-ounce gold bars that look like it belongs in Fort Knox.

It’s an understandable fantasy. A 400-ounce gold bar — which is the standard “Good Delivery” bar used by central banks and major financial institutions — represents a serious store of wealth right now. At today’s gold price of nearly $5,000 per ounce, a single 400-ounce bar would be worth about $2 million. And, that massive price tag raises some natural questions: Who’s actually allowed to own one of these large gold bars? Are there legal restrictions? And if owning one is possible, is it even practical?

The answers may surprise you. Below, we’ll examine what the law actually says about owning a 400-ounce gold bar — and what gold investors should know before putting their money to work.

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Is it legal to own a 400-ounce gold bar?

It is completely legal for private individuals to own a 400-ounce gold bar in the United States. There is no federal law that prohibits investors from owning large quantities of gold or specific gold bar sizes. You don’t need a special license, permit or accreditation just to possess one. So, from a legal standpoint, a 400-ounce gold bar is treated the same as smaller gold bars, coins or rounds.

That said, legality doesn’t mean there’s zero paperwork or scrutiny involved in purchasing or owning this size gold bar. There are a few key considerations that matter, including:

• Buying and selling rules: Reputable precious metal dealers follow federal “know your customer” and anti-money-laundering rules. Under these rules, large gold purchases may require identity verification and, in some cases, additional documentation about payment sources. This isn’t unique to gold bars, though. It applies to many high-value financial transactions.
• Reporting thresholds: Certain cash transactions over $10,000 can trigger reporting requirements for the seller or gold dealer. This doesn’t make owning the gold illegal, but it can impact how you’re able to pay and what paperwork is involved. 
• Taxes: There’s no special tax assessed for owning gold, but selling a 400-ounce gold bar at a profit can create significant capital gains tax obligations. That’s because physical gold is generally treated as a collectible for tax purposes, which can mean higher long-term capital gains rates than stocks. So, while the legality of ownership isn’t in question, how much you owe in taxes later is.
• State laws and transport: States can have their own sales tax rules on precious metals (many have exemptions, but some have thresholds). If you move the gold bar across borders or internationally, customs declarations and import or export rules may apply.

So from a pure legal perspective, yes — you can own a 400-ounce gold bar. The hurdles tend to be financial, logistical and compliance-related rather than legal bans on ownership.

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Should you consider owning a 400-ounce gold bar?

Most individual investors don’t buy 400-ounce gold bars — and that’s not because they’re off-limits. It’s because this format is generally built for institutional trading, not personal investment portfolios. 

If you’re seeing these gold bars show up in marketing materials or investor pitches and find yourself tempted to buy in, it’s worth slowing down and thinking through what ownership actually looks like in practice. Here’s why:

Liquidity and resale: A 400-ounce bar is harder to sell than smaller gold bars or coins. Fewer buyers can absorb that size in one transaction, and many retail dealers prefer smaller formats that they can move quickly. If you ever needed to sell part of your gold holdings, you can’t shave off 10 ounces from a 400-ounce bar — it’s all or nothing.

Storage and insurance: These gold bars aren’t designed for home safes. Proper storage usually means a professional vaulting service, often with ongoing fees and insurance costs. That erodes the simplicity people often associate with owning physical gold.

Premiums, spreads and authenticity: Large gold bars typically have lower premiums over spot when buying, which can be appealing, but they can come with wider spreads when selling, depending on the dealer and market conditions. Verifying authenticity on a 400-ounce gold bar is also more complex than with smaller, widely minted retail products. That’s why buyers tend to stick with well-known refineries and vault-stored bars with clear chain-of-custody records.

Flexibility: In general, 400-ounce gold bars are a better fit for institutional investors, ultra-high-net-worth buyers or people allocating very large sums to gold as part of a broader diversification strategy. For most investors, smaller gold bars, coins or even gold stocks and gold exchange-traded funds can offer similar exposure with far more flexibility.

The bottom line

It Is legal to own a 400-ounce gold bar in the U.S. There’s no law stopping you from buying one, storing one or selling one. The bigger question is whether owning that particular format makes sense for you. The size that makes 400-ounce gold bars efficient for institutional trading also makes them clunky for most individual investors. So, before going big, it’s worth thinking through liquidity, storage, resale flexibility and how physical gold fits into your broader investing strategy — because ultimately, the legality is the easy part.