Ideas in this flowchart

• Gold products differ in their manufacturing costs and trading spreads.
• Large wholesale bars are the form from which all other products are made.
• Manufacturing, handling, and distribution add costs at each step.
• Vaulted large-bar gold provides a contrasting trading-cost model.
• BullionVault is the largest provider for private investment.
• Trading spreads are charged between buy and sell prices.
• These spreads run to 0.3% or less.
• The trading amount can be as little as 1 gram at a time.