Perth Mint's giant gold bar smashes world record

The Perth Mint has officially claimed the Guinness World Records title for the world's largest gold bar, a colossal creation weighing 521.2 kilograms. Crafted from Australian gold refined to an exceptional 99.999 per cent purity, the bar surpasses the previous record of 300 kilograms set by a mint in Dubai two years ago.

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To get to five-nines gold, 99.999, not many can do that.

Mint chief executive Paul Graham described the achievement as "nothing short of a miracle," highlighting the difficulty in reaching such a high purity level. The project, dubbed the "People's Bar," involved more than 35 specialists and was a year in the making, including a practice run. Officials from Guinness World Records were present to observe the entire process, which took up to three days to complete.

While the metal alone is valued at over $100 million, Graham noted that its unique nature makes its exact worth difficult to ascertain. The primary purpose of this record-breaking bar is to showcase the Perth Mint's advanced capabilities and promote Australia's gold industry on a global scale. It will eventually be displayed alongside a one-tonne gold coin unveiled in 2011.

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It's nothing short of a miracle.

This feat comes as Australia's gold export earnings are projected to rise to $60 billion in 2025-26, positioning gold as the country's second-largest export earner after iron ore, according to the Minerals Council of Australia.

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Naturally most people work out that the metal price alone is over $100 million, but something that unique, it's never been done before.