50g CombiBar Gold Bar

The 50g Valcambi CombiBar

The CombiBar is Valcambi's patented divisible gold bar. First issued in April 2011, it is a flat 50g bar scored with precision-cut grooves that divide it into a 10 x 5 grid of fifty individual 1g segments. Each segment can be snapped off by hand and used independently. No other widely available bullion product offers this combination of total weight and physical divisibility.

The concept bridges two different investor needs. As a whole unit, the 50g CombiBar offers the premium efficiency of a mid-size bar (premiums at 50g are typically 3 to 6% over spot). As individual segments, it provides fifty separate 1g gold pieces, each stamped with the Valcambi name, "SUISSE" origin mark, and weight/purity markings. Buying 50 individual 1g bars separately would cost 15 to 25% more per gram than purchasing a single CombiBar, because each separate bar requires its own packaging, assaying, and handling.

The trade-off is clear: the CombiBar costs more than a standard solid 50g bar (typically 5 to 15% more) because of the precision groove-cutting and individual segment stamping. Buyers pay for the option of divisibility. If you never intend to break the bar apart, a standard 50g bar from Valcambi or another LBMA refiner is more cost-efficient.

Valcambi, founded in 1961 in Balerna, Switzerland, is one of the world's largest precious metals refineries and holds LBMA Good Delivery accreditation for gold and silver. The CombiBar uses 999.9 fine gold and comes sealed in a tamper-evident PETG blister with a serial-numbered assay certificate. The bar is approximately credit-card sized and just 0.85mm thick, making it one of the thinnest bullion products available. It physically fits in a standard wallet.

50g CombiBar Specifications

Each individual 1g segment is stamped with the Valcambi name and the CHI Essayeur Fondeur mark (the Swiss assay office hallmark). When the bar is intact in its sealed packaging, the assay certificate covers the entire 50g unit. Once a segment is snapped off, the remaining bar and the separated piece lose their original assay certification. Individual segments can still be verified by weight and hallmark, but they carry less provenance than the sealed whole.

The CombiBar is also available in other configurations: 100 x 1g (100g total), 20 x 1g (20g), 10 x 1/10 oz (1oz total), and a novelty 5g star shape. Valcambi produces CombiBars in gold, silver (.999 fine), platinum (.9995 fine), and palladium (.9995 fine).

Tax Treatment of the 50g Valcambi CombiBar

As a 999.9 fine gold bar from an LBMA-accredited Swiss refiner, the CombiBar qualifies for investment gold tax exemptions in all major markets. The divisible format does not affect its tax classification; it is treated as a gold bar for tax purposes.

United Kingdom

VAT-exempt on purchase as investment gold. Subject to CGT on disposal at 18% or 24%, with a £3,000 annual allowance. Not CGT-exempt (not UK legal tender). SIPP-eligible.

United States

No federal sales tax. State sales tax varies. Capital gains taxed at the 28% collectibles rate. IRA-eligible: the 999.9 purity from an LBMA refiner meets the requirements. Some IRA custodians may have specific policies about divisible bars; check with the custodian to confirm they accept CombiBars in sealed packaging.

Switzerland

Valcambi's home jurisdiction. Investment gold is VAT-exempt. Switzerland has no capital gains tax on private assets for individual investors.

European Union

VAT-exempt under the Investment Gold Directive (98/80/EC). In Germany, capital gains on gold held over 12 months are tax-free. The CombiBar is widely distributed through German and European dealer networks.

Canada and Australia

Canada: GST/HST exempt at 99.5%+ purity. RRSP and TFSA eligible. Australia: GST-free as investment-grade gold.

Singapore and Hong Kong

Singapore: GST-exempt under the IPM scheme. Available through BullionStar and other Singapore dealers. Hong Kong: no sales tax, no import duty, no CGT.

CombiBar vs Standard 50g Bars and Small Denominations

The CombiBar occupies a unique niche. It does not compete head-to-head with standard 50g bars on price, because the divisibility feature adds cost. The question is whether that feature justifies the premium.

Against a standard 50g Valcambi bar, the CombiBar typically costs 5 to 15% more. Both contain the same gold from the same refiner. The solid bar is the better purchase for investors who plan to hold the entire 50g as a single unit. The CombiBar is for those who want the option to liquidate in 1g increments without selling the whole position.

Against buying 50 individual 1g bars, the CombiBar is significantly cheaper per gram. Individual 1g bars carry premiums of 15 to 25% over spot because each requires its own assay certification, packaging, and handling. The CombiBar achieves a dramatic per-gram cost reduction by packaging all 50 segments in a single assay. This is its core economic proposition.

PAMP's Multigram is the closest competing product. It contains multiple individually sealed 1g bars that can be popped out of a card. Each PAMP bar retains its individual assay when separated; CombiBar segments do not. The Multigram preserves individual provenance but costs more per gram. The choice depends on whether provenance of separated pieces matters to the buyer.

For divisibility through coins rather than bars, fractional gold coins (1/10oz and 1/4oz) serve a similar function. Coins carry higher premiums per ounce but have legal tender status, individual recognisability, and in some jurisdictions, CGT advantages. A separated CombiBar segment is a tiny 1g square; a 1/10oz gold coin is a recognisable bullion product. The CombiBar wins on per-gram cost, the coin wins on individual liquidity and recognition.