CombiBar Gold

The Valcambi CombiBar

The CombiBar is a patented gold bar from Valcambi SA, scored with precision grooves that allow it to be separated into individual 1g segments by hand. It bridges the gap between bulk gold bars (low premium, not easily divisible) and fractional coins (divisible but expensive per gram). The concept addresses a specific investor need: holding a meaningful quantity of gold in a single bar while retaining the option to liquidate in small increments without selling the entire position.

Valcambi, founded in 1961 as "Valori & Cambi" (literally "exchange of valuables") by five private Swiss investors, is one of the world's largest precious metals refineries. Based in Balerna, Switzerland, the company holds LBMA Good Delivery accreditation for gold and silver, and LPPM Good Delivery for platinum and palladium. Their annual combined refining capacity is approximately 2,000 metric tonnes across all precious metals.

Gold CombiBars are available in several configurations: the original 50g bar (50 x 1g, launched in April 2011), the 100g bar (100 x 1g), the 20g bar (20 x 1g), the 1 oz bar (10 x 1/10 oz segments), and a 5g star-shaped novelty version (5 x 1g). All are .9999 fine gold. The 50g version measures approximately 74 x 52.5 x 0.85 mm, roughly credit-card sized and thin enough to fit in a wallet.

CombiBar Configurations and Dimensions

Each CombiBar is security-sealed in a PETG blister with a serial-numbered assay certificate verifying weight, purity, and authenticity. The tamper-evident packaging means that once a segment is broken off, the remaining bar no longer has its original assay certification. Individual 1g segments can still be verified by the Valcambi hallmark and weight, but they carry less provenance than a sealed CombiBar. Most dealers will still buy individual segments, though potentially at a slightly lower price.

Every 1g segment is individually stamped with the Valcambi name, "SUISSE" origin mark, the CHI Essayeur Fondeur mark (Swiss assay office designation), and weight/purity. The 5g star version is a five-pointed star where each point is a detachable 1g segment, aimed at the gift market.

CombiBar Tax Treatment by Country

As privately produced gold bars with no face value, CombiBars are not legal tender in any jurisdiction. Tax treatment is determined by metal purity and the buyer's country.

Purchase Tax

• United Kingdom: VAT-exempt. Gold bars at .999+ fineness qualify as investment gold.
• European Union: VAT-exempt under EU Investment Gold Directive 98/80/EC.
• Switzerland: VAT-exempt for investment gold. Switzerland also has no capital gains tax on private assets for individual investors, making it one of the most favourable jurisdictions for holding gold.
• United States: No federal sales tax. State-level exemptions apply in most states.
• Canada: GST/HST exempt for gold bullion at .995+ purity.
• Australia: GST-free for investment gold at .995+ purity in bar form.
• Singapore: GST-exempt under the Investment Precious Metals scheme.
• Hong Kong: No sales tax, no import duty.

Capital Gains and Retirement Accounts

In the United Kingdom, gold bars are subject to CGT on disposal at the individual's rate. Only UK legal tender coins carry CGT exemption, so CombiBars do not qualify. The annual £3,000 allowance applies.

In the United States, CombiBars at .9999 purity from an LBMA-accredited refiner meet IRA requirements. However, some IRA custodians have specific policies about divisible bars and may require bars to remain in their original sealed packaging. Check with the custodian before purchasing for an IRA. Capital gains outside retirement accounts are taxed at the 28% collectibles rate.

Canadian investors can hold qualifying gold bullion in RRSP and TFSA accounts. The .9999 purity and Valcambi's LBMA accreditation meet the eligibility criteria.

CombiBar vs Standard Bars, Multigram, and Fractional Coins

The CombiBar's direct competitor is PAMP's Multigram product, a card containing multiple individually sealed 1g bars that can be popped out. The key difference is provenance after separation: each PAMP Multigram bar is individually assayed and sealed, so it retains its own certification after removal. A separated CombiBar segment loses its connection to the original assay card. PAMP Multigram bars cost more per gram because of the individual packaging, but they hold their provenance better on resale.

Against a standard solid 50g gold bar, the CombiBar carries a premium of roughly 5-15% for the divisibility feature. A solid bar from Valcambi, PAMP, or Argor-Heraeus is simpler to manufacture and therefore cheaper, but it cannot be divided without melting. The CombiBar premium buys the option of fractional liquidation.

Fractional gold coins (1/10 oz, 1/4 oz) serve a similar small-denomination purpose. Coins carry higher premiums per ounce than a CombiBar but offer legal tender status, individual recognisability, and in some jurisdictions (the UK, for example) CGT exemption. A separated CombiBar segment is a tiny 1g square with minimal identifying features beyond the Valcambi stamp.

At current gold prices, each 1g gold segment is worth approximately USD 100-110, making the CombiBar a practical option for those concerned about barter or emergency exchange scenarios. This is a frequently discussed use case in the preparedness community. For pure investment at the lowest premium per ounce, a standard 1 oz gold bar from any LBMA refiner remains the more cost-effective choice.