Recent Examples of ingot from the Web
Its foreign-currency reserves have dwindled from a high of $43bn in 2008 to just $10bn now, much of it in the form of solid gold ingots.
Native copper, meteorites or native iron, obsidian, amber, beads, copper, gold, silver and lead ingots have variously served as currency.
The government and PDVSA have around $4 billion in debt coming due before the end of the year but only $9.7 billion in foreign currency reserves, the vast majority in the form of gold ingots that are hard to exchange quickly for cash.
At the same time, unscrupulous traders at Enron exploited the shortage and pushed wholesale power prices above $100 a megawatt-hour — just as a recession and oversupply from new foreign smelters were slashing ingot prices.
The government and PDVSA have around $4 billion in debt payments coming due before the end of the year but only $9.7 billion in international reserves on hand, the vast majority consisting of gold ingots that are hard to trade immediately for cash.
That same month, Mali’s President Amadou Toumani Toure, surrounded by ministers and mining executives, poured what Pearl Gold described to investors as Kodieran’s first gold ingot.
The ingots are worth about $8,000 total, according to police reports.
Lead ingots had to be placed just ahead of the mast to get the sloop to measure to the One-Ton rule.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'ingot.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
Did You Know?
An ingot is a mass of metal that has been cast into a size and shape (such as a bar, plate, or sheet) that is convenient to store, transport, and work into a semi-finished or finished product. The term also refers to a mold in which metal is so cast. Steel ingots range in size from small rectangular blocks weighing a few pounds (or kilograms) to huge, tapered, octagonal masses weighing more than 500 tons (450 metric tons).
Origin and Etymology of ingot
First Known Use: 14th centurySee Words from the same year
Financial Definition of INGOT
What It Is
An ingot is a material -- usually metal -- that has been formed into a shape that eases its transportation.
How It Works
Gold nuggets are hard to count, inconvenient to weigh and difficult to transport. Melting the gold and forming it into bars makes things much more convenient. Below is an image of gold ingots from the Federal Reserve.
Note that ingots don't always have to be bars; the idea simply is to condense and organize the material, as many cultures have done for thousands of years.
Why It Matters
The Federal Reserve Bank of New York provides, among other things, gold storage for foreign governments and central banks. This gold is in the form of bars, which allows the bank to weigh it, stack it, and move it easily. In the United States, the Federal Reserve creates gold bars in three locations: Denver, San Francisco and New York. As of 2012, the Federal Reserve Bank of New York housed approximately 530,000 gold bars weighing a total of 6,700 tons. The gold is stored in a series of metal cages, each one dedicated to a separate account holder.
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