How many Knox Nuggets equal one Krugerrand?

What the ratio means

The ratio sets how many nuggets equal one 1 oz gold Krugerrand, a coin containing one troy ounce of fine gold. Once your account holds that number of nuggets, the terms set out whether and how you can exchange them for a physical coin. The ratio is a Knox product rule, not a market standard, and it applies to whichever bullion product you are saving towards.

Why the ratio is not the rand cost

The ratio is fixed by the terms, but the amount you pay for each nugget can change from one purchase to the next. If you buy nuggets over several months, the total rand cost of a full coin's worth depends on the prices at which you bought: each nugget is 1% of the bullion price shown on Knox's website at the time, and that price is updated twice daily. If you leave the paid-up coin with Knox for more than three months, storage at 1% of its value per month also adds to the total cost.

What depends on Knox policy

The ratio follows from the terms, which value each unit at 1% of the coin's price (clause 2.12). Once the full price is reached you collect the coin in person at Knox by appointment, with your ID, proof of residence and a signed Bill of Sale (clause 8.3.2); no conversion charge is set in the terms. Knox may change the terms by email notice, and changes apply to future purchases (clause 23.8).

What to do next

• Confirm the current ratio and the coin it applies to.
• Ask whether a part balance can be cashed out or carried forward.
• Check how the coin you receive is selected, for example its year or condition.
• Read the full terms before your first purchase.