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ingot
noun
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Definition of ingot
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Examples of ingot in a Sentence
Recent Examples on the Web
Nicolas Maduro speaks next to a stack of gold ingots during a news conference on the country's cryptocurrency, known as the Petro, in Caracas, Venezuela on March 22, 2018. — Vasco Cotovio, CNN, "A trail of 'bloody gold' leads to Venezuela's government," 20 Aug. 2019 The Maserati Levante Trofeo, $170,000, is an all-wheel-drive ingot of wealth with a 590-hp V-8 launching it to 60 mph in 3.8 seconds. — San Diego Union-Tribune, "650-hp Lamborghini Urus is all beef, no bull," 14 July 2019 When the crucibles cooled, ingots of pure steel lay inside. — Jonathan Schifman, Popular Mechanics, "The Entire History of Steel," 9 July 2018 Chilean seabass proved that point, a glazed ingot of pearled fish with overtones of pineapple and citrus resting on fried rice with lump crab. — Mike Sutter, San Antonio Express-News, "Review: McAdoo’s Seafood rides a strong wave in New Braunfels," 10 May 2018 The Aviator concept’s grille is spectacular, made up of little chrome ingots jutting out from the now familiar Lincoln nose. — Car and Driver, "Lincoln Aviator Concept," 29 Mar. 2018 For now, the company churns out only a few ingots per day, far from the 50,000 metric tons it's vowed to produce by 2022 - about 4.5 percent of global primary production in 2017. — Sandrine Rastello And Natalie Obiko Pearson, chicagotribune.com, "Town built on asbestos may find new life in by-product of deadly mineral," 20 Mar. 2018 Preliminary reports suggest that more than 172 ingots weighing 3 tons, more than 6,000 pounds, showered the ground below. — Author: Christopher Brennan, Anchorage Daily News, "A plane’s door flew open during takeoff, raining gold and silver over 16 miles of Siberia," 16 Mar. 2018 Shortly after, Nemo began bringing up ingots and coins, and along with them, a time capsule from the previous century. — Karla Zabludovsky, Newsweek, "Sunken Ship Laden With Gold Lures Treasure Hunters – Again," 19 Mar. 2014These 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.
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More Definitions for ingot
ingot
nounFinancial 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.
Source: Investing Answers
ingot
noun
English Language Learners Definition of ingot
See the full definition for ingot in the English Language Learners Dictionary
ingot
noun
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Kids Definition of ingot
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