Glossary of Terms

Acid Test: Test, which is taken in order to determine the authenticity of gold. As it is concidered to belong to noble metals, it is not supposed to be damaaged by corrosion, oxidation or acid. The test proves whether the gold item which is under the test is genuine gold or not.

Actual Gold Weight (AGW): Indicates the exact amount of pure gold in the item.

Ag: "Ag" is stands for "Argentum", the symbol for Silver in the table of chemical elements. "Argentum" means "shining" in Latin.

Alloy: Mixture of two or more precious metals, or a precious metal and other metals. Gold items include other precious metals alloys such as silver, nickel and others to improve the color of item or to make it more resistant to scratches or damage of surface .

American Eagle (Gold Or Silver): Bullion products, made by the United States Mint since 1986. One of the most popular series among other products due to its beautiful design, legal tender status and excellent purity. American Eagle items have become the most recognizable in every corner of the world. United States Government guaratees the exact weight and purity of these products made both from gold and silver.

Arbitrage: Advantage of extracting the profit between two different market prices.

Argentum: Same as "Ag", a chemical element's Latin name for Silver.

Ask: It is a price (often called Offer price), which seller or dealer accepts.

Assay: A special test taken to check the quality of product:its purity and presence of other alloys in it.

Au: Chemical element "Aurum", means Gold.

Aurum: Same as Au, the chemical element's Latin name for Gold.

Australian Dragon: Bullion coin which belongs to Australian Lunar Series. Design reflects a Chinese image of a serpantine dragon and has a meaning of strength and power. 'Premium' priced coin.

Australian Kangaroo: Bullion coins, being produced by the Australian Perth Mint since 1986. Design has been changed every year since 1989 anually, always picturing a Kangaroo.

Australian Koala: Bullion coin, which depicts the image of Koala, produced by Australian Perth Mint since 1987. This product is being made of different precious metals, such as gold, silver and platinum.

Austrian 100 Corona: Bullion coin, contains .9802 ounce of pure gold. It is the second edition after 19th century's gold coin.

Austrian Philharmonic (Gold Or Silver): Bullion coin, famous for its fascinating design. First mintage took place in 1989 and became very popular in Europe. Silver Philharmonic coins are produced of pure .999 silver since 2008. Design of coins is created in honor of the Austrian Philharmonic Orchestra, depicting different musical instruments on the reverse side.

Avoirdupois (AVDP): System of weights used in United States and Britain mostly as an everyday measure. One pound of avdp equals 16 ounces or 0.45359237 kilograms. It is not used for Precious Metals as the troy system.

Backwardation: Situation on market, when the forward or future price is lower than the current price.

Bar: A piece of metal commonly shaped into a rectangular form for storage or investment in Precious Metals.

Base Metal: Alloy of non-precious metals serves as a base for gold-plated and gold-filled products.

Bear Market: General price decline at the investment market.

Bid: The highest price which buyer is eager to pay.

Blank Planchet: A metal disc produced for coinage of bullions which have no design yet.

Boiler room: Enterprise which uses unfair means to meet its goals. This may include false information, different scary and high pressure tactics applied to unexperienced investors in order to sell overpriced investments.

British Sovereign: British coin, first minted in 1489 and struck worldwide. Each bullion contained .2354 troy ounce of pure gold. Periodically minted by different mints of the British Empire in Ottawa, London, Sydney, Perth, London and other.

BU: An abbreviation for Brilliant Uncirculated. This term is used to describe the condition of the products, usually coins. BU means a perfect condition of a coin which has never been in circulation before, i.e. brand new.

Bull Market: General price increase at the investment market.

Bullion: Shaped precious metal product with a very little numismatic value, has almost a spot price. Bullions are often made of Gold, Silver, Platinum, Palladium and other precious metals. Commonly shaped as bars or ingots.

Bullion Coin: Precious Metal product, which has a face value, purity and original design. The value is set according to the contents of the product. Bullions coins are sold as good investment means not only for investors but also collectors. Used also as gifts.

Bullion Precious Metals: Metals, such as Gold, Silver, Platinum and Palladium, used for bullion manufacturing.

Business Strike: Differentiation of coins, manufactured for everyday use and commemorative or proof coins.

Bust: An image of the upper part of the body, often depicted on coins.

Buy/Sell Spreads : Prices which are being kept low as long as it's possible. Actually the difference between trader's buying prices and selling prices.

Call: The right of a customer to accomplish a purchase on a specified date and price.

Canadian Maple Leafs: Gold and Silver bullion coins, minted by Royal Canadian Mint. First edition of gold coins took place in 1979. These coins became first which were produced to compete South African Krugerrand, the monopolist of that time. Highest quality and purity of these coins made them popular and desirable among investors from all countries.

Carat: Term, used to meazure weight of gemstones and pearls. One caratr equals 0.2 g; 0.007055 oz. Carat is not used to measure precious metals' mass.

Cash: Currency in circulation which is made of physical material like paper (dollar) or metal (coins).

Cash market: Type of market which intends the delivery of cash in period no longer than 2 working days of the trade date.

Centenario: Mexican bullion coin, first mintage of which was in 1921 to honour the 100th anniversary of Mexico indepedence from Spain.

Central Bank: An institution which controls currency supply and its legal tender. Establiches fiscal and monetary policy. In America Cenrtal Bank role is fulfiled by the Federal Reserve System.

Central Device: Main design engraved on both obverse and reverse sides of the coin.

Chameleon: A type of dealer who uses to change his position to make his customers or partners enter the transaction deal.

Chinese Lunar Calendar: Cycle of 12 years, each named after certain animal, which belongs to its particular constellation, comprises Chinese Lunar Calendar. First year in the cycle belongs to Rat, then to Ox, Tiger, Rabbit, Dragon, Snake, Horse, Goat, Monkey, Rooster, Dog and the twelve's year belongs to Pig. Chinese Lunar Series bullion coins are produced to commemorate this cycle.

Chinese Panda: Bullion coins, produced by China Mint since 1983. Design of these coins always depicts Panda in different variations. Weight of coins vary from 1/20 oz to 1 oz. These coins became famous because of their limited mintage. Now Pandas are the most recognizable bullion coins on the market.

Circulated : Coins, being in circulation as currency. Usually, circulated coins are not so perfect-looking as the uncirsulated ones, as they might have some visible surface damages like scratches.

Close: Official finish of a trade session.

Coin: A piece of metal mass stamped with face value, individual design, fineness and weight used to satisfy commercial goals.

Coin of the realm: Average coin produced for circulation, has legal tender guarateed by the government.

Comex: A division of the New York Mercantile Exchange (NYMEX), based in NYC, called Commodity Exchange, Inc (COMEX).

Commemoratives: Bullion coins stamped with special design to honour historical events, anniversaries, outstanding people or memorable places. Commemoratives are legal tender coins.

Commodity : Physical item produced to satisfy needs and wants of community. Has certain value based on commercial and industrial values.

Commodity pool: Combination of different investors who gather their money and trade in future contracts to buy commodities.

Condition : Type of surface quality and characteristics of metal products, usually coins and bars. Reflects a state the product is in. E.g "Brillian Uncirculated", "Circulated" etc.

Contango market: Situation on market, when the forward or future price is higher than the current price.

Coronet: A small crown, which completely encircles the head, can be seen on LIberty's head in some early editions of American coins.

Correction: Situation on market when raise of prices follows the decline.

Cover: Compensation of options position.

Cu: Chemical element "Cuprum", means Copper.

Deliverable Bar: Metal bar which is LBMA-approved (London Bullion Market Association) and has fineness, weight and hallmark.

Delivery: Process that includes exchage between a commodity and a contract holder. Usually exchange means financial transaction accomplishment in order to receive needed goods or services offered by a commodity.

Derivative: Contract, which obligates both sides of the deal to accomplish certain actions concerning the underlying of a derivative, i.e. variable. It can be a security price, specified interest rate, commodity price, index of rates, foreign exchange rate etc.

Device: Design on a coin. Usually images a profile or a bust of a well-known person.

Die: Metal engraved stamp used to strike the design of a coin on a metal planchet.

Divisibility : Possiblity to piece out and distribute products with fixed weight.

Dore Bullion: Bullion that has a certain variable percentage of gold, named for the Dore furnace. Mostly used at mining, refinery and smelter facilities that produce it.

Double Eagles: Bullion coins which used to circulate in the USA from 1850 till 1933. Face value of these coins were 20 dollars. Till 1908 design depicted the Liberty's image on the obverse side and starting from 1908 the design was changed to Augustus St. Gaudens’ standing Liberty egraving.

Dragon: Symbol or image of dragon which is engraved on coins and bars.

Eagle: Coins produced in United Stated with face value 10 dollars between 1795 and 1933. These coins had legal tender and contained .4837 oz actual Gold.

Edge: Lettered, reeded or plain surface of the coin, can be found between the reverse and obverse sides.

Face value: Monetary value of a bullion coin, usually has no connection to actual price of a coin. Actual cost of coins ia attached to the spot value of its Gold content.

Fiat money: Cash paper money which has legal tender but not confirmed by Gold or Silver.

Field: Background of coin's design.

Fine Gold: Fineness of gold item, or its purity. Pure Gold is .999 fine or appreciated as 24 karat.

Fine Silver: Fineness of silver item, or its purity. Pure Silver is 99,9 percent or more.

Fine weight: Weight of actual precious metal contents in a product. Opposite of gross weight as it includes also alloy weight of product.

Fineness: Purity of metal product, acual contents of precious metal in it. Measured in 1,000 parts, e.g. .995 Silver means that item contains .995 parts of Silver and .5 parts of alloy. .9999 fine Gold means 99,99 percent of pure gold in product.

Fool's Gold: Iron sulfide that has a mineral's metallic luster similar to gold and often taken for Gold by mistake.

Forward transaction: Delivery of payment at a future date that was agreed earlier.

French Franc: French monetary unit which was in public circulation till 2005. In 2005 it was replaced by euro. The most recognizable franc was French Gold Rooster with face value 20 francs, minted in period between 1899 and 1916. Each such franc contained 22 karats of pure gold.

Futures contract: Contract between dealer and client when a price is agreed today and the delivery and payment are accomplished in future.

Gold: Precious metal of yellow color, resistable to oxidation and individual acids. It is very plastic and malleable. Worldwide gold is used as a symbol of wealth.

Gold Color: Variations of different alloys mixed with Gold used to achieve needed color. Gold color may be green, yellow, white and red. Often gold is mixed with nickel, it gives white hue; with copper, which gives red hue; with zinc, which gives green hue. Silver alloy is also mixed with gold in some products.

Gold Eagles: American Eagle Gold or Silver bullion coins.

Gold Electroplate: Method of covering a metal product with another metal electrolytically.

Gold Flashed: Coating of gold items with less than 7 millionths of an inch thick.

Gold Nugget: A piece of gold that has naturally occured shape.

Gold Plate: Same as Gold Electroplate.

Gold standard: Monetary system which is backed by the fixed amount of gold in reserve holdings of Gold.

Gold-Filled (GF) : Product, which is covered with at least 10 Karat of solid layer of Gold and has a different metal base inside. The layer of gold has to be no less than 5% from total weight of a product.

Gold-Silver Ratio : Correlation or proportion of quantity of silver ounces which can be bought for one gold ounce at current spot price.

Good delivery: Specification of London Bullion Market Association (LBMA), which describes set of rules for gold and silver physical characteristics and standarts in order to be acceptable for further delivery.

Good Delivery Bar: Gold or Silver bullion bar, accepted earlier for delivery against the contract.

Grading Service: Service, responsible for grading coins. In the USA there are two leading grading services: PCGS (Professional Coin Grading Service) and NGC(Numismatic Guarantee Corporation).

Grain: Old unit of weight, equal to 0.0648 grams.

Gram: Unit of weight, used today. Equals 1/32 Troy oz. (31.1035 grams = one troy ounce.)

Half Eagle: Bullion coins used as legal tender in the USA sece 1795 till 1929 with face value 5 dollars. Each coin coinaied .24187 oz actual Gold weight.

Hallmark: Engraving on a precious metal bar's surface which gives information about the producer, weight, serial number, purity and contents.

Hedge: Investment position, main goal of which is to offset losses or gains of companions. Usually accomplished to insure the risks of price changing by converting a deal at a derivatives market.

Inflation: Increase in general price level in economy system with time.

Ingot: Another term for Bar.

Intrinsic value: Real value of Precious Metals in a product.

Inverted market: Same as Backwardation.

Junk Silver: Silver items which contain less than 90% pure silver. Usually such products contain from 35 to 90% silver.

Karat: Karat is a measure to reflect the purity of gold in gold products. It is the fineness of a product. One karat is 1/24 pure gold.

Karat Gold: Pure gold which is used for jewelry manufacturing. Less than 10 karat gold jewelry cannot be called gold product.

Kilo bar: Bar that weights one kilogram. One kg equals 32.1507 troy ounce.

Kilogram: Unit of mass which contains 1,000 grams or 32.1507 troy oz.

Koala: Australian Koala bullion coin.

Krugerrand: South African Krugerrand bullion coin.

Legal tender: Legal means of payment asserted by government in order to create abilty to meet the financial obligation.

Legend: Part of design, the inscription on the coin.

Liquid Market: Type of market with mid trade-off.

Liquidity: Readiness to convert money into cash.

London fix: International benchmark price set for a particular moment in time.

London Fix Price: Price for bullions, set everyday by the London Bullion Market Association.

Luster: The surface of coin, may be frosty, satiny or prooflike.

Maple Leafs: Canadian Maple Leaf bullion coins.

Market value: Competitive price of bullions at which trade is complete.

Medallion: Round designed piece of precious or non-precious metal which has no legal tender and denomination and looks similar to a coin.

Metric ton: Unit of mass equal to 1,000 kilograms or 32,151 troy oz.

Mexican 50 Peso: Mexican bullion coin, first minted in 1921 to honour the 100th anniversary of independence in Mexico. Each coin is made of .900 fine Gold.

MINT: An indusrtial facility which produces coins and bullions.

Mint mark: Engraved or stamped mark on a bullion to make it recognizable, usually it's a symbol or a letter.

Mint State: Coin's condition, mostly describes the uncirculated condition.

Modern issues: Coins which were produced for sale among collectors and investors or for public circulation.

MS-60: The grade of Mint State of coins, the lowest one.

National Futures Association (NFA): Organization in the United States which controls the derivatives industry.

Noble: Isle of Man Noble platinum bullion coins produced since 1983.

Nominal Face Value: Value of the legal teder coin given for its metal content. Differs from Face Value, as the bullion coin is sold for the nominal value, i.e. for its percentage of precious metal in it.

Nugget: Australian Kangaroo bullion coins.

Numismatic coins: Bullion coins with the price not resembling their containts, sold for their unique design, mintmarks or rare appearance on market.

Numismatic Guaranty Corporation (NGC): One of the biggest international coin certification services. It is based in the USA, Florida. It became the American Numismatic Associationsince official grading service since 1995.

Numismatics: Study of coins, paper money, tokens etc.

Numismatist: A person who collects coins or a professional in this field.

Nymex: A commodity futures exchange, The New York Mercantile Exchange (NYMEX), specializes in Palladium and Platinum trade on market.

Obverse: Front side of a coin. Usually depicts well-known or outstanding people.

Offer: Same as the Ask and opposite of the Bid. Represents the price a dealer sets for his commodity in order to sell it.

Option: Variant of action or a right for buying or selling commodities at specified prices.

Ounce: Unit of mass, equals to 31.1 g.

Palladium: Precious white-colored metal, belongs to the Platinum group and is very rare. Palladium has common chemical elements with Platinum.

Panda: Chinese Panda bullion coin.

Paper Precious Metals: Investments in precious metal papers or certificates without actual holding gold or silver in hand.

Pd: Chemical element "Palladium".

Pennyweight: Unit of mass used in America, equals 24 grains (1/20 of a troy oz).

Philharmonic: Austrian Philharmonic bullion coin.

Physicals Market: Type of market where physical products are being traded. Differs from the futures market, as there physical delivery takes place and no contract trade is.

Planchet: A plain piece metal used to introduce a medallion or a coin on it.

Plasticity: Ability of a metal to be plastic changing its shape without breaking or cracking.

Platinum: Rare expensive precious metal, used in jewelry manufacturing, investing, laboratory equipment, different automobile devices etc. As gold, platinum is resistant to corrosion.

Platinum American Eagle: American Eagle bullion coins made of Platinum.

Platinum Eagles: Bullion coins, produced in the USA.

Premium: Price over the spot value of a coin or a bullion which is more than its price for its contents. Premium coins are rare, numismatic value depends on the quality of a product and its scarcity.

Professional Coin Grading Service (PCGS): Service of coin encapsulation, grading, attribution and authentication in the USA, was founded in 1985 by David Hall.

Proof : Type of manner in which coin is produced and designed, includes coin's appearance and usually such coins are made not for public usage, just for collectors or numismatists.

Pt: Chemical element "Platinum".

Purity : Contents of precious metal in a coin or bullion. Percentage of precious metal of the product, usually engraved on the surface.

Put: A right of a dealer to sell commodities at a srecified price on a specified date in future.

Quarter Eagle: Bullion coins produced as legal tender in the USA between 1795 and 1929. Each coin contained .121 oz pure Gold.

Rally: Raise of prices on market that follows the decline.

Restrike: Official reproduction of old coins that were in circulation.

Restrikes: Old coins being reminted that have same specifications as new ones except that they don't have ay numismatic value. Usually restrikes are not legal tender and officially manufactured by government order.

Reverse: Back side of the coin. Usually has unique design and special engravings.

Rolled Gold Plate (RGP): Jewelry that contains from 10 to 14 karat of gold.

Rounds: Metal products, which visually similar to coins, but have no face value and not legal tender. Can be used as investments.

Short sale: Sale of commodities for future delivery which are not currently owned.

Silver: Precious metal used on different purposes like investments, manufacturing of jewelry, laboratory equipment etc.

Silver American Eagle: American Eagle bullion coins made of silver.

Silver Eagles: American Eagle bullion coins.

Slabbed coins: Coins encapsulated in plastic holders, boxes or containers that prevent the appearance of a product from damage and scratches during the shipment ans storage.

Solid Gold: Unofficial term, means a type of gold used for gold jewelry manufacturing. It has to be not less than 10 karat of pure gold.

South African Krugerrand: South African Krugerrand bullion coins, first product that was minted as bullion item. First mintage took place in 1967. Each coin contains 22 karat Gold, the rest is copper alloy.

Sovereign: British Sovereign.

Spot: One-time open market cash transaction price of a commodity purchased at current rates.

Spot Gold Price: Price of gold that varies depending on market trades.

Spot market: Type of market that provides payment and delivery accomplishment within two working days of a transaction date.

Spot Price: Price of product, determined by the last trade on futures market. Spot price may change depending on market trades.

Spread: The difference in prices between buying and selling of a product at the same time and date made by one person.

Sterling Silver: Silver that is 92.5 percent pure.

Symbolic face value: Value, less than the actual price of the product on market, because it's the nominal value of legal tender coins.

Tola: Unit of mass measurement, mostly used in Middle East, India, Pakistan and Singapore. One tola equals to 180 grains or 0.375 troy oz or 11.7 grams.

Tola Bar: Bar, weight of which is measured in tolas. One tola equals to 180 grains or 0.375 troy ounces.

Troy Ounce: Unit of mass measurement, equals to 1.09711 ordinary or avoirdupois ounces.

Troy pound: Academic term of rare usage, means twelve troy ounces.

Uncirculated: Condition of a coin that have never been in circulation before. Usually meets as an abbreviation BU (Brilliant Uncirculated).

Vermeil: Metal, covered with another type of metal, for example, silver products plated with gold.

Weight : Weight of the product stamped on its surface.

Year : The year when the coin or bar was produced.

Yield: Amount of money returning to the owner of security annually in percentage.

Precious Metal Spot Prices:
Metal Bid Ask
Gold US $1,313.62 US $1,314.32
Silver US $16.32 US $16.36
Platinum US $947.00 US $951.00
Palladium US $992.00 US $997.00
Last updated : 3/17/2018 19:42:02 PM EST
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