Glossary of Terms

Alloy:
A mixture of metals. Gold, for example, is sometimes mixed with a small amount of silver, copper, or zinc.

Assay:
A test of a metal for purity.

Fineness:
Actual precious metal content exclusive of other metals in the alloy.

Fabrication Fee:
The cost to manufacture a precious metal coin or bar. The cost is included in the premium.

Hallmark:
Marks on a precious metal bar which indicates the producer of the bar, its serial number and fineness.

Premium:
The difference between the price of a coin or bar and the value of its precious metal content.

Spot Price:
Current delivery price of gold, silver, platinum or palladium in the cash market.

Spread:
The difference between the buying and selling price.

Troy Ounce:
A unit of weight for precious metals. 1 oz. troy = 31.103 grams.

Liquidity:
Ability to convert an investment into cash without significant loss.

Legal Tender:
Guaranteed redeemable at face value by a government