Precious Metals Glossary A–Z

The 20 Mark gold coin is a circulation coin of the German Empire (1871–1915) minted in 900 fine gold with a fine weight of 7.168 grams. It qualifies as investment gold (§ 25c UStG) and is VAT-exempt on purchase.

333 Gold is a gold alloy with a fineness of 333 parts per thousand (33.3%), equivalent to 8 karat, and is used primarily in the jewellery industry.

375 Gold refers to a gold alloy with a fineness of 375 parts per thousand (37.5%), known in the Anglo-Saxon world as 9-karat gold and used primarily in the jewellery sector.

585 Gold is a gold alloy with a fineness of 585 parts per thousand (58.5%), internationally equivalent to the 14-karat standard, and is widely used especially in the jewellery sector.

750 Gold refers to a gold alloy with a fineness of 750 parts per thousand (75.0%), corresponding to 18 karat, and is the most widely used quality in the jewellery and watch industry.

800 Silver is a silver alloy with a fineness of 800 parts per thousand (80%), widespread especially in German and European flatware and cutlery.

835 silver is a silver alloy with a fineness of 835 parts per thousand (83.5%), particularly characteristic of Germany and Central Europe for cutlery and jewellery of the 19th and early 20th centuries.

900 gold refers to a gold alloy with a fineness of 900 parts per thousand (90%), equivalent to 21.6 karats – a historically significant standard for European and American circulation coins.

916 gold refers to a gold alloy with a fineness of 916.6 parts per thousand (22 karats), used worldwide primarily for high-quality jewellery and bullion coins.

The acid test is a chemical method for determining the fineness of gold and silver alloys, in which testing acids produce a characteristic colour reaction on the metal surface or on a touchstone.

All-in Sustaining Costs (AISC) are a standardised metric of the gold mining industry that captures all costs required to sustainably maintain a mine's current production capacity.

Allocated gold refers to physical gold that is individually assigned to an owner, stored separately, and does not appear on the balance sheet of the custodian.

Allocation describes the deliberate distribution of a portfolio across different asset classes – including precious metals – in order to balance risk and return according to the desired objectives.

An alloy is a mixture of a primary metal and one or more additional metals (alloying metals), resulting in deliberately altered physical or chemical properties.

An alloying metal is a base or noble metal added to a precious metal in a defined quantity in order to deliberately alter hardness, colour, melting behaviour or other properties.

Historical gold extraction process in which liquid mercury dissolves gold and silver from ore and binds them as an amalgam, which is then separated by heating.

The American Buffalo is the only official gold coin of the United States with a fineness of 999.9/1000 (24 karats), minted by the United States Mint since 2006.

The American Eagle is the official bullion coin of the United States, minted since 1986 in gold, silver, platinum, and palladium, and counted among the most widely traded investment coins in the world.

The Anti-Money Laundering Law (GwG) obliges precious metal dealers to identify their customers above certain thresholds and to report suspicious transactions.

Aqua regia is a strongly oxidising acid mixture of concentrated hydrochloric acid and nitric acid (3:1) that is the only liquid reagent capable of dissolving the precious metals gold and platinum.

Argor-Heraeus is one of the world's leading precious metal refineries and processing companies, headquartered in Mendrisio (Switzerland), known for the highest purity standards and the Kinebar hologram.

The ask price is the price at which a dealer or market maker sells a precious metal — i.e. the lowest price at which buyers can immediately purchase in the market.

An assay certificate is an authenticity document issued by an accredited testing laboratory that officially confirms the fineness, weight, and identity of a precious metal bar.

A precious metal bar sealed into a tamper-evident plastic blister pack bearing a printed certificate of authenticity issued by the refinery.

The atomic number indicates the number of protons of an element in the periodic table; the atomic weight (relative atomic mass) describes the average mass of its atoms in atomic mass units.

The Austrian Mint (Münze Österreich AG) is Austria's state mint, headquartered in Vienna, and the issuer of the world-renowned Vienna Philharmonic coin.

The avoirdupois ounce (av. oz) is the mass unit commonly used in everyday Anglo-American commerce, equalling exactly 28.349523125 grams, and differs significantly from the troy ounce used in precious metal trading, which weighs 31.1035 grams.

Backwardation describes a market situation in which the spot price of a commodity is higher than the futures price – a signal of acute physical scarcity.

The base price is the standardised reference price of a precious metal on which premiums, dealer margins and options contracts are built.

The bid price is the price that a dealer or market maker is willing to pay for a precious metal – i.e. the buying price from the seller's perspective.

A bonded warehouse is a government-approved facility in which goods can be stored outside the customs territory of the EU without incurring import duties or import VAT.

Bretton Woods refers to the international monetary system founded in 1944 that pegged the US dollar to gold, named after the conference venue in New Hampshire.

The Britannia is an official bullion coin of the Royal Mint (United Kingdom), available in gold and silver with a fineness of 999.9 ‰ and 999 ‰ respectively.

Britannia Silver denotes a silver alloy with a fineness of 958 ‰ (95.8%), introduced in England in 1697 as a higher standard alongside sterling silver (925 ‰).

Broken gold refers to damaged, deformed, or incomplete gold items that no longer serve as jewellery or functional objects and are primarily intended for the smelting process.

A government-minted coin that serves primarily as a precious metal investment, whose value is determined by the current metal price (spot) plus a premium.

The buying price is the price a dealer or refinery pays when purchasing precious metals from a private seller — it always falls below the current spot price.

Byproduct mining refers to the recovery of a precious metal as a secondary product during the extraction of another, primarily targeted raw material.

C. Hafner is a German precious metals refinery and semi-finished product manufacturer founded in Pforzheim in 1850, refining gold, silver and platinum group metals and producing certified bars and semi-finished products for industry and the jewellery trade.

The COMEX (Commodity Exchange) is the world's most important futures exchange for gold and silver futures and the key price reference market for physical precious metals.

The metric carat (ct) is the legal unit of weight for diamonds and other gemstones and corresponds exactly to 0.2 grams.

The cash limit for gold purchases sets the threshold above which dealers must verify and document the buyer\'s identity under anti-money laundering law.

A cast bar is produced by pouring molten precious metal into a mould, which after cooling leaves a characteristically rough, slightly irregular surface.

A catalytic converter is an exhaust emission control system in a vehicle that uses platinum group metals (platinum, palladium, rhodium) to convert harmful combustion by-products into non-toxic compounds.

Central bank purchases refer to the acquisition of gold reserves by national central banks to strengthen currency reserves and as a strategic hedge against currency and systemic risks.

Coin dimensions verification measures the diameter and thickness of a coin using a caliper or gauge and compares the values with official mint specifications in order to expose forgeries on the basis of deviating measurements.

Coin weight verification is a simple, non-destructive method for checking the authenticity of precious metal coins, in which the actual weight is compared with the official target weight specified by the manufacturer.

A CombiBar (divisible bar) is a pre-scored precious metal bar that can be broken into smaller individual gram pieces along stamped break lines, without tools and without any loss of weight.

Conflict gold refers to gold mined in war or crisis zones whose proceeds are used to finance armed groups or human rights abuses.

Contango describes a market situation in which the futures price of a commodity is above the current spot price.

Copper (Cu, atomic number 29) is a reddish transition metal with outstanding electrical and thermal conductivity, considered the oldest metal deliberately used by humans and today an indispensable industrial raw material.

Corrosion resistance describes the ability of a material to permanently withstand chemical attack by moisture, oxygen, acids, or other environmental influences without significantly altering its surface or structure.

The cost-average effect describes the phenomenon whereby regular purchases of an investment asset with a fixed amount automatically result in a more favourable average price than the arithmetic mean of all individual prices.

A crisis currency refers to assets that are considered particularly stable in value during periods of economic or political instability and are therefore in increased demand.

When transporting precious metals across borders, EU declaration requirements apply from EUR 10,000 in value, along with import VAT and customs rules when entering from third countries.

Cutlery silver refers to solid silverware with a fineness of at least 800 parts per thousand (80 %), which was particularly widespread in middle-class and aristocratic households during the 19th and early 20th centuries.

Hydrometallurgical process for gold extraction in which crushed ore is treated with a dilute sodium cyanide solution to selectively dissolve gold.

The dealer selling price is the price at which a precious metals dealer sells a product to a buyer — it always exceeds the spot price and includes minting or refining costs, the dealer's margin, and where applicable VAT.

The density of a substance indicates how much mass is contained per unit of volume, and is a key authenticity characteristic for precious metals.

Non-destructive method for testing the authenticity of precious metals by measuring specific density using the Archimedean principle.

Dental gold is the gold alloy used in dental prosthetics such as crowns and bridges – typically with a fineness between 750 and 900, often enriched with valuable additions of platinum and palladium.

Dental gold refers to precious-metal-containing dental alloys used in dentistry for crowns, bridges and inlays, which yield valuable precious metals such as gold, platinum and palladium when recycled.

Diamagnetism describes the weak repulsion of a material by an external magnetic field; gold is diamagnetic and is therefore not attracted by magnets.

Diversification refers to the spreading of capital across different asset classes, regions or currencies in order to reduce the overall risk of a portfolio.

Doré bars are pre-refined crude bars of gold and silver cast directly in mines or smelters, subsequently processed to fine metal quality in a refinery.

Historic European gold coin with a fineness of 986/1000 (23.6 carats), minted since the 13th century as the most important trade currency of Europe.

Ductility describes the property of a material to deform plastically under tensile load without breaking.

Electrical conductivity describes how well a material conducts electric current, and is an important quality characteristic of precious metals for industrial applications.

Euwax Gold II is a physically backed gold ETC issued by Boerse Stuttgart that certifies a direct claim to delivery of real gold and can be sold tax-free after a holding period of one year.

The FIFO principle (First In, First Out) stipulates that when selling precious metals, the units acquired first are always deemed to have been sold first for tax purposes.

The Fear and Greed Index is a composite sentiment indicator that measures, on a scale from 0 (extreme fear) to 100 (extreme greed), how strongly fear or buying euphoria is driving current market behaviour.

Fine gold denotes gold with a fineness of at least 999 thousandths (999 ‰), i.e. a purity of 99.9 per cent or higher.

Fine gold content indicates what proportion of a gold alloy consists of pure gold, expressed in thousandths (per mille) or karats.

Fine weight indicates the actual quantity of pure precious metal contained in a bar, coin, or piece of jewellery – regardless of the total weight of the object.

Fineness indicates how much pure precious metal is contained in an alloy — expressed in thousandths (e.g. 999) or in karats (e.g. 585 = 14 karat).

A fineness hallmark is an officially or manufacturer-stamped mark on precious metal items that indicates the proportion of pure metal in thousandths (‰) or in karats.

The spot price is the continuously traded market price for immediate delivery, while the fixing is a reference price determined only once a day.

A future is a standardised forward contract that obligates the buyer and seller to deliver or accept a specified quantity of a precious metal at a price agreed upon today on a future date.

Gold (chemical symbol Au, atomic number 79) is a yellow, corrosion-resistant precious metal that has been used for thousands of years as a store of value, monetary metal, and material.

A US government decree from 1933 that forced private individuals to surrender gold to the Federal Reserve and banned private gold ownership for approximately 40 years.

A gold bar is a standardised piece of fine gold with a defined weight and fineness, serving as a physical investment form and internationally recognised store of value.

The denomination of a gold bar describes its standardised weight and determines, to a significant degree, the premium, liquidity and suitability for different investment strategies.

A Gold ETF (Exchange Traded Fund) is an exchange-traded fund that tracks the gold price and allows investors to participate in gold's performance without physically owning the metal.

Gold filled (gold double) is a base metal core (usually brass or copper) mechanically bonded to a thick gold layer by hot-rolling — in contrast to electrolytic gold plating.

Gold hammered or rolled into ultra-thin sheets, used in gilding, arts and crafts and food processing.

Gold coins of the German Empire (1871–1915) minted in 900-fine gold (Crown Gold), today legally classified as investment gold and VAT-exempt.

Gold market seasonality refers to recurring, calendar-driven patterns in the gold price that arise from cyclical demand fluctuations in key consuming regions.

Gold mine hedging refers to the practice of gold producers selling future output via forward contracts at a fixed price in order to protect themselves against falling gold prices.

A gold nugget is a naturally formed piece of native gold that comes directly from rock or river sediment and has not undergone any industrial smelting process.

Gold plating refers to the application of a thin layer of gold onto a base of non-precious or precious metal, glass, or ceramic in order to improve appearance, corrosion protection, or electrical properties.

A gold savings plan is a regular investment model in which a fixed amount of money is invested in physical gold or gold-based securities at set intervals.

A monetary system in which the value of a currency is fixed to a defined quantity of gold.

The Gold-Silver Ratio indicates how many ounces of silver are needed to buy one ounce of gold — a popular indicator for the relative valuation of the two metals.

A trading strategy in which investors swap gold for silver (or vice versa) when the price ratio between the two metals reaches historically extreme levels.

The grain (abbreviation: gr) is the smallest unit of the troy weight system and equals exactly 0.06479891 grams.

The gram (unit symbol: g) is the base unit of mass in the International System of Units (SI) and the most widely used weight unit in the precious metals trade worldwide.

Granules are small, irregular grains or pellets of precious metal produced by pouring molten metal into water, and are used primarily as an industrial and processing material.

Green gold is a gold alloy with a high silver content that gives the metal a characteristic greenish-yellow hue.

Gross weight is the total weight of a precious metal object including all alloying components, before any deduction for impurities or additives.

A hallmark (German: Punze) is an official or maker\'s assay mark that permanently and tamper-evidently certifies the fineness and origin of a precious metal object.

A loupe with typically 10- to 30-times magnification, used to examine fineness stamps, hallmarks and die details on precious metal coins and bars.

The heat of fusion is the amount of energy a substance must absorb at its melting point to transition from the solid to the liquid state without any change in temperature.

Heraeus is a German precious metals company headquartered in Hanau, which is one of the world's leading refineries and bar manufacturers and is recognised as an LBMA Good Delivery supplier.

The holding period refers to the time between the acquisition and disposal of an asset, after which private capital gains in Germany remain tax-free.

Home storage refers to the physical safekeeping of precious metals by the owner themselves — in a home safe, a bank safe deposit box or another self-chosen location.

The ice melt test exploits the exceptionally high thermal conductivity of silver to distinguish genuine silver from counterfeits: an ice cube melts visibly faster on a real silver coin or bar than on any other metal.

Identity verification is the legally required identification process when buying or selling precious metals above certain cash transaction thresholds under anti-money laundering law (AML).

Industrial gold refers to gold used in technical applications – particularly the electronics industry – rather than for investment or jewellery purposes.

Industrial silver refers to silver used as a raw material in technical and industrial applications, as opposed to investment or jewellery silver.

Inflation protection refers to the ability of an asset to preserve or increase the real purchasing power of invested capital even as the general price level rises.

The intrinsic value (also material value) of a precious metal object is the pure market value of the fine metal it contains, calculated as fine weight multiplied by the current spot price.

Investment gold is tax-privileged gold (bars and certain coins) whose purchase is exempt from VAT in the EU.

Iridium (Ir) is a silver-white platinum-group precious metal with one of the highest densities of all elements (22.56 g/cm³, just behind osmium) and exceptional corrosion resistance.

Jewellery gold refers to gold alloys used in the manufacture of jewellery, expressed by fineness in karats or per mille depending on the gold content.

The Kangaroo (officially: Australian Gold Nugget) is an Australian gold coin with a fineness of 999.9/1000, minted since 1986 by the Perth Mint and one of the most widely traded bullion coins in the world.

Karat (abbreviated kt or ct) is the traditional unit of measurement for the gold content of an alloy: 24 karat equals pure gold (999 ‰ fineness, highest traded purity 999.9 ‰).

A kilo bar is a standardised precious metal bar weighing exactly 1,000 grams (1 kg), produced in cast or minted form for gold, silver, and other precious metals.

The South African Krugerrand is the world's best-selling gold bullion coin — 22 karat, containing exactly one troy ounce of fine gold in the one-ounce variant.

The South African Krugerrand is minted in four official weight denominations: 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz — all with an identical fineness of 916.7/1000 (22 karat).

The LBMA Fixing is a reference price for gold and silver determined twice daily in London, used worldwide as a binding benchmark for trade transactions, mining contracts, and financial products.

The LBMA Good Delivery standard is the globally recognised quality standard for tradeable gold and silver bars in institutional wholesale trade, setting minimum requirements for fineness, weight, form, and the origin of the refinery.

The Libertad is an official Mexican bullion coin in gold or silver, minted by the Casa de Moneda de México and recognised worldwide as a bullion coin.

The London Fix is a twice-daily reference price for gold, silver, platinum and palladium, coordinated by the LBMA and recognised worldwide as the settlement basis for physical precious metal transactions.

The Lunar Series is a collection of gold and silver bullion coins struck annually by the Perth Mint (Australia) with a changing motif depicting the current animal of the Chinese zodiac.

The magnet test checks whether a precious metal reacts to a strong magnet — genuine gold, silver, and platinum are non-magnetic and are not attracted.

The magnetic scale uses the Lenz effect of precious-metal-specific diamagnetic values to distinguish genuine gold and silver bars or coins from magnetic forgeries.

The Maple Leaf is a bullion coin struck by the Royal Canadian Mint in gold, silver, platinum, and palladium with a fineness of 999.9/1000 (gold and silver), and is legal tender in Canada.

The margin scheme is a special VAT procedure under which dealers calculate tax only on the trading margin (the difference between purchase and selling price), not on the full selling price.

Medals are struck or cast metal discs without legal tender status, produced from precious metals as commemorative, award, or collector pieces.

The melting point is the temperature at which a substance transitions from the solid to the liquid state at standard pressure, without any change in temperature during the melting process.

Mine production describes the total quantity of precious metal extracted from ore through mining, where the ore grade and the economically viable minimum grade (cut-off) determine which material is actually mined.

Shares in companies that mine precious metals or other commodities, offering leveraged participation in the price performance of the respective metals.

A mint is a state-authorised or state-operated institution that strikes or casts coins and bars from precious metals according to defined weight and fineness standards.

A mint mark is a small symbol or letter on a coin that uniquely identifies the issuing mint.

A minted bar is a precious metal bar produced by mechanical minting, featuring a smooth, dimensionally precise surface and imprinted information such as fineness, weight, and the manufacturer's logo.

The Mohs hardness is a dimensionless value on a scale of 1 to 10 that describes the resistance of a mineral to scratching by a harder material.

Japanese unit of weight from the traditional Shakkan system, today used primarily in the pearl trade and equal to exactly 3.75 grams.

Nickel silver is a silver-coloured copper-nickel-zinc alloy containing no silver whatsoever, which was historically used as a silver substitute because of its appearance.

Nickel white gold is a gold alloy in which nickel serves as the primary bleaching metal to give yellow gold a silvery-white colour.

Numismatics is the science and collecting practice of coins, medals, and related means of payment, whereby collector coins derive their value not solely from their metal content but substantially from historical significance, rarity, and striking quality.

Two fundamental extraction methods in mining, in which ores are recovered either in open-pit operations (near the surface) or by underground mining (in deep tunnels and shafts).

The opportunity cost of gold refers to the foregone return that would arise if the capital tied up in gold were instead invested in interest-bearing or high-yield assets.

Ore grade indicates how many grams of a precious metal (e.g. gold or silver) are contained per tonne of raw ore, and is the most important metric for assessing the economic viability of a mine.

Osmium (Os, atomic number 76) is the densest naturally occurring element on Earth and belongs to the platinum group metals.

The troy ounce is the international standard unit for precious metal prices and equals exactly 31.1034768 grams.

An over-the-counter cash transaction is the anonymous purchase or sale of precious metals, securities, or other assets against cash payment at a counter ("across the table"), without the buyer providing identification.

PAMP Suisse is a Swiss precious metals refinery founded in 1977, headquartered in Castel San Pietro, and is one of the most prestigious and widely recognised bar manufacturers in the world.

Palladium (Pd, atomic number 46) is a silver-white platinum group precious metal used primarily as a catalyst in vehicle exhaust systems and in the electronics industry.

A palladium coin is a struck coin made of palladium with a defined fineness, acquired as an investment vehicle or collector\'s item.

Palladium white gold is a gold alloy in which palladium serves as the primary alloying metal, giving gold its characteristic silver-white colour.

The Gold Panda and Silver Panda are official bullion coins of the People\'s Republic of China, issued annually since 1982 (gold) and 1983 (silver) by the China Gold Coin Corporation, distinguished from other bullion coins by their annually changing giant panda motif.

Paper gold refers to gold financial products such as ETFs, ETCs, futures, or certificates that track a gold price without the holder acquiring direct ownership of physical metal — even though some products (e.g. Xetra-Gold) do confer a right to physical delivery.

The pennyweight (dwt) is a unit of weight within the troy system equal to 1/20 of a troy ounce, used primarily in Anglo-American jewellery and goldsmithing trades.

Per mille (‰) expresses the fineness of a precious metal as thousandths of the total mass and is the legally binding indication on bars and coins.

The Perth Mint is Australia\'s official government mint, founded in 1899, and is regarded as one of the world\'s most renowned refineries and minting facilities for investment gold, investment silver, and platinum.

Silver used as a conductive paste in solar cells to conduct electricity away from the semiconductor, now representing the single largest industrial consumption category for the metal.

The ping test is a non-destructive authenticity check in which the characteristic ringing sound of a coin when lightly struck is used to distinguish genuine precious metal coins from counterfeits.

Platinum is a rare, silvery-white precious metal of the platinum-group metals with atomic number 78, regarded as one of the most valuable metals on earth owing to its exceptional corrosion resistance, catalytic properties, and industrial versatility.

A platinum coin is a bullion or collector coin struck from platinum with a fineness of at least 999.5/1000 (Pt 999.5), issued worldwide by state mints.

Platinum Group Metals (PGM) are six chemically related transition metals – platinum, palladium, rhodium, iridium, osmium, and ruthenium – distinguished by exceptional corrosion resistance, high melting points, and catalytic properties.

Precious metals are a group of chemical elements characterised by high resistance to corrosion and oxidation, and which occur in nature predominantly in native form — that is, in pure metallic form.

Precious metals are defined as metals with a standard electrode potential that is significantly more positive than that of the hydrogen electrode, meaning they do not react with water, oxygen or most acids under standard conditions.

Precious metal recycling refers to the recovery of gold, silver, and platinum group metals from scrap material such as jewellery, electronic waste, and industrial residues through chemical or thermal processing methods.

With a precious metal savings plan, you regularly purchase gold or silver for a fixed amount — the cost-average effect smooths out price fluctuations over time.

The premium is the surcharge above the spot price that buyers pay when purchasing physical precious metal products such as coins or bars, in addition to the pure metal value.

The premium (agio) is the amount by which the selling price of a precious metal coin or bar exceeds the current metal value (spot price).

Primary mining refers to the extraction of precious metals directly from the earth through mining, as opposed to secondary recovery from recycled material.

A private disposal transaction within the meaning of § 23 of the German Income Tax Act (EStG) occurs when a private individual sells assets – including physical precious metals – at a profit within the statutory holding period, making that profit subject to income tax.

Proof (in German: Polierte Platte) denotes the highest quality grade for coin strikes, recognisable by mirror-polished fields and frosted motifs.

Collective term for British bullion coin series from the Royal Mint, issued in themed editions that combine investment value with high collector potential.

The Rand Refinery is the world\'s largest integrated gold refinery and manufacturer of the Krugerrand, the world\'s best-known gold investment coin.

The real interest rate is the nominal interest rate adjusted for inflation, showing the actual change in purchasing power that an investment produces.

Red gold is a gold alloy with a high copper content that gives the metal its characteristic reddish to warm bronze-coloured hue.

A refinery separates (refines) precious metals from scrap gold, industrial waste and ores, and processes them into high-purity fine metal.

Refining (affinage) refers to the industrial purification and processing of crude precious metals to commercially or investment-grade finenesses.

The reflectivity (reflectance) of a metal indicates what proportion of incident light its surface reflects back, and is responsible for the characteristic metallic lustre of gold, silver, and other precious metals.

Responsible Gold refers to gold that has been mined and traded throughout the entire supply chain in accordance with minimum ethical, social, and environmental standards.

Rhodium (Rh) is a silver-white platinum group precious metal used primarily as a catalyst in vehicle exhaust systems and for surface finishing; it is among the rarest and most expensive metals on Earth.

An electroplated layer of rhodium applied to jewellery or coins to enhance brilliance, scratch resistance, and tarnish protection.

Rose gold is a gold alloy with a characteristic pink to reddish hue created by a deliberate copper content.

The Royal Canadian Mint (RCM) is Canada's state mint and one of the most prestigious precious metal institutions in the world, renowned for the Maple Leaf and its highest purity standards.

The Royal Mint is the official mint of the United Kingdom and one of the oldest continuously operating mints in the world, renowned for bullion coins such as the Britannia and the Sovereign.

Finance companies that provide upfront capital to mines and receive in return the right to purchase a share of future precious metal production at a pre-agreed price or in exchange for a revenue-based fee.

Ruthenium (Ru) is a rare platinum-group metal with exceptional hardness and corrosion resistance, used primarily in the electronics industry and as an alloying additive.

A safe haven is an asset that retains or increases its value during periods of economic or political uncertainty, while other asset classes decline.

Scrap gold refers to used or damaged gold items – jewellery, dental gold, coins, and industrial residues – that are melted down and refined to recover the contained fine gold content.

Scrap silver refers to used silver from jewellery, cutlery, coins, or industrial products that is melted down or processed as a raw material.

Semi-precious metals are metals that exhibit a certain resistance to corrosion, but do not possess the complete chemical inertness of precious metals.

A unique identification number engraved or stamped by the manufacturer on precious metal bars, enabling traceability, authenticity verification and certificate matching.

Sigma Metalytics refers to a product line of portable testing devices that measure the specific electrical resistance of precious metals via electromagnetic induction, reliably exposing counterfeits.

Silver (Ag) is a lustrous white precious metal with the highest electrical conductivity of all elements and is used both as an investment metal and in industry, photography, and medicine.

A silver bar is a standardized semi-finished product made from fine silver (at least 999/1000) that serves as a physical investment form for private investors and institutional investors.

Silver coins as circulating money were government-minted means of payment made from silver alloys that dominated everyday monetary transactions for centuries, until rising silver prices forced their withdrawal and replacement with coins made from base metals.

Solid silver cutlery consists entirely of a silver alloy, whereas silver-plated cutlery carries only a thin silver layer over a base-metal core.

A Silver ETF (Exchange Traded Fund) is an exchange-traded fund that tracks the price performance of silver without investors needing to physically purchase, transport, or store the metal.

The silver ounce is the international standard unit for silver trading and refers to one troy ounce of silver weighing 31.1035 grams.

The tax-related surcharge on silver purchases refers to the portion of the price that buyers pay above the pure metal value, because investment silver — unlike investment gold — is subject to VAT.

The Somalia Elephant is an annually redesigned silver bullion coin that, despite its name, has been officially issued by the Republic of Rwanda since 2016.

The Sovereign is a British gold coin with a fineness of 916.7 ‰ (22 carats) and a fine weight of 7.3224 grams, minted since 1817 and widely regarded as a classic bullion coin around the world.

Specific gravity (also: relative density) indicates how much heavier a substance is compared to water (density 1.0 g/cm³) and is one of the most reliable indicators for verifying the authenticity of precious metals.

The speculative holding period refers to the time after which private disposal gains from the sale of precious metals and other assets remain tax-free in Germany.

The spot market is the market for immediate delivery of precious metals at the currently prevailing spot price.

The spot price is the current market price for immediate delivery of one troy ounce of a precious metal — the basis for almost all buying and selling prices.

The spot rate is the current market price of a precious metal for immediate delivery and payment, also known as the spot price.

The spread is the difference between the buying price (bid) and the selling price (ask) of a precious metal, representing the dealer\'s implicit trading margin.

Sterling silver is a silver alloy containing 92.5 % fine silver (925/1000) – the standard for cutlery, jewellery, and many collectibles.

The streak test is a classical chemical method for determining the fineness of gold alloys, in which a metal streak on a touchstone is compared with acid solutions of known concentration.

The interplay of supply (mine production, recycling, central bank sales) and demand (jewellery, industry, investment) largely determines the price of precious metals.

Fairtrade Gold is certified gold from artisanal and small-scale mining that meets minimum social standards, environmental requirements, and a binding Fairtrade premium on top of the market price.

The tael is a traditional East Asian unit of weight for precious metals whose exact mass varies by region, ranging from approximately 37.4 g to 37.8 g.

Tarnishing refers to the surface discolouration of metals caused by a chemical reaction with sulphur compounds or oxygen from the surrounding air.

The tax-free allowance of 1,000 euros (until 2022: 600 euros) exempts private capital gains from precious metal sales within the speculative holding period from income tax, provided the total profit from all private disposal transactions in the calendar year does not exceed this amount.

Thermal conductivity describes how well a material transports thermal energy through itself and is expressed in watts per metre per kelvin (W/(m·K)).

The tola is a traditional South Asian unit of weight for gold and silver, equal to exactly 11.6638 grams, and is widely used in India, Pakistan, and Gulf markets.

Tombac is a copper-zinc alloy with a copper content of 67–90%, known for its gold-like colour as a decorative material and historic coin metal.

The globally standard unit of weight in precious metal trading: one troy ounce equals exactly 31.1034768 grams of pure precious metal.

The troy weight system is the internationally binding system of measurement for precious metals, whose base unit is the troy ounce at exactly 31.1034768 grams.

A tungsten forgery is a counterfeit gold or platinum bar or coin in which a tungsten core is coated with a thin layer of precious metal, exploiting the nearly identical density of tungsten (19.25 g/cm³) and gold (19.32 g/cm³).

A non-destructive testing method that uses ultrasonic sound waves to determine the density, internal structure, and material composition of precious metal bars and coins.

Umicore is a Belgian technology group and one of the world\'s leading precious metal refiners, whose bars and coin blanks are accredited under LBMA Good Delivery.

Unallocated gold refers to a gold claim against a bank or provider that is not backed by any individually assigned, physically segregated bar or coin.

The United States Mint is the official coinage authority of the United States and has been issuing legal tender coins as well as bullion coins in gold, silver, and platinum since 1792.

Urban mining refers to the targeted recovery of precious metals and other valuable materials from e-waste, end-of-life devices, and industrial waste streams as a complement to primary mining.

Investment gold is exempt from VAT in the EU provided it meets certain minimum requirements for fineness and form.

The purchase of silver (bars, coins, industrial silver) is subject to VAT in Germany – unlike investment gold, which is VAT-exempt.

Valcambi is one of the world's largest and most renowned gold refineries, headquartered in Balerna in the Swiss canton of Ticino, known for its highest purity standards and the patented CombiBar system.

Vermeil refers to gold-plated sterling silver with a minimum gold coating of 2.5 micrometres, positioned as a distinct jewellery category between solid gold and simple gold plating.

The Vienna Philharmonic is Austria's most famous bullion coin and one of the world's most traded precious metal bullion coins, available in gold, silver and platinum.

Volatility measures the intensity of price fluctuations over a defined period and is regarded as the central measure of market risk for an asset.

The Vreneli is a Swiss gold coin with a fineness of 900/1000 (21.6 karat), minted between 1897 and 1949, and traded today as a classic bullion coin.

Wristwatches and pocket watches whose case, bracelet or dial is made entirely or partially from gold, silver, platinum or palladium.

Wealth protection refers to strategies and instruments aimed at preserving the real value of assets against inflation, currency devaluation, crises, and political risks.

White gold is a gold alloy to which white metals such as palladium, nickel or silver are added to create the characteristic silvery-white colour.

White gold metals are the precious metals that give gold a silvery-white colour when used as alloying partners – primarily palladium, platinum and nickel.

Germany's flat-rate withholding tax of 25 % taxes capital income at a flat rate, but does not apply to physical precious metals – instead, the speculative holding period under § 23 EStG applies.

A non-destructive analytical method that uses X-ray radiation to precisely determine the elemental composition of precious metals and alloys.

Xetra-Gold is an exchange-traded bearer bond (ETC) issued by Deutsche Börse Commodities GmbH, physically backed by gold, that grants investors a certified right to the delivery of real gold.

Yellow gold is the classic gold alloy made from gold, silver, and copper, whose warm yellowish colour most closely resembles the pure metal.