Ag - The chemical symbol for silver.
Alloy - A substance composed of two or more metals.
Allocated Metal - Assigning defined quantities of physical metals to specific accounts. For example, if an investor buys shares in a gold exchange-traded fund, each share is backed by a defined amount of physical gold.
Approved Carriers - An exchange-authorized armored carrier approved for the transport of precious metals.
Ask - The price which the seller is willing to accept for a commodity; also known as the offer price.
Assay - The act of testing the purity of precious metals.
Au - The chemical symbol for gold.
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Bank Wire - An electronic transfer of funds through the Federal Reserve System from one financial institution to another for the benefit of a specific account.
Base Metal - Copper, aluminum, iron, lead, nickel, tin and zinc.
Bear Market - Market characterized by a declining trend in terms of prices.
Bid - The bid price is the price at which a dealer is willing to buy a commodity; opposite of "ask".
BU - Brilliant uncirculated, used to describe a coin in new condition.
Bullion - Precious metals, including gold, silver, platinum, and palladium, that are traded based on their intrinsic metal value.
Bullion Coin - A precious metal coin whose market value is determined by its inherent precious metal content. They are bought and sold mainly for investment purposes.
Bull Market - Market characterized by upwardly moving price trend.
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Call - The right, but not an obligation, to buy a commodity or a financial security on a specified date in the future.
Canadian Maple Leafs - Modern bullion coins minted by the Royal Canadian Mint.
Carrying Charge - The cost associated with holding a financial instrument or storing a physical commodity over a defined period of time.
Cash - U.S. currency.
Cash Market - The market for a cash commodity where the actual physical product is traded.
Cashier's Check - Check drawn by a bank with its own funds and signed by its cashier.
Central Bank - The entity responsible for establishing a nation's monetary and fiscal policy and controlling the money supply and interest rates. In the U.S., the Federal Reserve Board is often referred to as the Central Bank.
Close - The official end of a trading session.
Coin - A stamped piece of metal of a known weight and fineness issued for commerce.
Coin of the Realm - A legal tender coin issued by a government, meant for general circulation.
Comex - One of the world's major commodities futures exchanges where gold and silver are traded. The Comex is in New York City and is a division of the New York Mercantile Exchange.
Commemoratives - Legal tender coins or medallions usually minted of gold or silver to commemorate themes, events, places, or people.
Commission - The fee charged by a broker for the execution of an order.
Correction - A decline in prices following a rise in a market.
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Deliverable Bar - A precious metals bar with a weight, fineness and hallmark approved as a tradable unit on a commodity exchange.
Delivery - The exchange by which an underlying commodity, cash, or other delivery instrument is tendered and received by the contract holder.
Delivery Point - A location designated by an exchange at which delivery may be made in fulfillment of contract terms.
Depository or Warehouse Receipt - A document issued by a depository institution indicating ownership of a commodity stored in a vault or warehouse.
Double Eagles - U.S. $20 gold coins used as legal tender 1850-1933. Double Eagles contain .9675 ounce of gold and come in two designs: the St. Gaudens (Walking Liberty) and the Liberty.
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