Arbitrage is the practice of buying an asset in one market and selling it in another to profit from price differences.
An assay is a test that determines the purity and composition of a metal.
All-in sustaining cost (AISC) is a mining industry metric that measures the total cost of producing one ounce of metal while maintaining current operations. It includes mining, processing, administration, and sustaining capital expenses.
The barter system is a way of trading where people exchange goods or services directly without using money.
Bullion refers to precious metals such as gold or silver in physical form, typically bars or coins.
The bid price is the highest price a buyer is willing to pay for a metal or bullion product.
The buyback price is the amount a dealer is willing to pay to purchase bullion from a seller.
Backwardation occurs when the current spot price of a metal is higher than futures prices for delivery in the future.
The COMEX price refers to metal prices derived from futures trading on the Commodity Exchange in New York.
CAGR measures the average annual growth rate of an investment over time.
The dealer spread is the difference between the price a dealer sells bullion for and the price they buy it back.
A depression is a severe and prolonged downturn in economic activity.
Devaluation is when a country deliberately lowers the value of its currency relative to others.
An ETF is an investment fund traded on stock exchanges that tracks an underlying asset such as gold or silver.
Eligible gold refers to gold stored in exchange-approved vaults that meets purity standards but is not registered for delivery.
Exploration drilling is used by mining companies to locate and evaluate potential mineral deposits.
Fiat currencies are types of money not backed by physical commodities like gold or silver.
Fineness measures the purity of a precious metal expressed in parts per thousand.
The gold-silver ratio measures how many ounces of silver are required to buy one ounce of gold.
A Good Delivery bar meets strict standards for weight and purity set by organizations such as the LBMA.
The gold standard is a monetary system where currency value is directly linked to gold.
The gold lease rate is the interest rate charged for borrowing physical gold.
Gold fixing is the process of setting benchmark gold prices used globally for trading and settlement.
A hallmark is an official stamp verifying the purity of precious metals.
Hyperinflation is an extremely high and accelerating inflation rate.
Hedging is a strategy used to reduce exposure to price fluctuations.
Inflation is the gradual increase in prices and fall in purchasing power.
Intrinsic metal value is the value of a metal based purely on its material content.
Karat is a measure of gold purity, with 24 karats being pure gold.
The LBMA price is a global benchmark precious metals price.
Liquidity describes how easily an asset can be bought or sold.
Legal tender is money that must be accepted to settle debts.
A long position is an investment that profits when the price of an asset rises.
Melt value is the value of a metal item based on its metal content.
A margin call occurs when an investor must deposit more funds to maintain a leveraged position.
Market capitalization is the total value of a mining company’s outstanding shares.
Mining dilution refers to the reduction in ore grade during extraction.
Numismatic value is the collectible value of a coin beyond its metal content.
Open interest is the total number of outstanding futures contracts.
Ore grade measures the concentration of valuable metal in mined material.
Paper money is currency issued by governments without intrinsic value.
Physical settlement occurs when a futures contract results in delivery of actual metal.
Price discovery is the process of determining market value through trading activity.
A private mint produces bullion products independently of government mints.
Production cost per ounce measures how much it costs a mining company to produce one ounce of metal.
Quantitative easing is a monetary policy where central banks buy assets to increase money supply.
A realized gain occurs when an asset is sold for more than its purchase price.
A refinery processes raw metal into purified form meeting market standards.
Reserve replacement ratio measures how well a mining company replaces extracted resources.
The spot price is the current market price for immediate delivery of a metal.
Learn more ->The bid-ask spread is the difference between buy and sell prices.
A safe haven asset is expected to retain value during market stress.
A storage fee is the cost of storing physical bullion securely.
A silver squeeze is a surge in demand causing shortages and rising premiums.
A short position profits when asset prices fall.
A supply deficit occurs when demand exceeds available production.
Spread trading involves taking positions based on price differences between markets.
Tailings are leftover materials after valuable minerals are extracted.
A take profit order automatically sells an asset once a target price is reached.
A troy ounce is the standard unit of weight for precious metals.
An unrealized gain is an increase in investment value not yet sold.
Vaulted gold is physical gold stored securely on behalf of an owner.
Volatility measures how much price fluctuates over time.
Warehouse stocks refer to metal inventories stored in exchange-approved vaults.
Wholesale price is the price paid in large-volume professional markets.
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