Bullion Glossary: Terms Every Buyer Should Know
Plain definitions of common bullion terms: spot, premium, fineness, assay, BU, proof and more.
A quick reference to the words you'll see when buying gold and silver.
Spot
Market price for one troy ounce of raw metal.
Premium
Amount above metal value.
Fineness
Purity, such as .999.
Assay card
Sealed packaging certifying a bar's weight and purity.
BU
Brilliant uncirculated; standard bullion condition.
Proof
Specially struck collector finish.
Round
Privately minted coin-shaped piece, not legal tender.