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Bullion: (Noun) Gold or silver considered with respect to
quantity rather than value. Gold or silver in the form of bars, ingots, or
plates. A heavy lace trimming made of twisted gold or silver threads.
Ever since its discovery 5,000
years ago, gold has been treasured for its unmatched luster, beauty and
intrinsic value. Today, gold continues to enjoy widespread appeal as an
investment and storehouse of value. Gold is an internationally recognized
monetary and financial asset held in reserve by major governments. It is so
rare that all the gold ever mined could fit into a cube measuring just 20
yards on each side.
What is Gold?
Gold is a heavy, yellow, metallic chemical element. It is a precious metal,
with a high degree of ductility and malleability, that is used in the
manufacture of a wide range of products including jewelry, electronics, and
coinage. Gold forms in high temperature hydrothermal quartz veins. These
veins carry the gold to the earth's surface through super heated solutions
and this material deposits in fissures to form ore bodies. Erosion of the
host rock by wind and water washes the gold from the ore bodies. Some of the
gold stays near the vein and water carries some of the gold into rivers and
streams. The gold nuggets found in rivers and streams are known as placer
gold while the gold found in ore bodies and veins is known as lode gold.
Typically, the old timers would follow placer deposits to the source, or
lode gold, and then start hard rock mining.
Mineral symbol: Au, hardness: 2.5-3, specific gravity: 19.29, color: golden
yellow to white or orange/red
How is Gold Weighed?
The weight of gold or gold articles is usually expressed in troy ounces.
1 troy ounce = 1.097 ordinary ounce
12 troy ounce=1 troy pound
31.1 grams=1 troy ounce
1.55 grams=1 pennyweight (1dwt)
20 pennyweight (dwt) = 1 troy ounce
24 grains=1 pennyweight (dwt)
480 grains=1 troy ounce
How is Purity Measured?
The purity of gold articles is generally described in three ways:
Percent Fineness Karats
(parts of gold per 100) (parts of gold per 1000) (parts of gold per 24)
100 percent 999 fine 24 karat
91.7 percent 917 fine 22 karat
75.0 percent 750 fine 18 karat
58.3 percent 583 fine 14 karat
41.6 percent 416 fine 10 karat
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