Shopping on line can be easy, simple and save you lots of money. It can also take a lot of your time, frustrate you, and result in unwanted purchases. Now the same can be said for regular high street shopping, but with the vast opportunity presented by the Internet it will pay you to spend a few minutes reading this and understanding how to better optimize your Precious Metal shopping experience:
1. Compare - without doubt the biggest advantage that the Precious Metal offers shoppers today is the ability to compare thousands of Precious Metal at a time. This is a great thing, but not necessarily all the time! Too much can be daunting at times so take advantage of the great comparison sites and where possible let them do the hard work for you.
2. Research - if it has been said it will be on the internet. Ignorance is no longer a justifiable reason for buying the wrong thing. Take the time to research in detail everything that you could possible want to know about
3. Testimonials - don't know anybody that has bought a Precious Metal? Wrong! If the Precious Metal is good the internet will let you know. Use the Internet as a friend and get testimonials before you buy.
4. Questions - Got a question about Precious Metal then search the Forums, FAQ's, Blogs etc. Don't be afraid to ask .....
5. Reputation - Never heard of the company selling Precious Metal? Don't worry, no reason why you should know every company in the world, but you know someone that does! Use the internet to find out what people are saying about Precious Metal and build up a picture of their reputation for sales, returns, customer service, delivery etc.
6. Returns - still worried that even after all of the above your Precious Metal wont be what you want? Check out the returns policy. There is so much competition now that someone, somewhere is bound to offer the terms that you are comfortable with.
7. Feedback - happy with your Precious Metal then let people know, after all you are depending on others people input in your buying decision, so why not give a little back.
8. Security - check for the yellow padlock on the Precious Metal site before you buy, and the s after http:/ /i.e. https:// = a secure site
9. Contact - got a question about Precious Metal, or want to leave a comment then check out the sites contact page. Reputable companies have them and respond.
10. Payment - ready to pay for your Precious Metal, then use your credit card or PayPal! Be aware of companies that don't accept them, there may be genuine reasons but given the huge amount of choice you have when buying online there is no reason at all not to buy via credit card or PayPal.
Bullion redirects here. For uses of the word 'bouillon
, see bouillon (disambiguation)
A
precious metal is a rare
metal chemical element of high
economics value. Chemically, the precious metals are less reactivity than most elements, have high
lustre (mineralogy), are softer or more
ductility, and have higher
melting points than other metals. Historically, precious metals were important as currency, but are now regarded mainly as investment and industrial commodity. Gold,
silver,
platinum and palladium each have an ISO 4217 currency code.
The best-known precious metals are gold and silver. While both have industrial uses, they are better known for their uses in
art, jewellery and
currency. Other precious metals include the platinum group metals:
ruthenium,
rhodium, palladium, osmium,
iridium and platinum, of which platinum is the most widely traded.
Rhenium is a precious metal that is not part of the platinum group or one of the traditional precious metals.
The demand for precious metals is driven not only by their practical use, but also by their role as investments and a store of value. Palladium, osmium and iridium, as of September 23,
2007, are valued at $340, $380 and $425 USD per troy ounce, respectively, which is about half the price of gold, at $737 USD/ounce. Platinum's price of $1,332 USD/ounce is less than twice that of gold. Rhodium is usually the most expensive of the precious metals, over 4.5 times more expensive than platinum, with a current price of $6,150. However, the price of rhenium has been fluctuating wildly recently and at the moment it is selling at 5,950 USD per ounce, just below rhodium. Meanwhile, ruthenium is valued at $525 USD per ounce and silver has fluctuated as well lately, trading at $13.47 USD/ounce. Silver is substantially less expensive than all of the other precious metals, presently less than 1/50 the price of gold, but is often traditionally considered a precious metal for its role in coinage and jewellery.
Bullion
bullion coins from the
Sveriges RiksbankA metal is deemed to be
precious if it is rare. The discovery of new sources of ore or improvements in mining or refining processes may cause the value of a precious metal to diminish, as in the example of
aluminium, which was considered a precious metal before the development of the
Hall-Héroult process made it possible to extract aluminium on a large scale. The status of a "precious" metal can also be determined by high
demand or
market value. Precious metals in bulk form are known as
bullion, and are traded on commodity markets. Bullion metals may be cast into
ingots, or minted into coins. The defining attribute of bullion is that it is valued by its mass and purity rather than by a face value as
money.
Many nations mint
bullion coins, of which the most famous is probably the gold
South African Krugerrand. Although nominally issued as legal tender, these coins' face value as currency is far below that of their value as bullion. For instance,
Canada mints a gold bullion coin (the Canadian Gold Maple Leaf) at a face value of $50 containing one troy ounce (31.1035 g) of gold — as of September 2007, this coin is worth about $737 as bullion. Bullion coins' minting by national governments gives them some
numismatism value in addition to their bullion value, as well as certifying their purity.
The level of purity varies from issue to issue. 99.9% purity is common. The purest mass-produced bullion coins are in the Canadian Gold Maple Leaf series, which go up to 99.999% purity. Note that a 100% pure bullion is not possible, as absolute purity in extracted and refined metals can only be asymptote approached. Usually a bullion coin contains a stated quantity (such as one troy ounce) of the slightly-impure alloy; the
Krugerrand is unusual in containing one troy ounce of actual gold, with the impurity making the coin heavier than one ounce.
One of the largest bullion coins in the world is the 10,000 dollar
Australian Gold Nugget coin minted in
Australia which consists of a full kilogram of 99.9% pure gold. There have been a small number of larger bullion coins, but they are impractical to handle and not produced in mass quantities. China has produced coins in very limited quantities (less than 20 pieces minted) that exceed 260 troy ounces (8 kg) of gold.
Austria has minted a coin containing 31 kg of gold. As a stunt to publicise the 99.999% pure one-ounce Canadian Gold Maple Leaf series, in 2007 the
Canadian Mint made a 100 kg 99.999% gold coin, with a face value of
Canadian dollar 1 million, and now manufactures them to order, but at a substantial premium over the market value of the gold.
Gold as an investment and silver as an investment are often seen as hedge (finance) against both inflation and economic downturn.
Silver coins have become popular with collectors due to their relative affordability, and unlike most gold and platinum issues which are valued based upon the markets, silver issues are more often valued as collectables, far higher than their actual bullion value.
Precious metal status
An interesting case of a once-precious metal that is now common is that of aluminium. Although aluminium is one of the most commonly occurring elements on Earth, it was initially found to be exceedingly difficult to extract from its various
ores. This made the little available pure aluminium which had been discovered (or refined at great expense) more valuable than gold. Bars of aluminium were exhibited alongside the
France crown jewels at the Exposition Universelle (1855), and
Napoleon III of France was said to have reserved a set of aluminium dinner plates for his most honored guests. Additionally, the pyramidal top to the
Washington Monument is made of pure aluminium. At the time of the monument's construction, aluminium was more expensive than silver, gold, or platinum. Over time, however, the price of the metal has dropped; the invention of the Hall-Héroult process in 1886 caused the high price of aluminium to permanently collapse.
See also
External links
- Current Metal Prices
- International Precious Metals Institute
Bullion redirects here. For uses of the word 'bouillon
, see bouillon (disambiguation)
A
precious metal is a rare metal
chemical element of high
economics value. Chemically, the precious metals are less reactivity than most elements, have high lustre (mineralogy), are softer or more
ductility, and have higher
melting points than other metals. Historically, precious metals were important as currency, but are now regarded mainly as investment and industrial commodity.
Gold, silver, platinum and palladium each have an ISO 4217 currency code.
The best-known precious metals are gold and silver. While both have industrial uses, they are better known for their uses in
art, jewellery and currency. Other precious metals include the platinum group metals:
ruthenium, rhodium, palladium, osmium, iridium and platinum, of which platinum is the most widely traded.
Rhenium is a precious metal that is not part of the platinum group or one of the traditional precious metals.
The demand for precious metals is driven not only by their practical use, but also by their role as investments and a
store of value. Palladium, osmium and iridium, as of September 23, 2007, are valued at $340, $380 and $425
USD per
troy ounce, respectively, which is about half the price of gold, at $737 USD/ounce. Platinum's price of $1,332 USD/ounce is less than twice that of gold. Rhodium is usually the most expensive of the precious metals, over 4.5 times more expensive than platinum, with a current price of $6,150. However, the price of rhenium has been fluctuating wildly recently and at the moment it is selling at 5,950 USD per ounce, just below rhodium. Meanwhile, ruthenium is valued at $525 USD per ounce and silver has fluctuated as well lately, trading at $13.47 USD/ounce. Silver is substantially less expensive than all of the other precious metals, presently less than 1/50 the price of gold, but is often traditionally considered a precious metal for its role in coinage and jewellery.
Bullion
bullion coins from the
Sveriges RiksbankA metal is deemed to be
precious if it is rare. The discovery of new sources of ore or improvements in mining or refining processes may cause the value of a precious metal to diminish, as in the example of aluminium, which was considered a precious metal before the development of the
Hall-Héroult process made it possible to extract aluminium on a large scale. The status of a "precious" metal can also be determined by high
demand or market value. Precious metals in bulk form are known as
bullion, and are traded on
commodity markets. Bullion metals may be cast into
ingots, or minted into
coins. The defining attribute of bullion is that it is valued by its mass and purity rather than by a
face value as
money.
Many nations mint
bullion coins, of which the most famous is probably the gold
South African Krugerrand. Although nominally issued as legal tender, these coins' face value as currency is far below that of their value as bullion. For instance,
Canada mints a
gold bullion coin (the Canadian Gold Maple Leaf) at a face value of $50 containing one troy ounce (31.1035 g) of gold — as of September 2007, this coin is worth about $737 as bullion. Bullion coins' minting by national governments gives them some numismatism value in addition to their bullion value, as well as certifying their purity.
The level of purity varies from issue to issue. 99.9% purity is common. The purest mass-produced bullion coins are in the Canadian Gold Maple Leaf series, which go up to 99.999% purity. Note that a 100% pure bullion is not possible, as absolute purity in extracted and refined metals can only be
asymptote approached. Usually a bullion coin contains a stated quantity (such as one troy ounce) of the slightly-impure
alloy; the
Krugerrand is unusual in containing one troy ounce of actual gold, with the impurity making the coin heavier than one ounce.
One of the largest bullion coins in the world is the 10,000 dollar
Australian Gold Nugget coin minted in Australia which consists of a full kilogram of 99.9% pure gold. There have been a small number of larger bullion coins, but they are impractical to handle and not produced in mass quantities. China has produced coins in very limited quantities (less than 20 pieces minted) that exceed 260 troy ounces (8 kg) of gold.
Austria has minted a coin containing 31 kg of gold. As a stunt to publicise the 99.999% pure one-ounce Canadian Gold Maple Leaf series, in 2007 the
Canadian Mint made a 100 kg 99.999% gold coin, with a face value of Canadian dollar 1 million, and now manufactures them to order, but at a substantial premium over the market value of the gold.
Gold as an investment and silver as an investment are often seen as hedge (finance) against both
inflation and economic downturn.
Silver coins have become popular with collectors due to their relative affordability, and unlike most gold and platinum issues which are valued based upon the markets, silver issues are more often valued as collectables, far higher than their actual bullion value.
Precious metal status
An interesting case of a once-precious metal that is now common is that of aluminium. Although aluminium is one of the most commonly occurring elements on Earth, it was initially found to be exceedingly difficult to extract from its various ores. This made the little available pure aluminium which had been discovered (or refined at great expense) more valuable than gold. Bars of aluminium were exhibited alongside the France crown jewels at the
Exposition Universelle (1855), and Napoleon III of France was said to have reserved a set of aluminium dinner plates for his most honored guests. Additionally, the pyramidal top to the
Washington Monument is made of pure aluminium. At the time of the monument's construction, aluminium was more expensive than silver, gold, or platinum. Over time, however, the price of the metal has dropped; the invention of the Hall-Héroult process in 1886 caused the high price of aluminium to permanently collapse.
See also
External links
- Current Metal Prices
- International Precious Metals Institute
Precious metal recovery
Recycles scrap precious metals from scrap, automotive, and petrochemical catalytic convertors. Based in the United Kingdom.
Precious Metal: the blog
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A precious metal is a rare metallic chemical element of high economic value. Chemically, the precious metals are less reactive than most elements, have high luster, are softer or ...
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