Gold glossary A-Z

Gold has its own language, borrowed from chemistry, mining, jewelry and finance. Here are the words used most often in our guides.

66 terms

A

Alloy

A mixture of metals; most gold jewelry is gold alloyed with silver, copper or other metals.

Alluvial gold

Gold deposited by rivers and streams; another name for placer gold.

Aqua regia

A mix of nitric and hydrochloric acids that can dissolve gold.

Ask

The price a dealer charges when you buy. See bid, ask and premiums.

Assay

A test that measures the exact precious metal content of a sample. See assaying.

Assay card

Sealed packaging with a certificate of weight and purity, common on small bars.

Au

The chemical symbol for gold, from the Latin word aurum.

B

Bid

The price a dealer pays when you sell.

Bullion

Gold in bulk form, such as bars and investment coins, valued by weight and purity.

Bullion coin

A government-issued coin valued mainly for its metal. See bullion coin comparison.

C

Carat

Spelling of karat used outside North America; also a unit of gemstone weight (0.2 g).

Carlin Trend

A belt of gold deposits in Nevada, a major source of US gold.

Central bank reserves

Gold held by national central banks.

COMEX

A New York futures exchange where gold contracts trade.

Conglomerate

Rock made of rounded pebbles cemented together; hosts Witwatersrand gold.

Cyanide leaching

A process using dilute cyanide solution to dissolve gold from ore. See cyanide and heap leaching.

D

Density

Mass per volume; gold is about 19.3 grams per cubic centimeter.

Doré

A semi-pure alloy of gold and silver produced at mine sites before refining.

Ductility

The ability to be drawn into wire; gold is extremely ductile.

E

Electroplating

Using electricity to deposit a thin metal coating.

Electrum

A natural alloy of gold and silver used in some of the first coins.

ETF

Exchange-traded fund; some hold physical gold. See bars, coins and funds.

F

Face value

The nominal currency value on a coin, far below a bullion coin's metal value.

Fineness

Purity expressed in parts per thousand, such as 999.9. See fineness.

Fire assay

The most accurate method of measuring gold content, by melting a sample.

Fool's gold

Pyrite, a brassy iron sulfide often mistaken for gold.

G

Gilding

Applying thin gold leaf or gold paint to a surface. See gold leaf.

Gold-filled

A thick layer of gold bonded to a base metal core.

Gold leaf

Gold hammered into extremely thin sheets.

Gold standard

A monetary system where currency is backed by or convertible to gold. See gold standard.

Good Delivery bar

A large bar, roughly 400 troy ounces, meeting London market standards.

Grade

The amount of gold in ore, often in grams per tonne.

H

Hallmark

Official stamp showing purity and often the maker or assay office. See hallmarks.

Heap leaching

Piling crushed ore and trickling cyanide solution through it.

K

Karat

Purity in 24ths; 24K is pure gold. See karats.

L

LBMA

London Bullion Market Association, which sets standards for the London gold market.

LBMA Gold Price

A benchmark price set twice daily in London.

Lode

A vein of ore in solid rock.

M

Malleability

The ability to be hammered thin; gold is the most malleable metal.

Melt value

The value of an item's gold content at the spot price.

Mint

A facility that produces coins.

N

Native gold

Gold found as pure metal in nature, usually alloyed with some silver.

Nugget

A natural lump of gold. See largest gold nuggets.

Numismatic

Relating to coin collecting; numismatic coins are valued for rarity.

O

Ore

Rock containing enough metal to be mined profitably.

P

Panning

Separating gold from gravel by swirling it in a pan. See panning.

Placer

A deposit of loose gold in sand or gravel.

Plated

A thin layer of gold over another metal.

Premium

The amount a product's price is above spot.

Proof coin

A specially struck collector coin with a mirror finish.

Pyrite

Fool's gold, an iron sulfide mineral.

R

Reef

A miner's term for a gold-bearing layer of rock.

Refining

Purifying gold to high fineness. See smelting and refining.

Rose gold

Gold alloyed with extra copper for a pinkish color.

S

Smelting

Melting ore or concentrate to separate metal.

Spot price

The current wholesale market price. See spot price.

Spread

The difference between bid and ask prices.

T

Tailings

Waste material left after ore processing.

Tola

A traditional South Asian unit of weight, about 11.66 grams.

Troy ounce

The standard unit for precious metals, 31.1035 grams.

Tungsten

A metal with almost the same density as gold, used in counterfeits.

V

Vein

A sheet of mineral deposited in a rock fracture, often quartz with gold.

Vermeil

Sterling silver coated with gold, with minimum thickness standards in some countries.

W

White gold

Gold alloyed with white metals and often plated with rhodium.

Witwatersrand

The South African basin that has produced more gold than any other region.

X

XRF

X-ray fluorescence, a non-destructive test of surface composition.