BULLION TERMINOLOGY - B

*Sourced from Kitco.com*

Bank wire

The fastest and most secure type of electronic transfer of funds from one bank account to another.
 

Bar

Typically rectangular in shape, this piece of metal is certified to have a specific weight and purity by its refiner.
 

Bid

The dealer's live buying price for an ounce of raw metal (not including fabrication cost). This may differ from the Spot price.
 

Bitcoin

A type of digital currency created in 2009 that uses encryption technology to generate and regulate units of currency as well as verify the transfer of funds. Bitcoin (BTC) is a type of cryptocurrency that can be exchanged for other currencies, products, and services. The balance of bitcoins are kept using public and private keys. The public key serves as the address which is published to the world and to which others may send bitcoins. The private key is meant to be a guarded secret, and only used to authorize Bitcoin transmissions.


 

Blockchain Technology

A public or private ledger that records transactions. It is implemented as a chain of blocks, each block containing a hash of the previous block up to the genesis (first) block of the chain. This is accomplished without any trusted central authority: the maintenance of the blockchain is performed by a network of communicating nodes. Data maintained in the blockchain is verifiable through a distributed ledger.


 

Booked (status of a transaction)

Status of a transaction once its associated quantity and price have been agreed upon and verified.
 

Brilliant Uncirculated (BU)

Within the bullion industry, brilliant uncirculated is a term referring to items which have never been sold, and have only been handled by agents of the issuing mint. Brilliant Uncirculated coins, also called BU coins, have not been heavily handled. Even if it is several decades old, a BU coin or Brilliant Uncirculated coin will keep its shine and sharp relief. To differentiate between BU coins, rounds or medallions, and the more costly Proof and Proof-like coins, some Mints have issued quality standards.
 

British Mint

The British Royal Mint is the world’s oldest mint, producing some of bestselling modern bullion coins and bars in the world. The Royal Mint, located in Llantrisant, Wales, is the United Kingdom’s official producer and distributor of government guaranteed investment grade silver and gold bullion coins. Kitco offers the 1oz gold British Britannia (22k), 1 oz silver British Britannia (99.9%) and the gold 0.2354 oz British Sovereign (22k) coins.
 

Buffalo Nickel

Also known as an Indian Head Nickel, it was a 5-cent coin produced with copper and nickel. This coin was designed by James Earle Fraser and produced by the US Mint from 1913 to 1938. The design is seen today in buffalo rounds which are produced by various mints and refiners using precious metals.
 

Buffalo Round

Bullion rounds that are renditions of James Earle Fraser's classic design of the Buffalo Nickel issued in 1913. Fraser's Indian Head nickel design is regarded as among the best designs of any U.S. coins. It is for this reason that his design has motivated several bullion mints to create their own buffalo rounds.
 

Bullion

A general term for bars and coins made of precious metals such as gold, silver, platinum, palladium and rhodium. This generally designates items which do not have a numismatic (collector's) value to them.
 

Bullion Coin

Typically circular in shape and produced by Government Mints around the world. Bullion coins are normally stamped with a face value indicating a guaranteed value from the issuing government.
 

Bullion Precious Metal

Refers to an investment instrument in physical gold, silver, platinum, palladium, or rhodium. Their physical forms include bars, rounds, or coins.

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