Bullion

DEFINITION: Bullion, in the context of precious metals, is any amount of gold, silver, platinum, palladium or other precious metals that is manufactured in the form of bars, ingots, rounds, or coins. The value of bullion is determined almost entirely by the precious metal content contained within the unit of bullion. Bullion is often produced in one-troy-ounce units, but is also producuced in fractional-ounce units, and multiple-ounce units. Bullion that is manufactured in large form such as 100 or 1,000 ounces is mostly used for industrial purposes.