The primary metals for investment are gold, silver, and platinum. Each has globally recognised purity standards and is widely traded in bullion bars, coins, and rounds. These metals are chosen for their liquidity, durability, and long-term value.

Investment-grade metals meet strict purity standards and are suitable for holding in portfolios or SMSFs. Gold is typically .9999 pure, silver is .999 fine, and platinum is .9995 fine.

Collectibles, jewellery, or coins with lower purity or numismatic value are not considered investment-grade.

A troy ounce is the standard unit of measurement for precious metals.

One troy ounce equals approximately 31.1035 grams. Prices for gold, silver, and platinum are quoted per troy ounce in the global market.

Purity determines the metal’s intrinsic value and liquidity. Higher purity metals are easier to trade, are recognised internationally, and retain their investment-grade status. Certified assay cards and hallmarks are used to verify purity.

Karat is a measure of gold purity typically used in jewellery (24K is pure gold), while fineness is the decimal representation of purity used for bullion (e.g., .9999 for gold bars). Fineness is more relevant for investment-grade metals.

Hallmarks and assay marks certify the metal’s purity, weight, and origin. They are applied by accredited refiners or mints and help buyers verify the authenticity and quality of bullion.

An assay card accompanies a certified bar or coin and confirms its weight, purity, and unique serial number. It provides proof of authenticity, making it easier to buy, sell, or store metals securely.

Coins: Minted by governments or private mints, often legal tender, with recognised designs and security features.

Bars: Typically cast or minted by private refiners, ideal for larger holdings and portfolio storage.

Rounds: Privately minted pieces that resemble coins but are not legal tender; still offer high-purity investment options.

Minted bars: Pressed with precision, often with sharp edges and engraved details; generally have lower tolerances and higher premiums.

Cast bars: Poured into molds, typically simpler in design; used for larger holdings with slightly lower premiums.

An ingot is another term for a cast or minted bar of precious metal. It is a standardised, pure piece of metal suitable for trading, storage, or resale.

Some bullion coins are legal tender and carry a nominal face value. This does not reflect their market value, which is determined by metal content and market price, not the denomination printed on the coin.

Some government-minted coins carry a nominal face value as legal tender. This is largely symbolic, as the metal content value far exceeds the face value. It guarantees authenticity and mint recognition.

Mints occasionally release limited-edition or commemorative coins with unique designs. These are collectible items and may carry a premium over the metal content, though they still retain intrinsic value.

Numismatic coins are valued for rarity, age, and historical significance rather than metal content. They differ from bullion coins, which are valued primarily for their weight and purity.