What is bullion? Precious metals priced by weight and purity.

Bullion is gold, silver, platinum, or palladium refined to a known purity and sold by measured weight. Bars, rounds, and most modern government-struck coins all fall in this camp when their worth tracks the metal itself. The line that matters is the reason for the purchase. Bullion is bought for the metal in hand. It isn’t bought for rarity, for a collector story, or for a rare mint mark.

Pricing starts at spot — the running market figure for the raw metal. The buyer pays spot plus an added cost that covers minting, handling, and the desk’s margin. Sovereign coins generally cost more above spot than large bars because they are easier to know by sight and easier to sell in small pieces. The whole write-up goes in the letter before any money moves.

Bullion tracks the metal. Collectible coins track the story around the metal. The long view favours the metal.

Gold bullion is typically .999 fine (99.9 percent pure) or .9999 fine. American Gold Eagles are an exception at .9167 fine, twenty-two karat, but still count as bullion because they carry a guaranteed one troy ounce of gold. Silver bullion is typically .999 fine or .9999 fine. Sterling silver at .925 isn’t investment bullion. Platinum and palladium bullion must be .9995 fine to clear the IRS bar for a retirement account.

Not every piece of bullion clears the IRS bar for an IRA. The rules ask for gold at .995 or finer, silver at .999 or finer, platinum and palladium at .9995 or finer. The American Gold Eagle is the written exception. The coin must come from a national government mint, or a bar or round must come from an approved refiner. Collectible and numismatic items don’t clear the bar. IRA metal must also sit in an approved depository, not on a bookshelf at home.