Glossary of Gold Buying Terms
Explore our comprehensive glossary of gold buying terms, including definitions of key concepts and terminology related to the gold industry. This resource provides concise explanations of terms such as “Gold Buying,” “Mercury,” “Alluvial Gold,” “Miner,” and many more. Each definition is accompanied by a link to a relevant YouTube video that provides a visual and detailed explanation of the term. Whether you’re a miner, trader, or simply interested in the world of gold, this glossary will enhance your understanding and help you navigate the gold buying process. Explore the intricacies of gold refining, assaying, and the factors that influence gold prices. Learn about legal compliance, export licenses, and the importance of responsible practices in the gold industry. Gain insights into gold measurement units such as “Balance Scale,” “Tare,” “DWT,” and “Gram.” Discover nuggets, understand the concept of “Brass” in the context of gold buying, and explore the technology behind “Mercury Retort.” Stay informed about the dynamics of purchasing and sales gold prices, as well as the world market price of gold as determined by the London Bullion Market Association (LBMA). Our glossary serves as a valuable reference for industry professionals, gold enthusiasts, and anyone looking to expand their knowledge of the gold market.
Gold Buying
The process of purchasing gold from miners, traders, or local communities in exchange for payment. Learn more
Mercury
A toxic heavy metal used in artisanal and small-scale gold mining (ASGM) as a means of separating gold from other sediments. Mercury poses significant health and environmental risks. Learn more
Alluvial Gold
Gold that has been eroded, transported, and deposited by water or weathering processes. Alluvial gold deposits are typically found in riverbeds, floodplains, or terraces. Learn more
Miner
An individual or entity involved in extracting gold from the earth or river systems. Miners may work on a small scale using basic tools and techniques. Learn more
Traders
Individuals or companies engaged in the business of buying and selling gold. They often facilitate the supply chain between miners and refiners or end buyers. Learn more
Refining
The process of purifying raw gold to remove impurities and achieve a higher level of quality or purity. Refiners employ various techniques, such as smelting and chemical processes, to refine gold. Learn more
Assaying
The analytical process used to determine the composition and purity of gold. Assays provide information on the gold’s quality, including its fineness, which affects its value. Learn more
Gold Price
The market value of gold, typically expressed per unit of weight (such as ounce or gram). Gold prices are subject to supply and demand dynamics, economic factors, and market fluctuations. Learn more
Export License
A document issued by the government or relevant authority that permits the legal exportation of gold. It ensures compliance with regulations and serves as proof of legitimacy for international trade. Learn more
Legal Compliance
Adhering to laws, regulations, and guidelines governing gold buying, trade, and exportation to ensure responsible and ethical practices. Learn more
Balance Scale
A device used to measure the weight of gold or other precious metals. It consists of a beam that is balanced on a central pivot and pans suspended at each end. The weight of the gold is determined by comparing it to known standard weights. Learn more
Tare
The weight of a container or object that holds the gold and is subtracted (zeroed out) from the total weight to obtain the net weight of the gold alone. Learn more
DWT
Abbreviation for “pennyweight,” a unit of measurement commonly used in the precious metals industry, including gold. One pennyweight is equal to 1/20th of a troy ounce, or approximately 1.555 grams. Learn more
Gram
A metric unit of weight commonly used to measure gold. One gram is equal to one thousandth of a kilogram or approximately 0.032 troy ounces. Learn more
Nugget
A naturally occurring piece of gold that is relatively large and often irregular in shape. Nuggets are typically found in alluvial deposits and can vary in size, ranging from small flakes to larger pieces. Learn more
Brass
A yellowish alloy composed of copper and zinc. In the context of gold buying, “brass” may refer to counterfeit or fake gold pieces made from a brass alloy, intended to deceive buyers. Learn more
Mercury Retort
A device used to safely capture and condense mercury vapor during gold recovery processes, such as amalgamation or retorting. It helps minimize mercury emissions and facilitates the reuse or proper disposal of mercury. Learn more
Purchasing Gold Price
The price at which gold is bought from miners, traders, or local communities. This price is typically negotiated based on factors such as gold purity, weight, market conditions, and local dynamics.
Sales Gold Price
The price at which gold is sold to buyers or refiners. This price may include additional costs such as refining fees, transportation, insurance, and administrative expenses, which are added to the purchasing gold price.
World Market Price (LBMA)
The world market price of gold is commonly determined by the London Bullion Market Association (LBMA). It represents the benchmark price for gold traded in international markets and is based on supply and demand dynamics, investor sentiment, and other global factors. Learn more
About Start Your Own Gold Mine and GOLDIVANTI LP
We operate in East Africa, and offer our services, including the Start Your Own Gold Mine program, in any country within this region. Our prime country of operation for gold trade services is Uganda.
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