precisecoding

Precious Metals

Precious metals are rare, naturally occurring metallic elements that command high economic value due to their scarcity, industrial utility, and historical role as stores of wealth. Unlike base metals, precious metals are chemically inert, highly resistant to corrosion and oxidation, and maintain their luster over long periods. [1, 2, 3]
Purity Metrics: Gold purity is measured in Karats (with 24K representing 99.9% pure gold). General alloy purity across all precious metals is designated by Fineness (parts per thousand, e.g., 999 fine silver). [1, 2]

Weight Standard: Global markets price precious metals exclusively using the Troy Ounce, which equals 31.1 grams (differing from a standard avoirdupois ounce of 28.35 grams). [1, 2]

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