What Are Precious Metals and Why They Matter Goon’s pirate cave.

Though, if you want to do that, we won’t judge.

So, let’s begin.

What is precious metals?

First off, there are very rare elements with high economic value, mainly gold, silver, platinum, and palladium.

For example, gold, classic king of the metals, used for everything from jewelry to old watches that your dad won’t stop talking about.

Silver, the multi-tool metal used in electronics, medical gear, Chapter 3: Gold, Silver, Platinum & Palladium Explained and yes, your grandpa’s prize coin collection.

Platinum and platium.

Think of them as the VIP lounge.

Fancy, pricier, and sometimes overshadowed by gold and silver.

So, why do we care?

They hedge against inflation, diversify your portfolio, and have a nice shine that might distract your kids from wanting the latest app subscription.

Let’s talk about bars, coins, and rounds.

Let’s keep it simple.

A coin such as this one I’m holding is governmentissued with an official face value, like a $1 US mint coin, backed by the powers that be, like how your old Chapter 4: Coins, Bars & Rounds: What’s the Difference?

flip phone was once backed by the cutting edge technology of 2004.

A bar shaped like those mini gold ingots you see in old bank heist movies.

Comes in various sizes from small up to big bricks worthy of a 1980s action film vault scene.

Now around looks much like a coin but is not legal tender.

Often produced by private mints with fun or unique designs.

Sometimes more art than currency.

Finally, my dog.

Definitely Chapter 5: Sovereign vs.

Private Mints not a precious metal but loyal and sometimes shiny if you’ve just given him a bath.

Next, sovereign mint versus private mint.

Sovereign mint operated by the government like the US Mint, often more recognized, thus higher premium.

Private mint, independent, great for interesting designs or lower premiums, like the B-side of your favorite album.

Sometimes it’s even better than the main track.

So, which is better?

They each have their strengths.

Kind of like deciding between a vinyl record or CDs.

Depends Chapter 6: Understanding Spot Price on what speaks to you.

So, what is spot price?

Spot price is basically the going rate for a metal at any moment.

Like the price of gas you see on a station sign, except you can’t just pump gold into your Chevy.

This price changes constantly due to market factors, global politics, and possibly the alignment of the stars.

Though, I can’t confirm that last one.

Now, how do you talk about gold spot?

You simply say one troy ounce Chapter 7: What Is a Premium (and Why It Exists) of gold cost X right now.

Silver spot is the same concept, just a different metal.

Dealer sell above spot price.

That’s where premium comes in.

So, what is premium?

Premium is the markup over spot price.

It’s kind of like buying an expensive meal, you know the face value, but you pay more for the convenience, packaging, and guaranteed quality.

Why a premium you might ask?

Well, there are production costs, Chapter 8: BU vs.

Non-BU Coins minting cost.

There’s insurance and handling.

And then there’s demand.

Just like buying a book, hot items can run at a higher price.

So next, what is BEu versus nonBEU?

Beu means brilliant uncirculated, that shiny mint fresh condition.

NonBEU is a little bit used, maybe scuffed, potentially may have some dings, but fundamentally the metal content is still the same.

Think of it like buying a used article, it’s still the same content, but the packaging might be different.

Buu is Chapter 9: How Precious Metals Are Measured pristine, showroom model.

Nonbeu is that reliable daily driver with a few dings that give it character.

How are metals measured?

Troy Os approximately 31.

1 grams.

Official unit for weighing precious metals because we like to keep things old school.

Grams and kilos.

The straightforward universal metric system beloved worldwide yet still ignored by those of us who measure distances by football fields.

fractionals, half ounce, quarter ounce, one/10enth ounce.

Great for starting small or for those who believe in instant gratification.

So if you find yourself measuring your kids daily cereal in troy ounces, maybe it’s time to step back or open a coin shop.

Purity of metals, there’s fine 999 silver.

Pure silver.

That’s it.

Now there’s 22 karat gold, which is approximately 91.

67% 67% gold content.

It’s tougher, more scratch resistant, Chapter 10: Purity and Karat Explained which is great if you’re the Indiana Jones type who might be lugging around gold coins through booby trap temples.

24 karat gold, 99.

99%.

It’s softer, more malleable, beautiful, but can scuff easier.

So, what’s silver toning?

Silver toning happens when silver reacts to the air, creating cool rainbows or tarnishing effects.

Some collectors love it like how some prefer a weathered guitar with stories to tell.

So you might be wondering, so gold tone generally no.

Chapter 11: Silver Toning vs.

Gold’s Stability Gold is very stable.

So it stays shiny just like that unstoppable friend who never seems to age.

So how do you actually get your hands on these metals?

You shop online like some metals.

com browsing your pajamas.

No judgment.

Pay by bank transfer, check, credit card, debit card.

You do you.

Everything is delivered discreetly and insured.

No need for the mail carrier to announce, Chapter 12: How to Buy Precious Metals Online “Here’s your gold, Bob,” to the neighborhood.

Authenticity guaranteed.

Summit Metals verifies purity.

There’s no chocolate bars covered in foil here.

So, you made the purchase and you received it.

Now, what?

You stored them in a safe place.

Whether that’s in a hidden panel behind your ‘9s DVD collection or in a professionally managed vault like summon medals, just remember where you put them.

Losing your gold because you can’t recall your own Chapter 13: Secure Storage & Vaulting Tips hiding spot is less of a national treasure and more of a national oops.

And there you have it.

Precious metals 101 at Summit Metals.

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And if this wasn’t helpful, well, follow anyways.

You’ll definitely catch our next joke about 1980s bank heists.

And maybe, just maybe, we’ll reveal the best place to hide your silver stack.

Check out diamondmetals.

com for more info.

And remember, owning a piece of gold or silver is a lot like owning a piece of