Fire assay in the context of "Bullion"

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⭐ Core Definition: Fire assay

A metallurgical assay is a compositional analysis of an ore, metal, or alloy, usually performed in order to test for purity or quality.

Some assay methods are suitable for raw materials; others are more appropriate for finished goods. Raw precious metals (bullion) are assayed by an assay office. Silver is assayed by titration, gold by cupellation and platinum by inductively coupled plasma optical emission spectrometry (ICP OES).Precious metal items of art or jewelry are frequently hallmarked (depending upon the requirements of the laws of either the place of manufacture or the place of import). Where required to be hallmarked, semi-finished precious metal items of art or jewelry pass through the official testing channels where they are analyzed or assayed for precious metal content. While different nations permit a variety of legally acceptable finenesses, the assayer is actually testing to determine that the fineness of the product conforms with the statement or claim of fineness that the maker has claimed (usually by stamping a number such as 750 for 18k gold) on the item. In the past the assay was conducted by using the touchstone method but currently (most often) it is done using X-ray fluorescence (XRF). XRF is used because this method is more exacting than the that of a touchstone test. The most exact method of assay is known as fire assay or cupellation. This method is better suited for the assay of bullion and gold stocks rather than works of art or jewelry because it is a completely destructive method.

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👉 Fire assay in the context of Bullion

Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes from the Anglo-Norman term for a melting-house where metal was refined, and earlier from French bouillon, "boiling". Although precious metal bullion is no longer used to make coins for general circulation, it continues to be held as an investment with a reputation for stability in periods of economic uncertainty. To assess the purity of gold bullion, the centuries-old technique of fire assay is still employed, together with modern spectroscopic instrumentation, to accurately determine its quality.

Bullion is sometimes contrasted with specie, the latter being coin made of bullion (or synonymously, bullion coin). Thus understood, bullion refers to precious metal kept in forms other than coin, namely bars, ingots, or plates, including regional and historical variants such as grivnas in Eastern Europe or sycees in China.

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