01
The metal
Fine gold
The gold in an object, after alloy is left out. Fine grams equal gross grams times fineness divided by 1,000.
Fineness
Parts of gold per thousand. 995 means 995/1,000, or 99.5 per cent.
Karat
A 24-part convention. 18 karat is 750 fineness exactly. Stamps such as 585 round the arithmetic.
Troy ounce
480 grains, which is 31.1034768 grams. It is not the ounce used in a kitchen.
Bullion
Gold in a standard bar or coin, valued mainly as metal. Not a GXLD product range.
Gross weight
The weight of the whole object, alloy included.
02
Holding it
Allocation
Whether metal is identified to a customer or held in a pool. GXLD does not claim a named bar for a gram balance.
Custody
Who keeps the metal. A custodian is not, by that fact, the owner.
Ownership register
The record of who holds the title the arrangement recognises. GXLD’s ledger is an operational book, not that register by itself.
Settlement
The point at which a purchase or sale completes in the records it is supposed to complete in. Pending is not settled.
Liquidity
How readily a holding can be sold for money. It is not guaranteed, and a displayed estimate does not create it.
03
The price
Spot price
A wholesale reference for immediate metal. The LBMA gold price is one published reference. It is not a GXLD quote.
Executable quote
A price you can accept, for a stated quantity, with costs and an expiry. Anything else is not yet a deal.
Spread
The gap between the buying price and the selling price before any separate fee.
Premium
An amount above the metal reference, often for making a smaller bar or a coin. GXLD does not sell those forms.
Valuation
An estimate of a holding at a stated price and time. It is not an offer and not the net proceeds of a sale.