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Precious metals are rare, naturally occurring metallic chemical elements of high economic value. Chemically, the precious metals tend to be less reactive than most elements. They are usually ductile and have a high lustre. Historically, precious metals were important as currency but are now regarded mainly as investment and industrial raw materials. Gold, silver, platinum, and palladium each have an ISO 4217 currency code.
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.
Digital gold currency is a form of electronic money based on mass units of gold. It is a kind of representative money, like a US paper gold certificate at the time that these were exchangeable for gold on demand. The typical unit of account for such currency is linked to grams or troy ounces of gold, although other units such as the gold dinar are sometimes used. DGCs are backed by gold through unallocated or allocated gold storage.
The Perth Mint is Australia's official bullion mint and wholly owned by the Government of Western Australia. Established on 20 June 1899, two years before Australia's Federation in 1901, the Perth Mint was the last of three Australian colonial branches of the United Kingdom's Royal Mint intended to refine gold from the gold rushes and to mint gold sovereigns and half-sovereigns for the British Empire. Along with the Royal Australian Mint, which produces coins of the Australian dollar for circulation, the Perth Mint is the older of Australia's two mints issuing coins that are legal tender.
Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a way of diversifying risk, especially through the use of futures contracts and derivatives. The gold market is subject to speculation and volatility as are other markets. Compared to other precious metals used for investment, gold has been the most effective safe haven across a number of countries.
Foreign exchange fraud is any trading scheme used to defraud traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market. Currency trading became a common form of fraud in early 2008, according to Michael Dunn of the U.S. Commodity Futures Trading Commission.
Silver may be used as an investment like other precious metals. It has been regarded as a form of money and store of value for more than 4,000 years, although it lost its role as legal tender in developed countries when the use of the silver standard came to a final end in 1935. Some countries mint bullion and collector coins, however, such as the American Silver Eagle with nominal face values. In 2009, the main demand for silver was for industrial applications (40%), jewellery, bullion coins, and exchange-traded products. In 2011, the global silver reserves amounted to 530,000 tonnes.
StoneX Group Inc. is a financial services organization. The company operates in six areas: commercial hedging, global payments, securities, physical commodities, foreign exchange and clearing and execution services (CES). The company ranked No. 58 in the 2021 Fortune 500 list of the largest United States corporations by total revenue. In July 2020, the company rebranded and changed its name to StoneX Group Inc.
Envela Corporation, incorporated on September 17, 1965, is a holding company owning subsidiaries engaged in various business activities with a focus on recommerce. Envela's segments include retail stores, e-commerce, de-manufacturing, recycling, IT asset disposition (ITAD), and reverse logistics. Envela Corporation is divided into two sectors: DGSE, LLC and ECHG.
Goldline, LLC was a retail seller of gold and silver coins, and other precious metals for investors and collectors. Goldline traced its formation to a Deak & Co. subsidiary created in 1960, a firm that in the late 1970s was the largest storefront gold retailer and later went into bankruptcy in the 1980s. The company was later bought and sold several times in the ensuing years. The company sold its assets to A-Mark Precious Metals, Inc. in August 2017.
FXCM, also known as Forex Capital Markets, is a retail foreign exchange broker for trading on the foreign exchange market. FXCM allows people to speculate on the foreign exchange market and provides trading in contract for difference (CFDs) on major indices and commodities such as gold and crude oil. It is based in London.
Monex may refer to:
The London bullion market is a wholesale over-the-counter market for the trading of gold and silver. Trading is conducted amongst members of the London Bullion Market Association (LBMA), loosely overseen by the Bank of England. Most of the members are major international banks or bullion dealers and refiners.
Peregrine Financial Group Inc., commonly known as PFGBest, was an Iowa-based financial firm that operated for over 20 years. It was shut down in July 2012 after it was put under investigation for a $200 million shortfall in customer funds. Peregrine’s chief executive, Russell R. Wasendorf Sr., was arrested and charged with making false statements to the Commodity Futures Trading Commission (CFTC).
Vaulted gold denotes gold bullion stored in bank vaults. By acquiring vaulted gold, institutional or private investors obtain outright ownership of physical gold.
Hunter Wise Commodities, LLC was a privately held Spring Valley, Nevada-based wholesale precious metals trader and financier offering back office accounting services to its clients. The company also had offices in Irvine, California.
Banc De Binary was an Israeli financial firm with a history of regulatory issues on three continents. On January 9, 2017, the company announced that it would be closing due to negative press coverage and its tarnished reputation. The firm also surrendered its brokerage license with the Cyprus Securities and Exchange Commission (CySEC) removing its ability to legally trade in the European Union. Its 2014 revenues were reported as $100 million.
Texas Precious Metals, based in Shiner, Texas, is one of the largest precious metals dealers in the United States. The company reported annual revenues of $180.1 million in 2013 and $153.2 million in 2014. The company is recognized as a market maker for United States Mint products and is an official distributor for the Perth Mint of Australia.
PAMP SA is an independently operated precious metals refining and fabricating company and member of the MKS Group. It was established in 1977 in Ticino, Switzerland
Chard (1964) Ltd, operating as Chard Coin and Bullion Dealer, is a long-standing coin and bullion dealer based in Blackpool, UK. Its coins range from ancient to modern-day issues. Originally a numismatic company, it grew into the bullion market, offering gold, silver, platinum and palladium products to an international customer base.
References
- ↑ "Monex Offers a Wide Range Of Precious Metals Investment Products". Monex Precious metals. Retrieved January 12, 2018.
- ↑ "Company Overview of Monex Deposit Company". Bloomberg. Retrieved January 11, 2019.
- ↑ "CFTC Charges Monex With $290 Million Precious-Metals Fraud". The Wall Street Journal. September 6, 2017.
- ↑ "Newport Beach precious metal dealer Monex accused of $290-million fraud". Los Angeles Times. September 6, 2017.