Backwardation - Also called an inverted market, is a situation in which prices for future deliveries are lower than price for a nearer delivery date, or spot price. It describes a downward sloping forward curve in a commodity market. Backwardation is the opposite effect of Contango.
Base Metals - Metals that are not considered as precious metals, such as copper, nickel and zinc.
Bear Market - Describes a market condition, a prolonged period in which investment prices fall, along with widespread pessimism. It usually occurs when the economy is in a recession and unemployment is high, or inflation is rising quickly. The opposite of a bear market would be a bull market. The easiest way to remember which is a bear market versus a bull market is to think of a bear hibernating and a bull charging forward.
Bid Price - The quoted price a dealer typically will pay for bullion. The bid price is often used to establish a dealers price with the appropriate dealer markup added to the bid price.
Blank - Is a blank disc of metal with milled edges used to make a coin.
British Britannia - The first Silver Britannia was minted in the U.K. in 1997 to celebrate the 10-year anniversary of the Gold Britannia coin. Since their introduction, each Britannia bullion coin has been made with a fineness of .958, which was changed in 2013, the Royal Mint increased the purity to 99.9%.
Broker - Is an agent between a buyer and seller to initiate the sale of securities or property.
Bull Market - Describes a market condition in which investment prices are rising, or soon expected to rise. It usually occurs as a result of an economic recovery, an economic boom. This is the opposite of what is known as a bear market. The easiest way to remember which is a bear market versus a bull market is to think of a bear hibernating and a bull charging forward.
Bullion - Is a term used for precious metals in bar or round form for the purpose of investment. Bullion is typically .999 pure or finer with no numismatic value over that of its metal content value only.
Bullion Bank - Is a member of the LBMA (London Bullion Market Association) they are investment banks that function as wholesale suppliers dealing in large quantities of gold.
Bullion Bars - Also known as ingots, bullion bars come in troy ounces of measurement. Private mints and refiners produce bullion bars in numerous sizes. The most common sizes are 1ozt., 5 ozt.,10ozt and 100ozt.
Bullion Coin - A precious metal coin, generally minted by governments, such as the U.S. Silver Eagles.
Bullion Rounds - Rounds that are produced by private mints and refineries that have no legal tender. Rounds are often produced with numerous designs available. The most common size is 1 ozt.