Understand not merely what the term "bullion" means in the financial industry, but also how it differs from virtually all other asset classes.
Bullion - (n) physical precious metal in a bar, coin, or round form almost entirely valued by its precious metal melt value alone.
What are bullion coins?
Bullion Coins - (n) physical precious metal items struck in a coin shape by a sovereign government mint. Their value is most entirely based on precious melt value with a slight seigniorage premium. They almost always have an enforceable legal tender face value (an exception being Krugerrand coins struck by the South African Mint).
What are bullion rounds?
Bullion Rounds - (n) physical precious metal items struck in a flat round shape by private mints and thus have no legal tender value by law. Their value is almost entirely based on the precious melt value alone (with some rare collectible exceptions).
What are bullion bars?
Bullion Bars - (n) physical precious metals manufactured in a bar formation. Their value is almost entirely based on the precious melt value alone (with some rare collectible exceptions). Struck by private mints mostly, there are a few sovereign government mints who also strike ingots (e.g. Royal Canadian Mint bullion bars).
The most popular bullion products remain the bullion coins that are actively made by the United States Mint ( aka US Mint ). The US Mint produces the following government guaranteed legal tender face value bullion coins sold not merely in the USA, but all over the world year after year: