assay

Assay

The act of testing the purity of precious metals.

Notes:

In futures contracts where the underlying commodities are precious metals, the quality must be assayed to ensure that they are of basis grade.

See also: Basis Grade, Bullion, Commodity, Futures Contract, Futures Market, Precious Metal, Underlying, Vault Receipt

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Assay

Metal purity test to confirm that the metal meets the standards for trading on a commodities exchange (commodities exchange center).

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assay

A test to determine the purity of gold, silver, or other precious metals. Metals used for delivery of futures contracts must be assayed to verify that they meet standards established by the exchange on which the contracts trade.