Commodity glossary P

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Glossaries - Commodity Glossary

    PANNING

  • The classic and simple method of mining alluvial gold.

    • OPEN OUTCRY

  • A style of trading conducted on a futures exchange in a ring or a pit where dealers face each other, calling out the price, contract, month and number of contracts

    • PAPER GOLDT

  • A term used to describe gold contracts such as loco London deals and futures contracts which do not necessarily involve the delivery of physical gold.

    • PHYSICAL

  • Trades that result in the delivery of the commodity i.e. not hedging, speculation or arbitrage.

    • PLATINUM GROUP ELEMENTS/PLATINUM GROUP METALS (PGE/PGM)

  • The six metallic elements platinum, palladium, rhodium, ruthenium, iridium and osmium.

    • POSITION

  • The net tonnage a party has bought or sold on any given prompt date. Also the overall position, being the net tonnage bought or sold for all prompt dates combined.

    • PRECIOUS METALS

  • Metals of great value being gold, silver, platinum and other platinum group metals (for information on precious metals visit www.thebulliondesk.com)

    • PREMIUM

  • A one-off payment, made at the outset, to purchase an option. The premium is a write-off unless the option is traded on either at a profit or when some or all of the premium may be recovered.

    • PRODUCTION STANDSTILL

  • Regularly recurring production standstill in order that all furnaces and connected plant can be overhauled, maintained and repaired.

    • PUT OPTION    

  • A contract which gives the buyer the right, but not the obligation, to sell a specified amount of an asset at a predetermined price on or before a specified date.

    • PUT SPREAD

  • An options position comprised of the purchase of a put option at one level and the sale of a put option at some lower level. The premium received by selling one option reduces the cost of buying the other, but participation is limited if the underlying goes down.

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