NO oil!! NO additives!! Cool, clean water.
I'm thinking that, maybe, 4metals covered this on the forum. I think that Harold also had quite a bit of good stuff to say about the subject. I could very well be wrong on both counts. I know that it was covered in fair detail on the forum.
At one place I worked, we shotted large quantities of silver. There was a gas fired crucible furnace mounted on a platform. The bottom of the furnace (and the platform, of course) had a hole in it, in which a large (#70, I think) crucible was cradled. The crucible had about 4 holes drilled in the bottom of it. I'm thinking either a #54 or #56 drill bit was used for this. Under the furnace, sat a 300 series SS container, about 18" dia X 48" high, on wheels. The water was pumped from about a 500 gallon (at least) reservoir into 2 angled inlets (placed on opposite sides so the water would rotate) near the bottom of the SS container. The water flowed back into the reservoir from an overflow pipe near the top of the SS container. A SS basket, with holes in it, was suspended with heavy SS wire near the bottom of the SS container.
The water was circulated into the bottom and out the top of the SS container. The furnace was heated up and a 1000 oz (or, smaller) pure silver ingot was put into the crucible with no flux. As it melted, the molten silver dripped through the small holes in the crucible and fell into the circulating water. The silver shot fell into the basket, which was lifted out when all the silver had dripped through. The shot was placed in SS trays and dried in a gas fired oven. The result was shiny, almost spherical shot about 1/8" - 3/16" in diameter, with no discoloration.
Once the silver started melting, it didn't take but a few minutes for all the silver to drain through. It took a lot of water circulation to keep the water in the SS container from getting too hot. I would guess the water inlets were about 3/4" diameter.
There are some details that I can't remember. You get the idea. Gold is done similarly with a smaller setup, of course.