Thechemicals said:
I read your words and become riddled, a strange position to be in in a chemist forum.
I don't really know what you mean by that statement. I will assume that you were puzzled by what I said. When asked a question, I try to gear my answer as to how much knowledge I think the person has. Since you are a stock trader and have taken possession of much physical silver, I just assumed that you would know what basic bullion terms like "Fineness" or "Fine Silver" mean. For your sake, I would hope your bullion is stamped "Fine Silver", 999 Silver, or 99.9% silver - or better.
You want black and white answers. Here they are.
(1)
Fineness. This is a term that expresses the purity of gold or silver in parts per 1000. It is used internationally in the bullion trade. If you have a 1000 oz bar that is 999 Fine, it would contain 999 oz of silver and 1 oz of impurities. The expression, 999 Fine, is identical to saying, 99.9% pure. Sometimes, the term, 3 nines fine or just 3 nines, is used to express the same purity. A 1000 oz bar that is 999.9 Fine (99.99% pure = 4 nines fine) contains 999.9 oz of silver and 0.1 oz of impurities. Similarly, a 1000 oz bar that is 999.5 Fine (99.95% pure = 3 nines five fine) contains 999.5 oz of silver and 0.5 oz of impurities. European sterling is often marked by it's fineness, 925. It contains 925 parts per 1000 silver and 75 parts per 1000 copper.
(2)
Fine Silver. By some sort of international agreement of industry, the term "Fine Silver" refers to silver that is at least 999 Fine. The spot silver price refers to silver that is at least 999 Fine. Silver of lesser purity has a value less than the spot price because someone must still go through the expensive process of purifying it. Look up the definition of "Fine Silver" on the internet. Most every one says 999 Fine or 99.9% pure - same thing.
http://www.google.com/search?hl=en&q=fine+silver+definition&sourceid=navclient-ff&rlz=1B3GGGL_enUS259US259&ie=UTF-8&aq=2&oq=
Fine Gold is different in that it must be at least 999.5 Fine. The spot price of gold refers to gold that is at least 999.5 Fine.
These purity figures are not arbitrary. They are the purities that are usually required in order to make new products, by industry, from these metals.
(3)
Refine. This means to re-fine it (make it Fine again), or to purify it back to Fine Silver (or to Fine Gold). Unfortunately, the term, refine, is often incorrectly used when a person actually means "recover". As far as silver is concerned, most in the trade would define "Recovery" as a process that separates it from it's impurities to a point where it's purity is less than 999 Fine. "Recovered" silver must still be "Refined" in order for it to enter back into the international marketplace.
Hope this helps.
Chris