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Bullion versus Dore

“Bullion” and “dore” (doré) are terms related to precious metals, especially gold. They refer to different stages in the refining and processing of raw materials. Let’s explore the differences between bullion versus dore:


Bullion refers to precious metals, such as gold or silver, in the form of bars, ingots, or coins and these are typically in their purest and most basic form.


Purity: Bullion is known for high purity, often close to or at 99.9%. The exact purity can vary based on the specific product and refining process.


Production: Bullion can be produced by various methods, including casting, minting, or striking. Minted coins and stamped bars are common forms of bullion.


Usage: Bullion is primarily used for investment purposes. Investors buy bullion as a store of value and a hedge against economic uncertainties.


Market: The bullion market involves the buying and selling of these precious metal products. It is a global market, and prices are influenced by factors such as supply and demand, geopolitical events, and economic conditions.

Dore (Doré)

Doré is a semi-pure alloy of gold and silver and for that reason it is an intermediate product in the refining process, produced at the mine site before being sent to a refinery for further purification.

Composition: Doré typically contains varying proportions of gold and silver, along with traces of other metals. Its exact composition depends on the ore source and the specific mining operation.


Production: Doré is produced through the amalgamation of gold and silver particles during the initial stages of ore processing at a mining site. It is usually in the form of bars.


Refining: Doré is sent to a refinery, where it undergoes further refining processes to separate gold and silver from impurities. This refining process may involve electrolysis, smelting, or other methods.


Usage: Doré is not typically used for investment purposes directly. Instead, it is a product of the mining process and serves as an intermediate stage before the production of high-purity gold or silve.

In summary, bullion represents the end product in its purest form which is ready for investment or industrial use. Doré, on the other hand, is an alloy produced at the mining site and serves as an intermediate stage before further refining to achieve higher purity. Each has its role in the broader process of producing and trading precious metals and that holds true for our financial analysts working on physical gold holding as well.


Tell us, in the bullion versus dore trading, which side are you on?

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