Lot (fineness)

In the context of precious metals, particularly gold and silver, "lot" often refers to a specific quantity or grouping of an item that is being sold or auctioned. Fineness, on the other hand, indicates the purity of a precious metal alloy, typically expressed in parts per thousand. For example: - Gold that is 24 karats is considered pure gold, with a fineness of 999 (or 99.9% pure).