Bullion refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins. Bullion can sometimes be considered legal tender, and is often held as reserves by central banks or held by institutional investors.

As mentioned before, the ban on private ownership of gold in the United States was implemented as an emergency measure to combat the Great Depression. The U.S. was on a gold standard at the time, meaning that the value of the U.S. dollar was tied directly to a specific amount of gold.

22-karat gold is 91% pure gold and 24-karat is 99.9%. Whereas karat refers to the purity of gold, bullion refers to gold that people buy and sell for investment purposes. Because of this, bullion gold doesn't have to be 24 karats. For example, the American Gold Eagle coin, a popular form of bullion, is 22-karat gold.

Bullion refers to precious metals, such as gold, silver, platinum, and palladium, that are traded in the form of bars or coins based on their weight and purity. Its value lies primarily in its metal content and its price is determined by the current market price of the metal.