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Bullion, to quote Collins Dictionary is 'gold or silver in the form of bars and ingots'.
In Ireland, the 1999 Finance Act defined investment gold as follows:
‘investment gold’ means gold in the form of a bar, or wafer, of a weight accepted by a bullion market and of a purity equal to or greater than 995 parts per one thousand parts, and gold coins which are of a purity equal to or greater than 900 parts per one thousand parts, and minted after 1800, and are or have been legal tender in their country of origin, and are normally sold at a price which does not exceed the open market value of the gold contained in the coins by more than 80 per cent.
The situation is similar in the UK, where according to HM Customs & Excise :-
"Investment gold (other than investment gold coins) is defined as: "gold of a purity not less than 995 thousandths that is in the form of a bar, or a wafer, of a weight accepted by the bullion markets".
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