Precious metals investment terms A to Z

NAV (Net Asset Value)

Net Asset Value (NAV) is the value of an entity’s assets minus the value of its liabilities. It is most commonly used in reference to mutual funds or exchange traded funds (ETFs) and calculated on a per-share basis. ETFs calculate the NAV at 4 p.m. EST, after the markets have closed.

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Newmont Mining Corporation

Newmont Mining Corporation (ticker symbol: NEM) is a U.S. based gold mining company, one of the largest gold producers in the world. It is the only gold sector company represented in the Standard & Poor’s 500 Index.

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Nikkei 225

The Nikkei 225, also called the Nikkei Stock Average or simply the Nikkei, is a stock index of 225 blue-chip companies traded on the Tokyo Stock Exchange. The index has been calculated since September 1950, retroactive to May 1949, by the Nikkei, officially called The Nihon Keizai Shinbun, the world’s largest financial newspaper. The Nikkei, which is the oldest stock index in Asia, is the headline index and the primary gauge of the Tokyo stock market. It may be described as the Japanese equivalent of the U.S. Dow Jones.

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NIRP (Negative Interest-Rate Policy)

A negative interest-rate policy (NIRP) is a monetary policy maintaining nominal short-term interest rates below zero. The global financial crisis that began in 2007 prompted major central banks to take unconventional policy measures. One of them was the reduction of short-term interest rates to about zero. However, as ZIRP was found to be ineffective, some central banks introduced NIRP. By January 2016, negative interest rates were set by the Bank of Japan, the Central Bank of Denmark, the European Central Bank (see the chart below), the Swedish Riksbank and the Swiss National Bank.

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Non-Commercial Traders

Non-Commercials Traders (large speculators) is a category of traders specified in the Commitments of Traders Report (CoT report) which represents investors who are usually not involved in the production, processing or merchandising of gold.

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Non-Reportable Traders

Non-Reportables (small speculators) is a category of traders specified in the Commitments of Traders Report (CoT report) which represent small investors who hold position in futures that are below the reporting level specified by the Commodity Futures Trading Commission (CFTC). Since this catch-all category consists of individual speculators, it does not affect the gold market significantly (it controls a relatively small part of open interest, so it has a relatively weak position in the market).

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Nonfarm Payrolls

Nonfarm payroll employment represents the total number of paid U.S. workers, excluding proprietors, private household employees, unpaid volunteers, farm workers, and the unincorporated self-employed.

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Normal Distribution

Normal distribution is the most popular way of describing random events. Some believe that assets’ prices move more or less randomly, so they use the normal distribution to make detailed estimations of future prices and risk.

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Numismatic coins

Numismatic gold coins typically have a higher value for collectors than the face value on the gold coin or the value of the metal content due to the coin’s rarity or its age. Their usefulness to gold investors is usually limited and the same goes for silver numismatics.

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The New York Mercantile Exchange (Nymex) is a commodity futures exchange owned and operated by CME Group Inc., the largest derivatives marketplace in the world. Nymex was founded in 1872 and it is located in Manhattan, New York. It is the world’s largest physical commodity futures exchange, with mostly electronic trading since 2006. In 1994 it merged with the Commodity Exchange Inc. (Comex) under the Nymex name. Since then, Comex is officially Nymex’s division responsible for metals trading. Nymex specializes in energy carriers and some metals.

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