Doré is unrefined cast gold (and silver) from a mine site, typically 85–92 % gold by weight. Refined bullion is, well, refined: 999 or finer. The decision of which to buy is mostly about what you do downstream.
Buy doré if…
You operate a refinery (or have a tolling arrangement with one), and the refining margin you capture exceeds the differential you would pay to buy refined metal. For most refineries this is true by a wide margin on volumes above a certain threshold.
Buy bullion if…
You are a fabricator, mint, or end-user who does not refine. The doré refining margin is meaningless to you, and the lead-time and counterparty risk of holding unrefined material is real.
Lead time matters
Doré has a 10–18 business-day lead time for us; refined silver bullion is 5–9. If your downstream production cadence is weekly, doré probably doesn’t fit.
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