Model a gold-only refinery settlement from assay, market price, payable percentage and direct deductions. This is a transparent settlement model rather than a claim about any particular refinery contract.
The payable percentage is not an intrinsic property of gold. It is an agreement input representing the proportion of calculated gold content recognized for settlement.
Two refiners can quote the same metal price yet generate different settlements because payable percentages and deductions differ. That is why the entire settlement structure should be compared.
Contained gold value, payable percentage and deductions determine the modeled settlement.
The recognized portion of fine-gold content.
Not universally.
No.