A more thorough explanation:

BULLION

An uncoined solid mass of gold or silver.

• A bar of gold that has not been made into coins is an example of bullion.
• A pile of silver nuggets that have not been melted down or shaped into coins is also an example of bullion.

These examples illustrate the definition of bullion by showing that it refers to raw, unprocessed gold or silver that has not yet been turned into coins or other forms of currency. Bullion is often used as a store of value or as an investment, and it can be bought and sold in its raw form or in the form of coins or bars.