Precious metal "precious" metal can also be determined by high demand or market value. Precious metals in bulk form are known as bullion and are traded on commodity markets. Bullion metals may be cast into ingots or minted into coins. The defining attribute of bullion is that it is valued by its mass and purity rather than by a face value as money. The level of purity varies from issue to issue. "Three nines" (99.9%) purity is common. The purest mass-produced bullion coins are in the Canadian Gold Maple Leaf series, which go up to 99.999% purity. A 100% pure bullion is
Commodity currency deflation. This can have negative or positive effects depending on whether the currency was overvalued or not, deflation can either be positive or negative in the long run as suggested by the effects section of the deflation article. It is important to note that while countries with commodity currencies benefit from the higher demand, countries that import this commodity face the opposite effects. Commodity currencies nature can allow foreign exchange traders to better gauge the value of a currency and predict the movements within the markets based on the perceived value of the commodity to which the currency is tied.