| 1. | to examine or analyze: to assay a situation; to assay an event. |
| 2. | Metallurgy. to analyze (an ore, alloy, etc.) in order to determine the quantity of gold, silver, or other metal in it. |
| 3. | Pharmacology. to subject (a drug) to an analysis for the determination of its potency or composition. |
| 4. | to judge the quality of; assess; evaluate: to assay someone's efforts. |
| 5. | to try or test; put to trial: to assay one's strength; to assay one's debating abilities. |
| 6. | to attempt; try; essay: to assay a dance step. |
| 7. | to contain, as shown by analysis, a certain proportion of usually precious metal. |
| 8. | Metallurgy. determination of the amount of metal, esp. gold or silver, in an ore, alloy, etc. |
| 9. | a substance undergoing analysis or trial. |
| 10. | a detailed report of the findings in assaying a substance. |
| 11. | Archaic. examination; trial; attempt; essay. |
as·say (ās'ā', ā-sā') n.
v. tr.
To be shown by analysis to contain a certain proportion of usually precious metal. [Middle English, from Old French essai, assai; see essay.] as·say'a·ble adj., as·say'er n. |
Assay
The act of testing the purity of precious metals.
Investopedia Commentary
In futures contracts where the underlying commodities are precious metals, the quality must be assayed to ensure that they are of basis grade.
Related Links
Futures Fundamentals
See also: Basis Grade, Bullion, Commodity, Futures Contract, Futures Market, Precious Metal, Underlying, Vault Receipt
assay
assay as·say (ās'ā', ā-sā')
n.
Qualitative or quantitative analysis of a substance, especially of an ore or a drug, to determine its components.
A substance to be so analyzed.
The result of such an analysis.
An analysis or examination.
To subject a substance to chemical analysis.
To examine a person's capability by trial or experiment; put to a test.
To evaluate a situation; assess.
To attempt; try.
To be shown by analysis to contain a certain proportion of atoms, molecules, compounds, or precious metal.