How is settlement different from a price lock?
A lock fixes the transaction price under the agreed order process. Settlement completes the obligations that follow. Payment clearance, custody instructions, verification or transport can still require time. Do not assume a price confirmation means cash is available to spend or metal has arrived.
Why can timing differ between transactions?
Metal already in a depository may move through account and release instructions, while personally held bars may require insured transport and testing. Bank processing and the agreed payment method can also matter. Securities-market settlement cycles are not a universal rule for retail physical metal.
What should you confirm before a trade?
Ask when payment is due, when cleared proceeds become available, when ownership and custody records change, and when metal can be released. Get the prerequisites and expected timeline in writing. Shipment and receipt may be separate milestones, so avoid treating all of them as one date.