Considering the Difference Between Gold Alloys (Casting Grain) and Master Alloys: If you’re interested in casting gold items, two terms you’ll want to be familiar with are “gold alloy” and “master alloy.” Gold alloy contains gold, while master alloys are composed of metals such as copper, silver, nickel, palladium and zinc that are intended to be alloyed with pure gold to make a gold alloy having desired physical properties such as karat, color, strength and density.