Kevin Kelly -- Cool Tools: "Precious Metal Clay lets you make fine jewelry with little experience or equipment. It works like Fimo clay, except it is more crumbly because it contains powdered precious metal, such as silver, or gold. (It will also dry out faster.) The organic clay binding burns off when you fire it and you end up with pure fine silver or gold in the shape of the clay you made. If you have jewelry skills you can keep working it from there, soldering, shaping, etc.. Since I don't have much skill I just polish up my pieces or antique them with silver black. There's an implication that you have to fire PMC pieces in a kiln (that would be nice), but so far everything I've done I've fired myself on the kitchen floor with a basic propane torch.
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