Spot price is the wholesale reference. Retail bullion requires manufacturing, distribution, inventory risk and transaction services.
Why premiums exist
Premiums can reflect fabrication, minting, transport, insurance, payment processing, scarcity and dealer margin. Some are structural; others are demand-driven or collectible.
Premium dollars versus percentage
For silver, dollars per ounce are intuitive. For gold, percentage over melt may be more revealing. Use both when comparing different weights.
Payment spread
Wire/check pricing is often lower than card or PayPal pricing. The payment spread is part of the premium even when the site displays it separately.
Premium recovery
Some sovereign coins may return part of their premium at resale. Generic products may sell closer to spot. Never assume the entire original premium will return.
Compare current dealer terms
Dealer inventory and transaction terms can change faster than an editorial page. Open the relevant dealer pages and compare the complete checkout cost.
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