Why does a dealer charge more than the spot price?

Spot is the price for unfabricated metal traded in wholesale quantity. A coin or bar has to be minted, distributed, stocked and shipped, and the dealer has to make a margin, so retail price is spot plus a premium. The premium is the number worth shopping between dealers, not the spot price, which is the same everywhere.

Is a troy ounce the same as a normal ounce?

No. A troy ounce is 31.1035 grams and the avoirdupois ounce on a kitchen or postal scale is 28.3495 grams, so a troy ounce is about 10% heavier. Every precious metal spot price, coin weight and dealer listing means troy ounces.

Why is the silver premium so much higher than gold in percentage terms?

Because fabrication costs roughly the same per coin whichever metal it is made of, and a silver coin holds far less value than a gold one. A dollar of minting cost is a rounding error on a gold Eagle and a significant fraction of a silver Eagle, so silver premiums are structurally higher.

XAG

$69.09/ozt

per gram: $2.22
per kilo: $2,221

bid 68.94ask 69.24

Silver over time

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Silver spot · XAG/USD

Silver is $69.09 an ounce.

Silver carries the widest premiums in bullion. The same one-ounce coin routinely varies by more than 20% between dealers, which is why the spread below matters more here than anywhere else.

No spread to draw yet.A spread needs at least two dealers quoting the same silver product.

Silver price by unit

Per troy ounce: $69.09
Per gram: $2.22
Per kilogram: $2,221
Per 10 oz: $690.90
Per 100 oz: $6,909

Silver is usually bought by the ounce in tubes of 20 or 25, and by the 10 oz or 100 oz bar.

Today’s range

Day high: $69.04
Day low: $68.94
Bid / ask: $68.94 / $69.24

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Every silver product we track

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Spot price history

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Common questions

Why does a dealer charge more than the spot price?: Spot is the price for unfabricated metal traded in wholesale quantity. A coin or bar has to be minted, distributed, stocked and shipped, and the dealer has to make a margin, so retail price is spot plus a premium. The premium is the number worth shopping between dealers, not the spot price, which is the same everywhere.
Is a troy ounce the same as a normal ounce?: No. A troy ounce is 31.1035 grams and the avoirdupois ounce on a kitchen or postal scale is 28.3495 grams, so a troy ounce is about 10% heavier. Every precious metal spot price, coin weight and dealer listing means troy ounces.
Why is the silver premium so much higher than gold in percentage terms?: Because fabrication costs roughly the same per coin whichever metal it is made of, and a silver coin holds far less value than a gold one. A dollar of minting cost is a rounding error on a gold Eagle and a significant fraction of a silver Eagle, so silver premiums are structurally higher.

Silver prices and bullion tax by state

51 states with a sourced rule · tax can exceed every premium difference we compare