Physical Silver Premium Over Spot

Updated 2/24/21 @ 7:30 PM EST

This chart shows the physical silver premium over spot based on the prices from GoldPrice.Org and the Ebay Dealer Price for a roll of 20 Silver Eagles (selling in quantities of more than 10).


LAST GRAPH UPDATE: 2/24/21 @ 7:30 PM EST.

There is no major change in premium as of 2/24/21 @ 3:00 PM

Spot Silver Price (ounce) – $27.89

Physical Silver Eagle Price (based on a 20-coin tube on Ebay): $36.82 NOTE: Pre-sales for future delivery are not counted.

Current Premium: $8.93/32.01%

Bullion Exchanges is the lowest price dealer selling in quantities of over 10, 20-coin lots.



Recent Updates

UPDATE 2/3/21 @ 8:20 PM EST: Finally a dealer (Liberty Coin) came through with offers of 20-coin Silver Eagle lots in quantities over 10. Looks like the craziness has passed … sort of … for now. And a short time later DBS Coins & MCM also began offering silver eagles in quanitity.

UPDATE 2/1/21 @ 11:50 AM EST: There are no dealers on Ebay selling 20-coin tubes in quantities over 10. It appears, once again, that physical silver has gone “no offer.” I was using the APMEX physical price this morning (even though it had limited quantities) but now DBS has some 20-coin tubes.

UPDATE 2/1/21 @ 8:55 AM EST: APMEX is still offering 20-coin silver eagle tubes in quantity. Percentage premium is 58.90%.

UPDATE 1/31/21 @ 7:00 PM EST: Now that the Spot marked is open things have calmed down a bit. Currently AMPEX has come in as the lowest cost dealer and the percentage premium has declined to 36.65%. But by 9:40 PM EST the premium had jumped back above 60%.

UPDATE 1/31/21 @ 5:00 PM EST: There are no dealers selling in quantity on Ebay – the physical silver market has gone, essentially, “no offer.” I picked an individual selling 10, 20-coin lots in order to get my updated percentage premium of 66.48%.

UPDATE 1/31/21 @ 2:00 PM EST: Aydin Coin is sold out. The next best deal is a 40-coin lot from Bullion Exchanges. I am using this price rather than a 20-coin price because there are, literally, no dealers selling 20-coin lots in quantities of more than 10. This is why the premium on physical silver declined from its 66.22% high earlier in the day.

UPDATE 1/31/21 @ 12:00 NOON EST: Aydin Coin is still lowest cost but now it indicates a delay in shipping. Current percentage premium is 44.63%. By 1:30 the premium had moved over 60%.

UPDATE 1/30/21 @ 10:15 PM EST: I finally found a dealer selling 20-tube coins – Aydin Coins. I have never used this dealer as a price source before on Ebay but it is the lowest cost dealer currently. The percentage premium based on this dealer is now 29.57%.

UPDATE 1/30/21 @ 9:45 PM EST: Something is certainly going on. I could not find any 20 coin tube for sale on Ebay from major dealers in any quantity at all. I finally found Bullion Exchanges selling 40 coins. The percentage premium has skyrocketed up to 25%. This may have something to do with what is happening on the Robinhood platform.

UPDATE 1/28/21 @ 12:00 NOON EST: Physical silver premium declined into the low 18% range until the evening of 1/29/21 when it moved above 19%.

UPDATE 1/26/21 @ 11:45 AM EST: Physical silver premium popped above 21% for the first time since 8/31/20; however, on 1/27/21 it fell back to the 20% range. By 1/28/21 it was down in the 19% range.

UPDATE 1/24/21 @ 7:05 PM EST: The physical silver premium has moved above 20% for the first time since 11/11/20.

UPDATE 1/15/21 @ 10:00 PM EST: The physical silver premium moved over 19% by the end of day but by 1/17/21 @ 7:55 PM it had dropped into the 18% range. Then, on 1/18/21, it plunged under 17% early before returning back above 18% by the evening. By 1/19/21 (evening) it had moved back into the 19% range.

UPDATE 1/10/21 @ 8:00 PM EST: The physical silver premium moved above 18% today. It dipped below on 1/14/21 but regained the 18% level by the morning or 1/15/21.

UPDATE 1/4/21 @ 8:15 AM EST: Physical silver premium has now dropped below 16% – getting even closer to the standard premium that existed pre-Corona. On 1/6/21 the premium moved above 16% and then on 1/7/21 it popped above 17%.

UPDATE 12/18/20 @ 9:35 PM EST: Physical silver premium has now dropped below 17%. This is getting close to the standard premium that existed before the Corona Virus Pandemic Scare of early 2020. I purchased a roll of Silver Eagles back in August of 2019 at a 13.47% premium.

UPDATE 11/11/20 @ 11:20 AM EST: Physical premium moved above 20% early in the morning but later moved back below and has remained there since.

UPDATE 11/1/20 @ 7:30 PM EST: Physical premium dipped below 20% and has remained there since.

UPDATE 10/28/20 @ 7:20 PM EST: Physical premium is back above 20%.

UPDATE 10/27/20 @ 7:20 PM EST: Physical premium is back below 19%.

UPDATE 10/27/20 @ 7:40 AM EST: Physical premium increased to over 20% from 10/26 (evening) to 10/27 (morning). It is now above 20%.

UPDATE 10/25/20 @ 7:00 PM EST: Physical premium jumped up over 18% this evening – up to 18.71%.

UPDATE 10/20/20 @ 2:00 PM: Physical premium is now under 18% – 17.51% to be exact.

UPDATE 10/15/20 @ 7:30 PM: Physical premium is STILL under 20% – 18.19% to be exact.

UPDATE 10/5/20 @ 7:30 PM: Physical premium has remained under 20% since 9/24/20.

UPDATE 8/31/20 @ 7:45 PM: Physical premium is at its lowest point since I started tracing its value during the start of the Corona Virus Pandemic scare. I think I might actually buy some pretty soon …

UPDATE 8/27/20 @ 7:20 PM: Physical premium continues to decline. Current percentage premium is under 24%.

UPDATE 8/19/20 @ 9:10 AM: Liberty Coin came in with very low prices on a lot of 20 coins so the premium plunged this morning down to near 26.00% before rebounding above 27% later in the day.

UPDATE 8/10/20 @ 7:45 PM: The previous low-cost dealer, MCM, does not show any coins for sale at previous prices (now MCM is offering 20-coin lots at $772.40) so the premium increased. DBS Coin is the lowest price dealer now.

UPDATE 8/10/20 @ 10:05 AM: The decline in premium has continued since 8/5/20. MCM has 48, 20-coin lots for sale @ $747.80/each (2015), 16, 20-coin lots @ $752.80/each (2013) and 19, 20-coin lots @ $764.00/each (2016). After that there are plenty of other dealers offering 20-coin lots for under $800.00.

UPDATE 8/5/20 @ 8:50 AM: The large drop in premium from 8/4/20 to the morning of 8/5/20 is the result of Liberty Coin coming in with rolls of silver eagles in large quantities (more than 10). We will see how long it lasts. I say that because the next available offer ($769.00) is from MCM which has almost 200 rolls of eagles available for sale but with a delayed delivery date (8/24/20). After that you have to pay $826.14 from Bullion Exchanges because it is the next dealer selling in quantities over 10.


HISTORICAL DEVELOPMENTS IN THE PHYSICAL SILVER PREMIUM MARKET

  • There was a large jump in premium from the evening of 5/20 to the morning of 5/21. This is because DBS Coin (which regularly undercuts the market price) was no longer selling in quantities over 10. Bullion Exchanges was the lowest price until the evening of 5/21 when DBS Coin, again, undercut all competitors.
  • On 5/26/20 @ 1:30 DBS Coin was no longer selling in quantities over 10 – Bullion Exchanges was the least expensive selling in quantity at this point. This is why the premium jumped back up above 50%.
  • But this was not to last. DBS came back in on 5/27 and the premium is back below 50%.
  • As of 5/29 in the afternoon DBS was no longer selling in quantity – now Bullion Exchanges is.
  • On the morning of 6/1/20 the premium went below 45% but then jumped back up in the evening because Bullion Exchanges was no longer selling in quantities more than 10. DBS had lowest cost in quantity until the afternoon of 6/3/20. Now it is Liberty Coin.
  • On 6/8/20 DBS again had the lowest cost until 6/15/20 when Bullion Exchanges took the lead.
  • The physical silver premium broke below 40% on the evening of 6/16/20.
  • Bullion Exchanges was the least expensive dealer (in quantity) beginning 6/19/20 until DBS (briefly) took the lead on 6/22/20. Bullion Exchanges is, again, the lowest cost.
  • The physical silver premium broke below 35% on 6/25/20.
  • DBS was lowest cost again on 6/30/20 (morning) but then Bullion Exchanges undercut them. Briefly on 7/1/20 Liberty Coin had the lowest cost but now it is DBS again.
  • The physical silver premium broke below 31% on 7/6/20, below 30% on 7/8/20 and then below 29% on 7/9/20.
  • The physical silver premium jumped from 25% to almost 35% on 7/21/20, but by the next morning it was lower than it has ever been – 24.20%. Modern Coin Mart (MCM) is offering a price well below all other competitors. The next least expensive offer is Liberty Coin at a 29.85% premium.
  • On 7/22/20 the physical silver premium jumped back into the low 30% range. MCM was all sold out and the lowest cost dealer is now Bullion Exchanges.
  • On 7/23/20 the physical silver premium went back into the 40% range.
  • There was a very large surge in premium on the afternoon of 7/29/20 (to 47.20%) because the low cost dealers only had 10 or fewer 20-coin lots for sale. Bullion Exchanges had 6 lots of 2020 Eagles @ $674.86/each and DBS had 10 lots @ $677.97/each. Bullion Exchanges also had 9 lots of random date Eagles @ $680.44.
  • DBS came back in as lowest price dealer on the morning of 7/30/20 so the premium declined back to the low 40% range.
  • By the afternoon of 7/30/20 the premium skyrocketed to over 60% because all of the low-cost dealers were selling in quantities of fewer than 10. Lowest cost at 3:30 PM was Bullion Exchanges. Availability @ 3:30 PM: DBS – 4, Bullion Exchanges (2020) – 3, Bullion Exchanges (Random Date) – 8, Bullion Exchanges (2001) – 2, APMEX (2020) – Limited quantity available.
  • DBS came in with quantity on the evening of 7/30/20 @ $657.03 for a lot of 20 coins and this brought the premium back down into the 40% range. Bullion Exchanges only had 2 lots of 2020 coins @ $657.64 and only 7 lots of random year coins @ $663.00. After that you could find Bullion Exchanges with only 2 lots of 2001 coins @ $712.97. But then APMEX had limited quanitities of 2020 coin lots @ $753.55. Finally, Bullion Exchanges had more than 10 lots of 1987 coin lots @ $757.83.
  • On the morning of 7/31/20 DBS was back below 9 lots so the premium, once again, jumped above 60% – that is until Bullion Exchanges started selling in quantity later in the day. Also Liberty Coin came in with lower prices which lowered the premium later in the day.
  • By late Monday morning on 8/3/20, all low cost dealers were selling in limited quantities. I had to go the second page of Ebay results to find the lowest cost. This accounts for yet another spike in physical silver premiums to almost 60%. Liberty Coin did have 10 lots available at 12:15 PM ($667.41) but my rule is that a dealer must have more than 10.
  • Here is the breakdown of availability for 20-coin silver lots from Ebay at 7:55 PM on 8/3/20: Bullion Exchanges 5 available @ $665.91, DBS 10 available @ $666.65, Liberty Coin 8 available @ $667.89, Bullion Exchanges limited quantity available @ $674.05, Bullion Exchanges 2 available @ $729.65, APMEX 7 available @ 769.37.
  • The large drop in premium from 8/4/20 to the morning of 8/5/20 is the result of Liberty Coin coming in with rolls of silver eagles in large quantities (more than 10). We will see how long it lasts. I say that because the next available offer ($769.00) is from MCM which has almost 200 rolls of eagles available for sale but with a delayed delivery date (8/24/20). After that you have to pay $826.14 from Bullion Exchanges because it is the next dealer selling in quantities over 10.

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