Physical Silver Premium Over Spot

NOTE: Daily graph is updated once per day (usually in the morning).

Updated 7/25/21 @ 8:15 PM EST

NOTE: Intra-Day Graph is updated several times during the day and it includes my first data point 8/26/19 when I purchased an American Silver Eagle at a premium of $2.38/13.47%.

Updated 7/25/21 @ 8:15 PM EST

The above charts show 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, 20-coin tubes).

CURRENT UPDATE: 7/25/21 @ 8:15 PM EST

Spot Silver Price (ounce) – $25.18

Physical Silver Eagle Price (based on a 20-coin tube on Ebay): $35.26. Pre-sales for future delivery are not counted.

Current Premium: $10.08/40.03%

DBS Coin is the lowest price dealer selling in quantities of over 10, 20-coin tubes.


UPDATED 7/25/21 @ 8:15 PM EST: Because of the tight situation in the physical Silver Eagle market, I include a list of dealers offering coins for sale on Ebay. Here are the Ebay dealers offering 20-coin Silver Eagle tubes in quantities of more than 10 as well as some other main dealers with offers of some kind in relative quantity:

DBS Coin: $705.20 – $35.26/coin (2021 Year Type 2, more than 10 available).

Bullion Exchanges: $709.35 – $35/46/coin (Random year, only 9 available).

Pinehurst Coin: $720.90 – $36.04/coin (2021 Year, more than 10 available).

APMEX: $721.80 – $36.09/coin (Random year, only 9 available).

MCM: $796.20 – $39.81/coin (2021 Year, 20 available).

Arlington Coin: $797.95 – $39.89/coin (more than 10 available).


Recent Updates

UPDATE 7/1/21 @ 11:50 AM EST: Once again, Arlington Coin is the lowest price dealer selling in quantity so the percentage premium has shot back above 50%. This situation has happened time and again but Bullion Exchanges will often come back in with quantity offers so I will update if/when it does. And, yes, Bullion Exchanges did come in with quantity by 9:30 PM EST. The current premium has declined to 44.02%.

UPDATE 6/23/21 @ 12:30 PM EST: The physical silver premium has been above 50% since 6/20/21 because Arlington Coin was the lowest cost dealer (this individual/company does not modify its prices to reflect the spot market on a regular basis like all other dealers do). However … as often happens, Bullion Exchanges comes in with large coin quantities to lower the premium. This is exactly what happened today. The result is that the premium now stands at 44.00%.

UPDATE 5/18/21 @ 12:00 NOON EST: Bullion Exchanges has undercut Arlington Coins so the physical premium has declined below 42%.

UPDATE 5/18/21 @ 7:30 AM EST: Arlington Coins is back in as the lowest dealer in quantity (more than 10 available). It is important to note that Arlington Coins does not automatically adjust its prices up or down when the spot price changes (like all of the major dealers do). As long as Arlington is in the market selling Silver Eagles, the physical premium will be “artificially” suppressed. However, by 9:15 AM EST, Arlington had increased its price to $815.00/20 coin roll plus shipping bringing the physical premium over 45%.

UPDATE 5/7/21 @ 7:20 AM EST: Arlington Coins is no longer selling in quantity (only 9 tubes left). Bullion Exchanges, a major dealer, is now the lowest cost dealer selling in quantity.

UPDATE: 5/6/21 @ 7:20 AM EST: Bullion Exchanges, a major dealer, finally came in with a price under Arlington Coins. But when silver spiked above $27.00 this morning, Arlington became the low cost dealer again (because it does not automatically adjust its physical price when spot changes).

UPDATE: 4/23/21 @ 7:20 AM EST: Arlington Coins has increased its offer price by $20.00/tube which has led to an increase in the physical silver premium to over 46%. As I indicated in my last update, this dealer is different from most of the larger dealers because it does not automatically update its prices to reflect changes in Spot. But suddenly, and all at once this morning, it jacked up its per coin price by $1.00/coin. It remains the lowest cost dealer – but not by much.

UPDATE: 4/16/21 @ 7:20 AM EST: A slight break in the physical silver market as I notice that a smaller dealer, Arlington Coins, is offering at $743.75 – $37.18/coin. It is also important to note that this dealer does not automatically modify it’s price with each move in the spot market. All other standard dealers do this.

UPDATE 4/15/21 @ 7:40 PM EST: The physical silver market is getting very tight. There are very few offers in quantity on Ebay and APMEX is now the lowest cost dealer at a premium of $12.45/48.20% per coin.

UPDATE 4/15/21 @ 7:20 AM EST: It appears that most of the lower-cost dealers are now out of the market and this is leading to an upward pressure on physical premium. There are only two dealers selling in quantities of more than 10, 20-coin Silver Eagle tubes: Hannigan Coin & APMEX. Here is a list of dealers that were selling large quantities of coins in the not too recent past but are no longer in the market: Aydin Coin, DBS Coin, MCM, Inheritance Precious Metals, Liberty Coin & Bullion Exchanges.

UPDATE 4/13/21 @ 9:45 AM EST: The physical silver premium has started to decline, yet again, because the two low cost dealers are not adjusting their prices for the increase in Spot: Inheritance Precious Metals & Hannigan Coin.

UPDATE 4/9/21 @ 9:15 AM EST: The brief decline in the physical silver price earlier in the week has ended. Recall that it was the result of two new low-cost dealers who were not adjusting their offering prices based on the current spot price (like all other major dealers do). Instead, they were keeping their prices fixed. These dealers were Inheritance Precious Metals & Hannigan Coin. Inheritance has increased its price by more than $10.00/tube – $727.21. Hannigan is still steady at $729.98/tube.

UPDATE 3/30/21 @ 8:15 PM EST: The Spot silver price declines as the physical price increases. Very interesting. The physical premium percentage moved over 45% while the Spot price declined under $24.00. Yeah, that seems to make sense …

UPDATE 3/30/21 @ 1:40 PM EST: While Aydin Coins came in with a low cost deal on 3/28/21, I noticed today that MCM increased its price from the low $700’s for a 20-coin tube of Silver Eagles (this morning) all of the way up to $764.40 by early afternoon. Not sure what that is all about except to say that physical inventory must be pretty tight.

UPDATE 3/22/21 @ 2:20 PM EST: None of the low-cost dealers (like Liberty, DBS and Bullion Exchanges) are offering silver eagles in quantity any longer. The best price is MCM: $736.40 – $36.82/coin (105 available).

UPDATE 3/20/21 @ 1:45 PM EST: Sometime over the past 24 hours, DBS Coin finally came in with a low offer for Silver Eagles which has brought the premium all of the way back down to the mid 30% range.

UPDATE 3/19/21 @ 7:45 AM EST: DBS Coin did not come in this morning with any offers (they have no coins available) so the physical silver premium remains elevated

UPDATE 3/18/21 @ 7:20 PM EST: DBS Coin is no longer selling in quantities of more than 10 – 20 tube lots. The next dealer selling in quantity is APMEX at a way higher price – APMEX: $754.64 – $37.73/coin. This represents a $11.75/45.12% premium. Usually DBS Coin comes in with a lower price (in quantity) in the morning, so I will be watching to see if this is the case tomorrow. Stay tuned.

UPDATE 3/16/21 @ 2:00 PM EST: The physical Silver Eagle premium has jumped over 3% since yesterday morning – from about 32% to 35%. This is despite the fact that the spot price as declined in that same time period below $26.00/ounce.

UPDATE 3/12/21 @ 2:10 PM EST: Silver Eagles are getting a bit harder to source as Liberty Coin no longer has any offers and MCM has only one offer. In addition, there is still a wide gap between the low-cost dealer (DBS Coin) and the others. Here is the availability on Ebay: DBS Coin: $687.84 – $34.39/coin, Liberty Coin: None available, MCM: $739.40 – None available, MCM: $792.80 – $39.64/coin (119 available), APMEX: $794.64 – $39.73/coin & APMEX: $877.11 – $43.85/coin.

UPDATE 3/9/21 @ 10:10 AM EST: Silver Eagles are getting more plentiful again. On 3/5/21 there were only two dealer offering in quantity but now there are three and some have multiple offers. However, I still find it interesting how there is a large jump in cost from the two low-cost dealers (DBS & Liberty Coin) and the others (MCM & APMEX). Here is the availability on Ebay: DBS Coin: $689.36 – $34.47/coin, Liberty Coin: $696.98 – $34.84/coin, MCM: $745.80 – $37.29/coin (26 available), MCM: $794.60 – $39.73/coin (145 available), APMEX: $796.49 – $39.82/coin, APMEX: $878.97 – $43.94/coin

UPDATE 3/5/21 @ 7:40 AM EST: The scarcity in the physical silver market is back. Currently there are only two dealers offering Physical Eagles in 20-tube quantities of more than 10 offers. This would be Liberty Coin – $685.38 – $34.27/coin & APMEX: $804.74 – $40.23/coin. Notice the very large difference in offer prices – almost a $120.00 difference. Not sure if this will last throughout the day because, quite often, DBS Coin comes in with very low prices later in the day. At least this has been the case since I started to closely follow the Ebay market since last Spring. UPDATE @ 9:10 AM EST: Sure enough, DBS Coin came in as the lowest cost dealer – $673.38/$33.67 per coin.

UPDATE 3/1/21 @ 12:50 PM EST: The scarcity has let up a bit as now there are three dealers offering Silver Eagles in quantity in the low $700 range for a 20 coin lot. DBS Coin: $710.86 – $35.54/coin, Liberty Coin: $712.97 – $35.64/coin and Bullion Exchanges: $714.52 – $35.72/coin.

UPDATE 2/26/21 @ 8:45 AM EST: The scarcity in the silver market continues this morning. Liberty Coin is still the lowest cost dealer offering 20 coin Silver Eagles in quantity – $714.84. Next is MCM – $814.60 followed by APMEX at $835.26.

UPDATE 2/25/21 @ 3:30 PM EST: An interesting situation has developed in the physical silver market. The lowest cost dealer offering 20 coin Silver Eagles in quantity is Liberty Coin @ $729.28. But the next lowest cost dealer (MCM) is offering at a price way above – $826.40. After that you will find APMEX with a price of $847.42. Is something up, yet again, in the physical silver market?

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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