The Spot vs. Physical Gold/Silver Ratio

Updated 7/22/21 @ 1:00 PM EST

Graph Start Date – April 6, 2020.


LAST GRAPH UPDATE: 7/22/21 @ 1:00 PM EST

  • Spot Gold/Silver Ratio: 71.27
  • Physical Gold/Silver Ratio: 54.26
  • Spot vs. Physical Spread: 17.01

The following chart shows the percentage premium of the spot vs. physical gold/silver ratio.

Updated 7/22/21 @ 1:00 PM EST

Graph Start Date – April 6, 2020.

Premium Percentage: 7/22/21 @ 1:00 PM EST is 31.34%

NOTE: The spot gold/silver ratio is higher than the physical gold/silver ratio – but the trend appeared to be moving downward until silver and gold started spiking toward the end of July/early August. After a huge increase in physical silver premiums in early August (which spiked the percentage premium to all times highs near 150%), the premium has settled down below 108%. It is now at close to the lowest premium since I started keeping track of the ratio. However, see recent developments below for more details – especially since the silver squeeze from the end of January 2021.


RECENT DEVELOPMENTS IN THE SPOT AND PHYSICAL GOLD/SILVER RATIOS

  • UPDATE 5/4/21 @ 7:20 PM EST: The percentage premium has been on the upswing and it has remained above 25% for the last several weeks.
  • UPDATE 4/8/21 @ 9:35 AM EST: The percentage premium has been declining as of late because there are now two new small low-cost dealers selling silver eagles at a fixed cost. Usually the big dealers increase their offering prices as the spot price increases.
  • UPDATE 3/19/21: The percentage premium jumped above 30% because the standard lowest cost Ebay dealer (DBS Coin) is no longer offering silver eagles. This may only be a temporary spike as DBS may come back in today with some coins.
  • UPDATE 2/16/21: The percentage premium has settled down even further below 20%.
  • UPDATE 2/4/21: The percentage premium has settled down into the 20-30% range since 2/3/21.
  • UPDATE 1/31/21: The percentage premium has blasted above 45% as a result of the increase in physical silver premiums.
  • UPDATE 1/30/21: The percentage premium jumped over 13% today because physical silver premiums skyrocketed above 25%.
  • UPDATE 1/26/21: The percentage premium moved above 11% early in the day but then fell back below by evening. On 1/27/21 it declined below 10%.
  • UPDATE 1/24/21: The percentage premium moved above 10%. This is the highest premium since 11/30/20. Could this be an early sign of tightness in the precious metals markets?
  • UPDATE 1/20/21: The percentage premium has increased almost 3% points in the last few days. It now stands at over 9.00%. Of course, this is nothing even close to the premium back in June 2020 of almost 40%.
  • UPDATE 1/18/21: The percentage premium declined to 6.69% in the afternoon – the absolute lowest since my records started. By later in the evening and into 1/19/21 it had advanced above 7%.
  • UPDATE 1/15/21: The percentage premium moved back above 8% today.
  • UPDATE 1/12/21: The percentage premium moved above 9% in the morning and then in the evening declined to the lowest level since I have been keeping records: 7.11%. It remains in the 7% range on 1/14/21.
  • On 1/4/21 the percentage premium went under 8% but it popped back above on 1/7/21.
  • On 11/25/20 the percentage premium dipped under 10% again. The last time this happened was in early to mid October 2020.
  • The percentage premium crept up to a high of 12.11% on 10/29/20 but has since declined back into the 10% range and has remained there (for the most part) since 11/5/20.
  • The percentage premium went below 10% on 10/13/20 and remained there until 10/25/20.
  • The percentage premium has been below 15% since 8/27/20.
  • The premium has been on a clear decline since its spike peak in early August.
  • The premium started declining again starting on 8/5/20 when dealers started coming in with 20-coin offers back in the high $700 range.
  • On the afternoon of 7/30/20 physical silver skyrocketed in price. This accounts for the huge increase in the spot vs. physical gold/silver ratio. This huge increase didn’t last as DBS Coin came in with quantities of silver lots at a lower price.
  • The percentage premium hit a June high of 38.15% on 6/3/20. From there it trended lower. It ended June at 24.74%.
  • The percentage premium of the spot vs. physical gold/silver ratio hit a reached a peak on 5/4/20 at 44.16% and has trended lower ever since.

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