The Retail Premium Index

Bullion Premiums: Monthly History Since 2019

Monthly bullion premiums at SD Bullion for the benchmark coins, bars, rounds, and junk silver: 8 years of history, with the methodology public.

Retail Premium Index composite, August 20265.0%8-year range: 3.5%-38.0%
Retail Premium Index composite, August 20262.2%8-year range: 1.7%-7.6%

captured 2026-08-31 · How these numbers are made

The composites

-10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 2019 2020 2021 2022 2023 2024 2025 2026 Silver 5.0% Gold 2.2%
Monthly composite premiums at SD Bullion, October 2019 to August 2026. Median across benchmark products of their ounce-weighted cash/wire averages.
See the figures
Monthly composite premium, Silver and Gold
Month Silver Gold
October 2019 9.0%2.1%
November 2019 11.5%2.0%
December 2019 9.5%2.1%
January 2020 10.7%1.8%
February 2020 10.4%2.0%
March 2020 19.4%3.8%
April 2020 38.0%7.6%
May 2020 25.1%6.8%
June 2020 17.8%5.3%
July 2020 16.4%4.1%
August 2020 15.6%4.4%
September 2020 15.6%3.8%
October 2020 13.8%3.7%
November 2020 10.0%3.9%
December 2020 9.3%3.8%
January 2021 11.9%4.0%
February 2021 19.9%5.1%
March 2021 20.6%5.3%
April 2021 22.5%5.0%
May 2021 19.2%5.4%
June 2021 18.8%5.0%
July 2021 16.7%4.5%
August 2021 16.1%4.1%
September 2021 16.1%3.9%
October 2021 17.2%4.2%
November 2021 15.9%4.3%
December 2021 17.8%4.4%
January 2022 17.0%4.1%
February 2022 16.9%3.8%
March 2022 19.3%3.8%
April 2022 24.9%4.1%
May 2022 27.5%4.2%
June 2022 24.6%4.4%
July 2022 24.8%4.3%
August 2022 25.8%4.3%
September 2022 28.9%4.6%
October 2022 31.5%5.3%
November 2022 29.1%5.0%
December 2022 17.6%4.3%
January 2023 16.1%4.1%
February 2023 15.5%4.1%
March 2023 18.5%3.7%
April 2023 21.2%4.8%
May 2023 20.2%4.4%
June 2023 18.1%4.4%
July 2023 18.1%4.1%
August 2023 16.8%3.9%
September 2023 13.8%3.8%
October 2023 14.7%3.6%
November 2023 14.4%3.1%
December 2023 14.8%3.2%
January 2024 15.0%3.2%
February 2024 14.3%2.9%
March 2024 13.3%2.7%
April 2024 10.6%2.5%
May 2024 9.4%2.2%
June 2024 10.9%2.4%
July 2024 10.9%2.4%
August 2024 10.0%2.2%
September 2024 9.9%2.3%
October 2024 9.3%2.3%
November 2024 10.3%2.6%
December 2024 9.4%2.3%
January 2025 6.8%2.0%
February 2025 5.9%1.9%
March 2025 6.6%2.2%
April 2025 7.3%2.1%
May 2025 10.2%2.4%
June 2025 6.7%1.7%
July 2025 5.2%1.7%
August 2025 5.6%2.0%
September 2025 3.5%1.8%
October 2025 7.8%2.3%
November 2025 6.9%2.5%
December 2025 5.8%1.8%
January 2026 7.7%1.8%
February 2026 10.6%2.6%
March 2026 6.8%2.1%
April 2026 6.1%2.6%
May 2026 5.5%1.7%
June 2026 5.2%2.0%
July 2026 7.6%2.3%
August 2026 5.0%2.2%

Based on SD Bullion transaction data

Silver premiums

ProductLatest month1-yr avgAll-history avgAll-time high
Mexican Silver Libertad 1 oz20.3% · $11.91/oz16.2%45.2% (74 mo) 135.6% (May 2022)
Austrian Silver Philharmonic 1 oz10.8% · $7.17/oz6.2%14.4% (90 mo) 46.9% (April 2020)
Australian Silver Kangaroo 1 oz8.1% · $5.42/oz8.0%14.6% (90 mo) 38.6% (May 2020)
American Silver Eagle 1 oz7.2% · $4.92/oz10.6%30.5% (90 mo) 92.7% (October 2022)
Canadian Silver Maple Leaf 1 oz7.0% · $4.50/oz7.7%17.3% (90 mo) 43.1% (October 2022)
Generic 1 oz silver round6.6% · $4.38/oz6.2%10.4% (90 mo) 38.3% (April 2020)
British Silver Britannia 1 oz3.3% · $2.17/oz7.1%15.1% (90 mo) 42.6% (April 2020)
100 oz silver bar0.9% · $0.58/oz2.4%7.7% (83 mo) 23.9% (April 2020)
10 oz silver bar0.2% · $0.17/oz4.8%9.8% (83 mo) 27.3% (April 2020)
1 kilo silver bar0.1% · $0.09/oz4.4%9.5% (83 mo) 30.2% (April 2020)
South African Silver Krugerrand 1 oz-0.7% · -$0.46/oz7.3%15.6% (90 mo) 44.2% (April 2020)
90% junk silver ($1 face value)-3.2% · -$2.00/oz-1.9%17.7% (83 mo) 64.2% (October 2022)

Gold premiums

ProductLatest month1-yr avgAll-history avgAll-time high
American Gold Eagle 1/10 oz16.2% · $718.93/oz14.2%23.5% (83 mo) 49.2% (May 2021)
American Gold Buffalo 1 oz5.4% · $237.32/oz5.0%5.5% (90 mo) 12.2% (March 2021)
Australian Gold Kangaroo 1 oz2.6% · $120.23/oz1.9%3.0% (90 mo) 7.5% (April 2020)
British Gold Britannia 1 oz2.3% · $101.54/oz2.4%3.4% (90 mo) 6.3% (May 2020)
American Gold Eagle 1 oz2.3% · $102.21/oz3.2%5.1% (90 mo) 11.7% (October 2022)
Generic 1 oz gold bar (minted)2.2% · $97.56/oz1.8%2.4% (90 mo) 5.5% (April 2020)
Canadian Gold Maple Leaf 1 oz2.1% · $95.18/oz2.1%3.3% (90 mo) 7.6% (April 2020)
South African Gold Krugerrand 1 oz1.5% · $65.34/oz1.1%2.8% (90 mo) 7.5% (May 2020)
Austrian Gold Philharmonic 1 oz1.5% · $65.19/oz1.7%3.2% (90 mo) 7.7% (April 2020)
10 oz gold bar1.4% · $59.99/oz1.3%1.9% (81 mo) 3.4% (March 2021)
The Retail Premium Index

What a premium is, and why it moves

A premium is the gap between what a bullion product costs and the metal inside it. An American Silver Eagle holds one ounce of silver, but it never sells at the bare metal price: minting, distribution, and demand for that particular coin all sit on top. This phase of the index measures each benchmark product against the metal value SD Bullion recorded on the transaction at the time of sale.

Premiums move on their own, and that is the point of watching them. When retail demand surges or mint capacity tightens, premiums blow out even when the metal price itself barely moves. They are the physical market’s stress gauge.

This phase of the index is built from SD Bullion's own records: the affiliation is stated plainly in the methodology, and it is what makes years of premium history possible. The anonymized multi-dealer panel this index grows into is the roadmap; the history is the foundation.

Premium moves in your inbox.

From the newsroom

Market commentary.

All news