Market Calendar
The Retail Premium Index

Gold Premiums Over Spot: 10 Products Since 2013

Every gold benchmark the Retail Premium Index tracks, month by month: 14 years of what buyers paid over spot, the composite that sums it up, and the two derived series that read the stress in the gold market.

Gold composite, August 2026
2.3%13-year range: 1.5%-9.8%19th percentile of its own history
All-time high
9.8%
Gold benchmarks
10

All bullion premiums · Silver premiums

captured 31 Aug 2026 · How these numbers are made

The gold composite

0.0%2.0%4.0%6.0%8.0%10.0%12.0%201620172018201920202021202220232024202520262.3%
Monthly gold composite premium, July 2014 to August 2026: the median across the metal's benchmark products of their ounce-weighted monthly averages. The gold composite is the median of the gold benchmarks reporting each month: 5 in July 2014, 10 in August 2026, never fewer than 5. The basket grows as products enter the series.
See the figures
Monthly composite premium, Gold
Month Gold Gold benchmarks
July 2014 3.1%5
August 2014 3.8%5
September 2014 3.1%6
October 2014 3.4%6
November 2014 3.3%5
February 2015 4.0%5
March 2015 3.8%6
April 2015 3.4%5
June 2015 4.2%5
July 2015 4.1%6
August 2015 4.1%6
September 2015 4.7%5
November 2015 4.4%5
December 2015 4.5%5
January 2016 4.1%5
February 2016 3.6%6
March 2016 4.2%5
April 2016 3.6%6
May 2016 3.6%6
June 2016 4.0%5
July 2016 3.4%6
August 2016 3.5%6
September 2016 2.7%7
October 2016 3.2%7
November 2016 3.9%8
December 2016 3.8%8
January 2017 4.0%7
February 2017 4.0%6
March 2017 4.2%6
April 2017 3.7%6
May 2017 3.1%7
June 2017 3.3%7
July 2017 3.5%6
August 2017 2.8%7
September 2017 3.0%6
October 2017 3.5%5
November 2017 3.6%7
December 2017 3.5%8
January 2018 2.8%5
February 2018 2.5%7
March 2018 2.5%5
April 2018 2.4%6
May 2018 2.6%5
June 2018 2.7%6
July 2018 3.1%9
August 2018 3.2%8
September 2018 3.1%9
October 2018 2.9%8
November 2018 3.0%7
December 2018 2.7%7
January 2019 2.9%8
February 2019 2.2%8
March 2019 2.4%8
April 2019 2.3%9
May 2019 2.4%6
June 2019 1.9%7
July 2019 1.6%6
August 2019 1.6%9
September 2019 1.5%9
October 2019 2.3%9
November 2019 2.0%9
December 2019 2.0%9
January 2020 1.8%10
February 2020 2.0%10
March 2020 3.6%10
April 2020 9.8%5
May 2020 6.8%6
June 2020 5.4%8
July 2020 3.9%9
August 2020 4.4%10
September 2020 3.8%10
October 2020 3.7%10
November 2020 3.9%9
December 2020 4.0%8
January 2021 4.0%10
February 2021 5.4%9
March 2021 5.5%9
April 2021 5.4%9
May 2021 5.4%10
June 2021 5.0%9
July 2021 4.5%10
August 2021 4.1%10
September 2021 3.9%10
October 2021 4.2%10
November 2021 4.3%10
December 2021 4.4%10
January 2022 4.1%10
February 2022 3.8%10
March 2022 3.8%10
April 2022 4.1%10
May 2022 4.2%10
June 2022 4.4%10
July 2022 4.3%10
August 2022 4.3%10
September 2022 4.6%10
October 2022 5.3%10
November 2022 5.0%10
December 2022 4.3%10
January 2023 4.1%10
February 2023 4.1%10
March 2023 3.8%10
April 2023 4.8%10
May 2023 4.4%10
June 2023 4.4%10
July 2023 4.1%10
August 2023 3.7%9
September 2023 3.8%10
October 2023 3.5%9
November 2023 2.8%9
December 2023 3.2%10
January 2024 3.3%10
February 2024 2.9%10
March 2024 2.7%10
April 2024 2.5%10
May 2024 2.2%10
June 2024 2.4%10
July 2024 2.5%10
August 2024 2.2%10
September 2024 2.4%10
October 2024 2.3%10
November 2024 2.6%10
December 2024 2.4%10
January 2025 2.1%8
February 2025 1.9%10
March 2025 2.3%10
April 2025 2.1%10
May 2025 2.3%10
June 2025 1.8%10
July 2025 2.0%9
August 2025 2.0%10
September 2025 1.9%10
October 2025 2.3%10
November 2025 2.6%10
December 2025 1.9%10
January 2026 1.8%10
February 2026 2.6%10
March 2026 2.1%10
April 2026 2.6%10
May 2026 1.7%9
June 2026 2.1%10
July 2026 2.5%10
August 2026 2.3%10

Based on SD Bullion transaction data. Figures before March 2019 are historical estimates.

Every gold benchmark

RankProductCompare
1American Gold Eagle 1/10 ozView premium history16.2%$717.7614.2%18.6% (151 mo) 49.2% (May 2021) 61st7Compare
2American Gold Buffalo 1 ozView premium history5.4%$241.155.1%5.1% (141 mo) 11.5% (October 2022) 68th21Compare
3Australian Gold Kangaroo 1 ozView premium history2.6%$120.231.9%3.0% (97 mo) 4.7% (March 2021) 40th25
4Generic 1 oz gold bar (minted)View premium history2.4%$105.732.0%2.2% (150 mo) 5.5% (April 2020) 68th1
5British Gold Britannia 1 ozView premium history2.3%$101.542.4%3.3% (88 mo) 6.0% (May 2023) 16th30
6American Gold Eagle 1 ozView premium history2.3%$102.213.3%4.7% (155 mo) 11.9% (October 2022) 5th7CompareCompare
7Canadian Gold Maple Leaf 1 ozView premium history2.2%$98.952.1%3.1% (154 mo) 7.6% (April 2020) 16th8
8South African Gold Krugerrand 1 ozView premium history1.5%$65.341.1%2.8% (126 mo) 5.8% (May 2021) 16th35
9Austrian Gold Philharmonic 1 ozView premium history1.5%$65.191.7%3.1% (83 mo) 6.5% (May 2020) 10th67
1010 oz gold barView premium history1.4%$62.161.4%2.0% (80 mo) 3.4% (March 2021) 18th28

Pick any two of these benchmarks

Pick any two

-20.0%0.0%20.0%40.0%60.0%February 2013November 2014August 2016May 2018February 2020November 2021August 2023May 2025
See the figures
American Gold Eagle 1 oz and American Gold Buffalo 1 oz, by month
CategoryAmerican Gold Eagle 1 ozAmerican Gold Buffalo 1 oz
February 201349.3%
March 20136.5%10.1%
April 20135.9%10.0%
May 20134.6%4.4%
June 20134.1%5.2%
July 20134.6%4.3%
August 20134.4%4.3%
September 20131.0%4.1%
October 20134.2%4.3%
November 20134.1%4.1%
December 20134.4%
January 20144.4%4.7%
February 20144.2%4.9%
March 20144.3%4.5%
April 20144.6%4.3%
May 20144.6%4.0%
June 20144.0%4.5%
July 20143.1%4.2%
August 20143.8%4.3%
September 20143.7%4.7%
October 20144.2%4.6%
November 20144.6%4.9%
December 20144.2%5.2%
January 20154.4%4.3%
February 20154.0%4.6%
March 20154.4%4.8%
April 20154.2%5.2%
May 20154.1%5.0%
June 20154.2%5.0%
July 20154.8%5.5%
August 20154.4%5.1%
September 20154.7%4.8%
October 20154.8%5.2%
November 20154.4%4.5%
December 20154.7%4.5%
January 20164.1%4.2%
February 20164.4%4.2%
March 20164.2%4.9%
April 20164.2%4.3%
May 20164.3%4.4%
June 20164.0%4.0%
July 20164.0%4.2%
August 20164.2%4.5%
September 20164.1%4.1%
October 20164.3%4.2%
November 20164.4%4.2%
December 20165.3%4.6%
January 20174.9%4.4%
February 20174.2%4.7%
March 20174.3%4.4%
April 20174.5%4.4%
May 20174.2%4.5%
June 20173.8%4.1%
July 20174.2%4.2%
August 20172.5%3.2%
September 20172.8%3.7%
October 20173.5%3.6%
November 20173.9%4.8%
December 20173.5%4.5%
January 20182.8%3.9%
February 20182.0%3.9%
March 20182.2%4.2%
April 20182.4%3.9%
May 20182.6%3.6%
June 20182.8%4.1%
July 20183.3%3.8%
August 20183.6%3.3%
September 20184.1%3.4%
October 20184.3%4.0%
November 20184.0%4.0%
December 20183.9%4.2%
January 20193.7%4.1%
February 20193.6%4.1%
March 20193.2%4.0%
April 20193.2%4.1%
May 20192.7%4.0%
June 20192.1%3.4%
July 20191.2%3.4%
August 20191.6%3.0%
September 20192.0%2.9%
October 20192.3%2.6%
November 20192.7%3.6%
December 20193.1%2.9%
January 20203.2%3.5%
February 20202.8%3.1%
March 20206.6%7.0%
April 20209.8%10.0%
May 20207.2%8.2%
June 20206.0%6.1%
July 20205.4%5.6%
August 20205.4%5.2%
September 20205.3%5.5%
October 20205.2%5.3%
November 20205.1%5.4%
December 20204.9%5.4%
January 20215.2%5.4%
February 20218.3%9.4%
March 202110.1%10.6%
April 202110.4%9.6%
May 202110.1%10.5%
June 202110.2%7.8%
July 20218.0%6.8%
August 20215.9%5.8%
September 20215.8%5.8%
October 20216.4%6.1%
November 20216.2%5.5%
December 20215.4%5.5%
January 20225.3%5.1%
February 20225.1%5.2%
March 20225.7%5.4%
April 20226.0%5.5%
May 20226.1%5.6%
June 20225.7%5.7%
July 20227.2%6.8%
August 20228.8%7.2%
September 20229.5%7.4%
October 202211.9%11.5%
November 202211.0%7.0%
December 20228.9%8.2%
January 20236.1%8.2%
February 20237.2%6.5%
March 20238.0%7.4%
April 20238.6%8.1%
May 20238.0%8.4%
June 20237.0%7.1%
July 20235.8%6.1%
August 20235.9%6.9%
September 20235.8%6.4%
October 20235.2%6.2%
November 20235.4%6.1%
December 20235.6%6.5%
January 20244.9%5.0%
February 20244.6%5.0%
March 20243.8%4.8%
April 20243.8%4.3%
May 20244.5%3.8%
June 20244.4%4.0%
July 20244.0%4.9%
August 20243.9%3.7%
September 20244.6%3.7%
October 20244.3%4.7%
November 20245.0%5.0%
December 20244.4%4.9%
January 20253.5%4.0%
February 20253.0%3.6%
March 20253.9%4.8%
April 20253.6%4.7%
May 20252.6%4.4%
June 20252.0%4.3%
July 20251.2%4.0%
August 20252.8%4.0%
September 20252.9%4.5%
October 20254.5%6.9%
November 20253.4%6.1%
December 20253.4%4.6%
January 20264.2%5.0%
February 20263.9%5.7%
March 20263.2%4.7%
April 20262.7%5.6%
May 20263.0%5.1%
June 20263.2%1.4%
July 20263.3%6.0%
August 20262.3%5.4%
Monthly premium over spot, March 2013 to August 2026, against the American Gold Buffalo 1 oz.

Based on SD Bullion transaction data. Figures before March 2019 are historical estimates.

The Retail Premium Index

Derived series

Two readings built from the benchmark series above. Each is a plain subtraction or a ranking against its own history: no model, no smoothing.

Eagle/Buffalo spread

-4.0%-2.0%0.0%2.0%4.0%6.0%January 2014June 2016December 2017June 2019December 2020June 2022December 2023June 2025
See the figures
Eagle/Buffalo spread, by month
CategoryEagle/Buffalo spread
January 2014-0.3%
July 2014-1.0%
August 2014-0.5%
September 2014-1.0%
October 2014-0.4%
February 2015-0.6%
March 2015-0.4%
June 2015-0.9%
July 2015-0.7%
August 2015-0.7%
September 2015-0.1%
November 2015-0.1%
December 20150.2%
January 2016-0.1%
February 20160.2%
March 2016-0.7%
April 2016-0.1%
May 2016-0.2%
June 20160.0%
July 2016-0.1%
August 2016-0.3%
September 20160.0%
October 20160.1%
November 20160.2%
December 20160.7%
January 20170.5%
February 2017-0.5%
March 2017-0.1%
April 20170.1%
May 2017-0.4%
June 2017-0.3%
July 2017-0.1%
August 2017-0.7%
September 2017-0.8%
October 2017-0.1%
November 2017-0.9%
December 2017-1.0%
January 2018-1.1%
February 2018-1.9%
March 2018-2.0%
April 2018-1.5%
May 2018-1.0%
June 2018-1.3%
July 2018-0.5%
August 20180.3%
September 20180.7%
October 20180.3%
November 20180.0%
December 2018-0.3%
January 2019-0.4%
February 2019-0.5%
March 2019-0.8%
April 2019-0.8%
May 2019-1.4%
June 2019-1.2%
July 2019-2.2%
August 2019-1.4%
September 2019-0.9%
October 2019-0.3%
November 2019-0.9%
December 20190.1%
January 2020-0.2%
February 2020-0.3%
March 2020-0.4%
April 2020-0.2%
May 2020-1.0%
June 2020-0.1%
July 2020-0.2%
August 20200.1%
September 2020-0.2%
October 2020-0.1%
November 2020-0.3%
December 2020-0.5%
January 2021-0.3%
February 2021-1.1%
March 2021-0.5%
April 20210.7%
May 2021-0.4%
June 20212.4%
July 20211.2%
August 20210.1%
September 20210.0%
October 20210.3%
November 20210.7%
December 2021-0.1%
January 20220.2%
February 2022-0.1%
March 20220.3%
April 20220.5%
May 20220.5%
June 2022-0.1%
July 20220.5%
August 20221.7%
September 20222.1%
October 20220.4%
November 20224.0%
December 20220.7%
January 2023-2.1%
February 20230.6%
March 20230.6%
April 20230.4%
May 2023-0.4%
June 2023-0.1%
July 2023-0.4%
August 2023-1.0%
September 2023-0.6%
October 2023-1.0%
November 2023-0.7%
December 2023-0.9%
January 20240.0%
February 2024-0.4%
March 2024-1.1%
April 2024-0.6%
May 20240.8%
June 20240.4%
July 2024-0.9%
August 20240.2%
September 20240.9%
October 2024-0.4%
November 20240.0%
December 2024-0.5%
January 2025-0.5%
February 2025-0.7%
March 2025-0.9%
April 2025-1.1%
May 2025-1.9%
June 2025-2.3%
July 2025-2.8%
August 2025-1.2%
September 2025-1.6%
October 2025-2.4%
November 2025-2.6%
December 2025-1.2%
January 2026-0.8%
February 2026-1.8%
March 2026-1.6%
April 2026-2.9%
May 2026-2.1%
June 20261.8%
July 2026-2.8%
August 2026-3.2%
The premium gap between the two US Mint 1 oz gold coins has tended to widen when demand for the purer coin ran ahead of demand for the Eagle.

1/10 oz fractional premium

-20.0%0.0%20.0%40.0%60.0%March 2013December 2014September 2016June 2018March 2020December 2021September 2023June 2025
See the figures
1/10 oz fractional premium, by month
CategoryAmerican Gold Eagle 1/10 ozAmerican Gold Eagle 1 oz
March 201317.5%6.5%
April 20135.9%
May 20134.6%
June 20134.1%
July 20134.6%
August 201311.8%4.4%
September 201313.2%1.0%
October 201312.9%4.2%
November 201313.1%4.1%
December 201314.4%4.4%
January 201413.6%4.4%
February 201412.9%4.2%
March 201413.8%4.3%
April 201412.9%4.6%
May 201412.8%4.6%
June 201413.0%4.0%
July 201413.2%3.1%
August 201412.4%3.8%
September 201413.9%3.7%
October 201413.4%4.2%
November 201414.4%4.6%
December 201413.1%4.2%
January 201513.0%4.4%
February 201514.0%4.0%
March 201514.0%4.4%
April 201514.0%4.2%
May 201513.5%4.1%
June 201512.0%4.2%
July 201513.6%4.8%
August 201513.7%4.4%
September 201513.8%4.7%
October 201513.8%4.8%
November 201514.2%4.4%
December 201514.2%4.7%
January 201613.9%4.1%
February 201613.3%4.4%
March 201614.2%4.2%
April 201613.1%4.2%
May 201614.6%4.3%
June 201613.1%4.0%
July 201615.5%4.0%
August 201612.8%4.2%
September 201614.2%4.1%
October 201613.5%4.3%
November 201614.6%4.4%
December 201614.2%5.3%
January 201712.4%4.9%
February 201713.0%4.2%
March 201712.1%4.3%
April 201713.9%4.5%
May 201713.8%4.2%
June 201712.6%3.8%
July 201712.9%4.2%
August 201714.9%2.5%
September 201711.8%2.8%
October 201712.7%3.5%
November 201713.0%3.9%
December 201712.0%3.5%
January 201812.8%2.8%
February 201814.5%2.0%
March 201813.7%2.2%
April 201811.4%2.4%
May 201813.0%2.6%
June 201811.4%2.8%
July 201811.9%3.3%
August 201811.9%3.6%
September 201811.8%4.1%
October 201810.8%4.3%
November 201811.4%4.0%
December 201811.2%3.9%
January 201911.0%3.7%
February 201911.1%3.6%
March 201910.8%3.2%
April 201911.0%3.2%
May 201910.9%2.7%
June 201912.3%2.1%
July 201911.3%1.2%
August 201912.0%1.6%
September 201911.5%2.0%
October 201910.8%2.3%
November 201911.9%2.7%
December 201912.3%3.1%
January 202011.6%3.2%
February 20209.5%2.8%
March 202015.5%6.6%
April 202028.7%9.8%
May 202030.5%7.2%
June 202022.1%6.0%
July 202035.6%5.4%
August 202035.9%5.4%
September 202017.7%5.3%
October 202016.4%5.2%
November 202014.6%5.1%
December 202015.2%4.9%
January 202119.8%5.2%
February 202133.9%8.3%
March 202148.2%10.1%
April 202134.4%10.4%
May 202149.2%10.1%
June 202132.0%10.2%
July 202130.9%8.0%
August 202130.0%5.9%
September 202122.0%5.8%
October 202124.9%6.4%
November 202126.6%6.2%
December 202126.7%5.4%
January 202216.7%5.3%
February 202220.0%5.1%
March 202220.9%5.7%
April 202223.0%6.0%
May 202223.6%6.1%
June 202224.9%5.7%
July 202226.4%7.2%
August 202234.3%8.8%
September 202233.5%9.5%
October 202246.5%11.9%
November 202232.1%11.0%
December 202231.0%8.9%
January 202326.6%6.1%
February 202324.9%7.2%
March 202329.1%8.0%
April 202341.0%8.6%
May 202347.6%8.0%
June 202341.4%7.0%
July 202329.9%5.8%
August 202323.0%5.9%
September 202323.2%5.8%
October 202323.6%5.2%
November 202324.0%5.4%
December 202321.6%5.6%
January 202422.2%4.9%
February 202419.6%4.6%
March 202418.1%3.8%
April 202420.1%3.8%
May 202422.9%4.5%
June 202425.3%4.4%
July 202429.8%4.0%
August 202425.7%3.9%
September 202424.0%4.6%
October 202429.6%4.3%
November 202427.1%5.0%
December 202427.4%4.4%
January 202515.8%3.5%
February 202517.1%3.0%
March 202517.0%3.9%
April 202518.4%3.6%
May 202518.0%2.6%
June 202515.0%2.0%
July 202516.0%1.2%
August 202513.4%2.8%
September 202512.5%2.9%
October 202513.4%4.5%
November 202515.1%3.4%
December 202515.5%3.4%
January 202615.7%4.2%
February 202611.0%3.9%
March 202611.1%3.2%
April 202614.5%2.7%
May 202614.4%3.0%
June 202615.3%3.2%
July 202615.8%3.3%
August 202616.2%2.3%
When the fractional premium detaches from the 1 oz series, small buyers are paying up, a retail-stress tell.

The Retail Premium Index is a free public resource published for educational purposes only. It is compiled from real transaction records and from market data we license, using the methods described on the methodology page, and we correct it when we find errors. It is not a price quote, an offer to buy or sell, or investment advice, and it may not match figures compiled by other dealers or from other sources, whose products, pricing and methods differ from ours. The methods, the products covered and the period covered may change over time; nothing about the continuation, consistency or method of the index is guaranteed, and any figure may be revised or withdrawn. Past premiums do not indicate future premiums. The figures come from one retailer's own records of completed orders, and for the months before March 2019 from estimates of what the metal was worth at the time of each sale.

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