Market Calendar
The Retail Premium Index

Silver Premiums Over Spot: 12 Products Since 2013

Every silver 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 silver market.

Silver composite, August 2026
3.4%14-year range: 3.4%-38.8%below every prior month of its own history
All-time high
38.8%
Silver benchmarks
12

All bullion premiums · Gold premiums

captured 31 Aug 2026 · How these numbers are made

The silver composite

0.0%10.0%20.0%30.0%40.0%50.0%20142015201620172018201920202021202220232024202520263.4%
Monthly silver composite premium, April 2013 to August 2026: the median across the metal's benchmark products of their ounce-weighted monthly averages. The silver composite is the median of the silver benchmarks reporting each month: 5 in April 2013, 12 in August 2026, never fewer than 5. The basket grows as products enter the series.
See the figures
Monthly composite premium, Silver
Month Silver Silver benchmarks
April 2013 16.0%5
September 2013 10.0%5
October 2013 9.5%6
November 2013 9.5%6
December 2013 8.1%7
January 2014 9.7%7
February 2014 8.5%5
March 2014 8.9%7
April 2014 9.2%7
May 2014 10.0%7
June 2014 10.0%7
July 2014 7.4%7
August 2014 8.5%8
September 2014 9.1%8
October 2014 12.8%8
November 2014 17.1%8
December 2014 15.9%8
January 2015 13.8%8
February 2015 14.1%8
March 2015 13.9%9
April 2015 13.8%9
May 2015 14.2%9
June 2015 14.7%9
July 2015 18.7%9
August 2015 19.4%9
September 2015 20.3%10
October 2015 17.1%8
November 2015 15.5%9
December 2015 15.9%10
January 2016 15.2%9
February 2016 14.2%9
March 2016 13.3%9
April 2016 13.8%10
May 2016 13.7%10
June 2016 12.5%10
July 2016 10.1%10
August 2016 11.0%10
September 2016 9.8%10
October 2016 11.1%11
November 2016 11.9%11
December 2016 11.4%11
January 2017 11.5%10
February 2017 8.9%10
March 2017 9.1%10
April 2017 10.9%11
May 2017 11.6%11
June 2017 11.2%11
July 2017 11.8%11
August 2017 10.9%11
September 2017 10.6%11
October 2017 8.1%10
November 2017 8.0%10
December 2017 7.7%10
January 2018 8.2%10
February 2018 6.3%10
March 2018 7.9%11
April 2018 11.2%11
May 2018 11.2%11
June 2018 10.5%9
July 2018 9.8%12
August 2018 10.4%12
September 2018 8.6%11
October 2018 12.8%12
November 2018 11.0%10
December 2018 12.3%10
January 2019 11.9%11
February 2019 11.8%12
March 2019 11.7%12
April 2019 11.2%12
May 2019 11.0%12
June 2019 10.6%12
July 2019 11.2%11
August 2019 10.2%12
September 2019 10.0%11
October 2019 9.0%11
November 2019 10.8%11
December 2019 8.5%11
January 2020 10.6%12
February 2020 10.1%12
March 2020 16.6%11
April 2020 38.8%11
May 2020 29.6%11
June 2020 17.8%11
July 2020 16.8%11
August 2020 15.8%12
September 2020 15.1%11
October 2020 13.8%11
November 2020 10.7%11
December 2020 9.3%12
January 2021 11.1%12
February 2021 20.1%11
March 2021 20.6%11
April 2021 22.9%11
May 2021 20.2%12
June 2021 18.8%12
July 2021 16.7%11
August 2021 16.1%11
September 2021 16.1%11
October 2021 17.2%11
November 2021 15.3%11
December 2021 17.8%12
January 2022 17.0%12
February 2022 16.9%12
March 2022 19.3%12
April 2022 24.8%12
May 2022 27.5%12
June 2022 24.6%11
July 2022 24.8%11
August 2022 25.8%12
September 2022 28.9%12
October 2022 31.9%12
November 2022 30.8%12
December 2022 17.9%12
January 2023 15.9%12
February 2023 15.5%12
March 2023 18.3%12
April 2023 20.4%12
May 2023 19.4%12
June 2023 17.5%11
July 2023 16.6%11
August 2023 16.8%11
September 2023 13.2%11
October 2023 14.0%11
November 2023 13.9%12
December 2023 14.8%12
January 2024 14.9%12
February 2024 14.1%12
March 2024 13.0%12
April 2024 10.6%12
May 2024 9.4%12
June 2024 10.4%12
July 2024 10.2%12
August 2024 9.6%12
September 2024 9.6%12
October 2024 9.4%12
November 2024 9.1%12
December 2024 9.6%12
January 2025 6.9%12
February 2025 6.8%12
March 2025 6.5%12
April 2025 7.7%12
May 2025 9.8%12
June 2025 6.9%12
July 2025 5.5%12
August 2025 6.1%12
September 2025 4.8%12
October 2025 7.8%12
November 2025 5.7%11
December 2025 5.9%12
January 2026 7.5%12
February 2026 10.9%12
March 2026 7.6%12
April 2026 6.0%11
May 2026 6.1%11
June 2026 3.5%11
July 2026 7.7%11
August 2026 3.4%12

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

Every silver benchmark

RankProductCompare
1Mexican Silver Libertad 1 ozView premium history20.3%$11.9137.5% (93 mo) 135.6% (May 2022) 20th23
2Austrian Silver Philharmonic 1 ozView premium history10.8%$7.176.2%13.9% (159 mo) 46.9% (April 2020) 24th5
3American Silver Eagle 1 ozView premium history9.0%$6.0611.8%23.9% (164 mo) 93.9% (October 2022) 1st0CompareCompareCompare
4Australian Silver Kangaroo 1 ozView premium history7.9%$5.217.9%14.1% (132 mo) 38.6% (May 2020) 9th0
5Canadian Silver Maple Leaf 1 ozView premium history7.4%$4.878.0%14.9% (164 mo) 43.2% (October 2022) 4th0Compare
6100 oz silver barView premium history3.5%$2.253.1%6.7% (154 mo) 29.6% (May 2020) 29th9
7British Silver Britannia 1 ozView premium history3.3%$2.176.9%15.0% (140 mo) 42.6% (April 2020) 1st0
8Generic 1 oz silver roundView premium history1.9%$1.255.4%8.2% (155 mo) 27.4% (October 2022) lowest0Compare
910 oz silver barView premium history1.3%$0.905.9%8.9% (161 mo) 28.1% (April 2020) lowest3
101 kilo silver barView premium history0.9%$0.574.6%8.2% (116 mo) 36.2% (May 2020) lowest2
11South African Silver Krugerrand 1 ozView premium history-0.7%-$0.467.3%15.4% (98 mo) 44.2% (April 2020) lowest0
1290% junk silver ($1 face value)View premium history-3.6%-$2.21-2.3%14.5% (155 mo) 69.9% (September 2015) 3rd9Compare

Pick any two of these benchmarks

Pick any two

-20.0%0.0%20.0%40.0%60.0%80.0%100.0%January 2013October 2014July 2016April 2018January 2020October 2021July 2023April 2025
See the figures
American Silver Eagle 1 oz and Canadian Silver Maple Leaf 1 oz, by month
CategoryAmerican Silver Eagle 1 ozCanadian Silver Maple Leaf 1 oz
January 201314.3%8.6%
February 201313.2%9.5%
March 201318.3%9.7%
April 201320.9%16.0%
May 201315.4%13.0%
June 201317.3%14.0%
July 201317.2%12.2%
August 201313.5%10.9%
September 201312.8%10.0%
October 201314.0%10.4%
November 201318.3%10.2%
December 201318.5%11.0%
January 201417.0%10.3%
February 201416.4%10.8%
March 201413.6%10.6%
April 201412.7%10.4%
May 201413.4%10.0%
June 201412.8%10.1%
July 201412.0%9.4%
August 201412.2%9.8%
September 201413.6%11.2%
October 201415.6%13.0%
November 201419.1%17.3%
December 201416.7%16.0%
January 201515.5%13.0%
February 201516.3%12.9%
March 201514.5%13.9%
April 201514.4%13.7%
May 201514.2%12.9%
June 201514.7%12.2%
July 201520.8%16.1%
August 201521.7%19.4%
September 201529.6%24.5%
October 201521.4%18.4%
November 201519.1%15.2%
December 201521.9%15.5%
January 201619.3%15.2%
February 201617.8%13.2%
March 201617.4%12.8%
April 201615.2%11.6%
May 201614.4%11.2%
June 201614.0%11.1%
July 201611.7%9.4%
August 201612.4%9.7%
September 201612.5%9.6%
October 201613.6%10.5%
November 201614.7%10.6%
December 201615.4%11.4%
January 201715.5%11.7%
February 201713.5%10.3%
March 201713.9%11.1%
April 201713.5%10.9%
May 201714.2%11.6%
June 201714.9%11.2%
July 201715.6%11.8%
August 201714.2%11.8%
September 201713.4%10.6%
October 201713.9%11.0%
November 201712.8%10.3%
December 201714.6%9.7%
January 201813.0%10.4%
February 201811.7%9.4%
March 201813.7%11.2%
April 201814.1%11.8%
May 201814.1%12.0%
June 201814.0%10.5%
July 201814.4%11.2%
August 201816.2%12.2%
September 201818.4%12.7%
October 201816.6%12.7%
November 201816.5%12.6%
December 201816.1%12.8%
January 201915.7%11.9%
February 201916.0%11.6%
March 201916.5%11.8%
April 201916.6%12.2%
May 201916.9%12.1%
June 201916.5%11.6%
July 201915.5%11.2%
August 201914.2%10.3%
September 201914.0%10.1%
October 201914.3%10.8%
November 201914.6%11.1%
December 201914.5%10.5%
January 202014.0%10.1%
February 202013.7%10.0%
March 202028.0%20.5%
April 202060.6%38.8%
May 202060.9%33.7%
June 202040.8%21.1%
July 202035.5%20.5%
August 202031.8%24.6%
September 202024.0%18.4%
October 202019.9%17.0%
November 202017.6%12.7%
December 202013.8%11.3%
January 202116.8%13.9%
February 202146.3%25.4%
March 202142.5%25.4%
April 202142.6%28.8%
May 202146.6%25.0%
June 202149.9%24.5%
July 202139.6%23.7%
August 202136.9%21.2%
September 202137.0%20.7%
October 202147.0%21.4%
November 202140.6%22.9%
December 202139.5%23.9%
January 202238.4%23.2%
February 202238.3%23.2%
March 202251.0%27.7%
April 202258.9%33.6%
May 202266.6%38.0%
June 202260.4%30.7%
July 202267.9%34.5%
August 202269.5%31.0%
September 202274.1%34.1%
October 202293.9%43.2%
November 202280.8%35.8%
December 202251.4%21.1%
January 202341.7%16.6%
February 202344.6%16.7%
March 202356.9%22.0%
April 202373.3%30.9%
May 202376.0%28.8%
June 202366.4%23.0%
July 202342.2%19.3%
August 202328.3%19.0%
September 202324.8%15.2%
October 202325.8%16.8%
November 202322.0%17.0%
December 202319.1%17.0%
January 202419.3%14.5%
February 202420.0%13.5%
March 202424.8%14.2%
April 202425.0%11.7%
May 202424.1%11.2%
June 202423.3%11.7%
July 202421.3%9.4%
August 202424.2%12.5%
September 202417.1%11.2%
October 202416.5%11.0%
November 202417.3%9.2%
December 202416.1%9.8%
January 202515.2%7.5%
February 202513.4%8.6%
March 202514.1%7.8%
April 202515.0%8.0%
May 202514.5%11.1%
June 202512.2%7.7%
July 202511.7%6.8%
August 202511.0%7.9%
September 202511.3%6.9%
October 202515.4%9.9%
November 202511.4%9.0%
December 20259.6%6.9%
January 202612.8%7.3%
February 202618.2%12.0%
March 202614.2%8.8%
April 20268.5%8.6%
May 20269.4%4.7%
June 20269.7%7.4%
July 202612.7%7.7%
August 20269.0%7.4%
Monthly premium over spot, January 2013 to August 2026, against the Canadian Silver Maple Leaf 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-generic spread

-20.0%0.0%20.0%40.0%60.0%80.0%September 2013June 2015February 2017October 2018June 2020February 2022October 2023June 2025
See the figures
Eagle-generic spread, by month
CategoryEagle-generic spread
September 20137.3%
October 20139.1%
November 201312.3%
December 201312.5%
January 20149.4%
March 20145.0%
April 20147.5%
May 20147.2%
June 20147.8%
July 20146.7%
August 20146.8%
September 20148.1%
October 20149.6%
November 201412.9%
December 20149.7%
January 20157.2%
February 20157.4%
March 20157.9%
April 20157.6%
May 20158.5%
June 20158.1%
July 201513.4%
August 20159.0%
September 201512.5%
October 20157.5%
November 201510.7%
December 201512.2%
January 201612.7%
February 201612.8%
March 201612.6%
April 201610.4%
May 20169.5%
June 201610.0%
July 20168.0%
August 20168.3%
September 20169.2%
October 20169.2%
November 201610.4%
December 201611.8%
January 201711.8%
February 20179.8%
March 20179.6%
April 20179.0%
May 20179.8%
June 201711.8%
July 201711.9%
August 201710.1%
September 201710.0%
October 201710.7%
November 201710.1%
December 201711.4%
January 20189.8%
February 20187.9%
March 201810.2%
April 201810.6%
May 201810.8%
June 201811.0%
July 201811.2%
August 201812.5%
September 201814.3%
October 201812.3%
November 201811.4%
December 201810.4%
January 201910.7%
February 201911.2%
March 201911.4%
April 201911.3%
May 201911.4%
June 201911.9%
July 201910.5%
August 20199.9%
September 20199.7%
October 201910.3%
November 201910.1%
December 20199.7%
January 20209.5%
February 20208.9%
March 202011.3%
April 202037.0%
May 202043.1%
June 202026.7%
July 202023.0%
August 202019.5%
September 202012.5%
October 202011.3%
November 20209.2%
December 20205.9%
January 20218.3%
February 202126.0%
March 202123.4%
April 202123.5%
May 202129.9%
June 202134.3%
July 202125.1%
August 202125.6%
September 202123.9%
October 202133.4%
November 202127.1%
December 202124.1%
January 202224.3%
February 202224.7%
March 202235.7%
April 202239.9%
May 202245.8%
June 202243.6%
July 202245.7%
August 202248.0%
September 202253.3%
October 202266.4%
November 202260.8%
December 202234.2%
January 202331.6%
February 202332.0%
March 202340.2%
April 202354.7%
May 202359.1%
June 202351.5%
July 202330.0%
August 202318.6%
September 202316.0%
October 202317.1%
November 202314.2%
December 202312.0%
January 202411.6%
February 202414.2%
March 202417.5%
April 202416.5%
May 202418.9%
June 202418.6%
July 202416.4%
August 202419.2%
September 202412.2%
October 202410.6%
November 202412.6%
December 20248.4%
January 202510.4%
February 20258.4%
March 20259.9%
April 20259.8%
May 20258.7%
June 20257.9%
July 20257.4%
August 20256.5%
September 20256.9%
October 20259.4%
November 20256.5%
December 20254.9%
January 20266.4%
February 20269.6%
March 20267.8%
April 20262.7%
May 20263.3%
June 20266.6%
July 20266.6%
August 20267.1%
The gap between the American Silver Eagle premium and the generic round premium: when it widens, buyers are paying up for the brand, not the metal.

Junk-silver premium percentile

3rd percentile of its own history

-20.0%0.0%20.0%40.0%60.0%80.0%January 2013October 2014July 2016April 2018January 2020October 2021July 2023April 2025
See the figures
Junk-silver premium percentile, by month
Category90% junk silver ($1 face value)
January 20139.1%
February 201312.1%
March 20138.4%
April 201316.7%
May 201324.7%
June 201314.6%
July 201318.0%
August 201313.3%
September 20138.4%
October 20138.7%
November 20138.8%
December 20138.1%
January 20149.7%
February 20148.5%
March 20148.9%
April 20149.2%
May 201411.2%
June 201410.0%
July 20147.4%
August 20147.2%
September 20147.0%
October 201412.7%
November 201417.0%
December 201415.7%
January 201516.0%
February 201517.3%
March 201518.0%
April 201513.8%
May 201515.5%
June 201515.8%
July 201520.8%
August 201545.9%
September 201569.9%
October 201535.6%
November 201522.2%
December 201529.0%
January 201629.2%
February 201623.8%
March 201627.1%
April 201616.6%
May 201614.4%
June 201612.4%
July 20168.4%
August 20167.3%
September 20169.2%
October 201611.1%
November 201613.8%
December 201614.4%
January 201712.5%
February 20177.8%
March 20177.6%
April 20177.0%
May 20179.5%
June 20178.5%
July 20178.0%
August 20176.0%
September 20174.2%
October 20173.6%
November 20173.5%
December 20173.8%
January 20183.4%
February 20181.9%
March 20183.3%
April 20182.8%
May 20182.7%
June 20183.2%
July 20183.5%
August 20184.0%
September 20185.9%
October 20187.0%
November 20185.7%
December 20185.8%
January 20195.0%
February 20195.1%
March 20195.2%
April 20194.3%
May 20194.4%
June 20194.9%
July 20194.6%
August 20194.3%
September 20194.3%
October 20192.9%
November 20193.0%
December 20193.3%
January 20203.0%
February 20202.7%
March 202023.2%
April 202046.1%
May 202023.9%
June 202017.7%
July 202015.9%
August 202015.2%
September 20209.7%
October 20209.1%
November 20208.2%
December 20205.2%
January 20217.8%
February 202126.8%
March 202131.0%
April 202133.1%
May 202126.2%
June 202121.0%
July 202119.6%
August 202119.0%
September 202124.5%
October 202133.5%
November 202130.6%
December 202131.7%
January 202231.6%
February 202227.8%
March 202227.4%
April 202234.4%
May 202239.8%
June 202240.3%
July 202245.8%
August 202245.8%
September 202249.4%
October 202262.4%
November 202253.9%
December 202231.5%
January 202327.3%
February 202323.2%
March 202330.0%
April 202358.4%
May 202357.2%
June 202341.1%
July 202327.7%
August 202316.8%
September 202319.9%
October 202320.4%
November 202313.5%
December 202318.2%
January 202415.6%
February 202411.5%
March 202410.4%
April 20246.5%
May 20247.0%
June 20245.8%
July 20244.8%
August 20249.8%
September 20249.2%
October 20246.6%
November 20247.5%
December 20248.0%
January 20255.1%
February 20254.5%
March 20255.9%
April 20254.2%
May 20251.4%
June 20254.4%
July 20251.3%
August 20250.6%
September 20250.6%
October 20250.7%
November 20250.3%
December 20250.4%
January 20260.1%
February 20260.6%
March 2026-7.9%
April 2026-6.0%
May 2026-1.4%
June 2026-7.5%
July 2026-4.1%
August 2026-3.6%
Where today’s 90% junk silver premium sits against its own history: the classic shortage siren, because no new supply is ever minted.

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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