Market Calendar
The Retail Premium Index

Silver Krugerrand Premiums Relative to Spot, Month by Month

In August 2026 the South African Silver Krugerrand 1 oz carried 0.7% under spot, or $0.46 an ounce under the metal value, against 3.4% for the silver composite in the same month.

Retail Premium Index, August 2026-0.7%-$0.46 per ounce over spotbelow every prior month of its own history
August 202611 of 12 silver benchmarks this month
1-year average7.3%
All-history average15.4%98 months
Retail Premium Index silver composite, August 20263.4%

The year's range so far-0.7% in August 2026 to 11.9% in February 2026

captured 31 Aug 2026 · How these numbers are made

Month by month

Compare against:
-20.0%0.0%20.0%40.0%60.0%April 2013April 2015December 2016August 2018April 2020December 2021August 2023April 2025
See the figures
South African Silver Krugerrand 1 oz and Silver composite, by month
CategorySouth African Silver Krugerrand 1 ozSilver composite
April 201316.0%
September 201310.0%
October 20139.5%
November 20139.5%
December 20138.1%
January 20149.7%
February 20148.5%
March 20148.9%
April 20149.2%
May 201410.0%
June 201410.0%
July 20147.4%
August 20148.5%
September 20149.1%
October 201412.8%
November 201417.1%
December 201415.9%
January 201513.8%
February 201514.1%
March 201513.9%
April 201513.8%
May 201514.2%
June 201514.7%
July 201518.7%
August 201519.4%
September 201520.3%
October 201517.1%
November 201515.5%
December 201515.9%
January 201615.2%
February 201614.2%
March 201613.3%
April 201613.8%
May 201613.7%
June 201612.5%
July 201610.1%
August 201611.0%
September 20169.8%
October 201611.1%
November 201611.9%
December 201611.4%
January 201711.5%
February 20178.9%
March 20179.1%
April 201710.9%
May 201711.6%
June 201711.2%
July 201711.8%
August 201710.9%
September 201710.6%
October 20178.1%
November 20178.0%
December 20177.7%
January 20188.2%
February 20186.3%
March 20187.9%
April 201811.2%
May 201811.2%
June 201810.5%
July 201812.7%9.8%
August 201814.2%10.4%
September 201813.6%8.6%
October 201814.4%12.8%
November 201813.8%11.0%
December 201812.9%12.3%
January 201912.8%11.9%
February 201912.5%11.8%
March 201912.7%11.7%
April 201912.6%11.2%
May 201913.6%11.0%
June 201913.4%10.6%
July 201913.4%11.2%
August 201911.2%10.2%
September 201910.3%10.0%
October 201911.3%9.0%
November 201912.5%10.8%
December 201911.4%8.5%
January 202011.1%10.6%
February 202010.8%10.1%
March 202016.6%16.6%
April 202044.2%38.8%
May 202037.8%29.6%
June 202018.1%17.8%
July 202016.8%16.8%
August 202015.8%15.8%
September 202016.0%15.1%
October 202015.0%13.8%
November 202015.3%10.7%
December 20209.6%9.3%
January 202110.5%11.1%
February 202122.6%20.1%
March 202120.4%20.6%
April 202122.9%22.9%
May 202121.0%20.2%
June 202118.6%18.8%
July 202115.5%16.7%
August 202116.1%16.1%
September 202116.2%16.1%
October 202118.2%17.2%
November 202116.5%15.3%
December 202117.9%17.8%
January 202217.2%17.0%
February 202216.6%16.9%
March 202219.1%19.3%
April 202227.1%24.8%
May 202230.6%27.5%
June 202228.5%24.6%
July 202222.6%24.8%
August 202228.4%25.8%
September 202231.2%28.9%
October 202231.5%31.9%
November 202237.6%30.8%
December 202215.8%17.9%
January 202316.4%15.9%
February 202316.4%15.5%
March 202317.2%18.3%
April 202327.0%20.4%
May 202317.9%19.4%
June 202317.5%17.5%
July 202317.1%16.6%
August 202318.6%16.8%
September 202313.2%13.2%
October 202314.0%14.0%
November 202317.1%13.9%
December 202315.3%14.8%
January 202415.3%14.9%
February 202415.8%14.1%
March 202414.6%13.0%
April 202413.0%10.6%
May 202412.1%9.4%
June 202411.8%10.4%
July 202412.1%10.2%
August 202413.8%9.6%
September 202411.8%9.6%
October 202412.1%9.4%
November 202412.7%9.1%
December 202410.9%9.6%
January 20254.6%6.9%
February 202512.9%6.8%
March 202510.4%6.5%
April 20258.5%7.7%
May 202512.0%9.8%
June 202510.6%6.9%
July 202511.5%5.5%
August 202510.9%6.1%
September 20253.0%4.8%
October 20258.8%7.8%
November 202510.0%5.7%
December 20256.3%5.9%
January 20267.6%7.5%
February 202611.9%10.9%
March 202610.1%7.6%
April 20266.3%6.0%
May 20263.1%6.1%
June 202610.0%3.5%
July 202611.4%7.7%
August 2026-0.7%3.4%
Monthly premium over spot, July 2018 to August 2026, against the silver composite.

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

Some months of this series were revised at the latest publish. See Revisions

Silver premiums | Compare with Silver Kangaroo

Look up a month

The month's premium
-0.7% · -$0.46/oz
2026 range
-0.7%-11.9%

What moves this premium

The Rand Refinery and South African Mint's one-ounce silver bullion coin, first struck in 2017 as a 50th-anniversary issue of the gold Krugerrand and in regular bullion production since 2018, .999 fine, one-rand face value. The silver Krugerrand is the newest coin in this index and trades on the strength of the Krugerrand name rather than long silver history. Its premium sits with the low-cost sovereigns; a widening gap to the Eagle reads as US-brand demand rather than silver scarcity.

What miners pay to produce an ounce is the other half of the picture: see what the tracked producers spend against the metal price.Miner margins

About the South African Silver Krugerrand 1 oz

Issuer
South African Mint
Product type
Government-issued bullion coin
Silver content
1 troy oz
Fineness
.999
Legal tender
Yes
Face value
One rand
Country
South Africa

Premium benchmark: standard bullion South African Silver Krugerrand; proofs, premium uncirculated issues, graded coins and special releases are left out where they can be identified.

The Retail Premium Index

Questions buyers ask

Is the silver Krugerrand legal tender?

Yes. South Africa gave the silver coin a one rand face value when it went into regular bullion production, unlike the gold Krugerrand, which carries no denomination at all. The face value is a legal-tender formality and has nothing to do with the premium.

Is a silver Krugerrand the same design as the gold Krugerrand?

The design is the same: Paul Kruger on the obverse and the springbok on the reverse, carried over from the gold coin. What differs is the metal and the denomination, and the silver Krugerrand is one troy ounce of .999 fine silver with a one rand face value where the gold coin is struck in 22 carat gold and carries none.

How to read this page

The Retail Premium Index publishes the average premium paid on retail orders at SD Bullion, month by month, for each benchmark bullion product. A premium is what a buyer pays above the metal value of the piece, as a share of that value; a dollar figure is shown only where the record carries it. It includes the mint's and the distributor's charges as well as the dealer's, so it is not a measure of dealer margin.

A premium can also be negative: when the metal price moves very fast, some products have sold for less than the metal in them, and the series shows that as it happened.

Where next

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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