Editorial explainer · Published November 2, 2026 · No live merchant prices included
The spot price is not the checkout price for a physical coin or bar. Dealers may charge a product premium, offer different prices for bank transfer and card payments, and apply delivery charges. A quote is useful only after you know the metal content, quantity and full amount due.
Start with the fine-metal weight
Spot is usually stated per fine troy ounce. A one-ounce bullion coin typically identifies its gold content, but do not confuse the coin's gross weight with its fine-gold weight. If you compare two products containing different amounts of gold, the apparent premium comparison can be misleading.
Calculate the product premium
First multiply the quoted spot price by the fine troy ounces. Subtract that metal value from the dealer's asking price, then divide by metal value. That is the product premium, separate from payment and delivery expenses.
For an entirely hypothetical illustration, suppose a one-ounce fine-gold product is offered for $3,150 when your entered comparison spot quote is $3,000. The product premium is $150, or 5%. If $20 shipping is added, the all-in difference from spot becomes $170, or about 5.67%. These are teaching figures, not current gold prices or a dealer quotation.
Use the exact checkout method
Ask whether the posted price is a cash, ACH, wire, check or card price. Confirm the payment-clearing period, price-lock rules and taxes that may apply to your jurisdiction. The cheapest displayed price may not be the cheapest delivered purchase.
Compare the exit, too
Many bullion purchases involve a spread between the dealer's sale price and the price the dealer would pay to buy the product back. Ask for a written buyback bid on the exact same item and quantity on the same day. A buyback programme is not a promise of a future price.
Record the SKU, mint/refiner, weight, fineness, listed price, payment price, all fees, dealer settlement rules and an optional current buyback quote. Then enter those numbers in our calculator.
The CFTC's metals buyer advisory specifically recommends asking about dealer spreads and written fees.