Valuation Basics

What Is Spot Price?

Spot price is the quoted market price for a precious metal, usually expressed per troy ounce. It is a reference point, not the exact price a consumer pays or receives for a physical coin or bar.

Spot is a benchmark

The spot price gives buyers and sellers a common reference for gold, silver, platinum, or palladium. Physical products still include premiums, spreads, fabrication costs, and dealer margins.

Physical products are not spot itself

A one-ounce coin may contain one troy ounce of metal, but its market price can sit above spot because of minting, recognition, scarcity, and retail demand. A dealer buyback offer may sit below retail because the dealer needs a resale margin.

How to use spot responsibly

Use spot as the baseline for melt value, then compare the actual product premium and the likely buyback spread. This helps prevent overpaying when buying and underselling when selling.

This article is educational and does not provide live pricing, investment advice, or guaranteed resale values.

Last reviewed: 2026-06-30

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