Spot price and premium explained
Two products with the same weight of metal can have different prices. Spot price and premium explain why.
Last updated 05/11/2026
What the spot price is
The spot price is the current market price for one troy ounce of pure metal. It moves through the trading day, and in Australia it also moves with the Australian dollar.
What a premium covers
A premium is the amount a product costs above the value of the metal in it. It covers refining, minting, shipping and the dealer's costs. Scarcity and demand for a particular product also play a part.
Why premiums differ
Small bars and coins usually carry a higher premium per ounce than large ones, because they cost more to make for the metal they hold. Government-minted coins often carry a higher premium than rounds or cast bars. Secondary market products usually carry a lower premium than new stock.
How to compare products
Compare the price per ounce rather than the price of each item. Our product pages show the price per ounce, the spot price and the premium, so you can compare products directly.
Related: Today's prices · Shop silver · Shop gold
General information only. It is not financial or tax advice.