What's a fair markup on gold and silver coins?
How to calculate the markup on your quote
Markup % = (price you pay ÷ metal value − 1) × 100, where metal value = ounces of pure metal × today's spot price.
Example: gold spot is $4,000 per ounce and you're quoted $4,180 for a 1 oz American Gold Eagle. $4,180 ÷ $4,000 = 1.045, so the markup is 4.5%, which is normal. If the same coin is quoted at $6,900, the markup is 72.5%.
Our free Gold Pitch Check does this math for a whole quote, including IRA fees and what you'd get selling back.
Typical premiums over spot (single-order retail, 2026)
| Product | Typical premium over spot |
|---|---|
| 1 kg gold bar (major refiner) | 1–2% |
| 10 oz gold bar | 1–3% |
| 1 oz gold bar (major refiner) | 1.5–4% |
| 1 oz American Gold Eagle | 2–7% |
| 1 oz Gold Buffalo / Maple Leaf | 2–6% |
| 1 oz Krugerrand | 2–5% |
| 1/4 oz gold coin | 10–15% |
| 1/10 oz gold coin | 14–23% |
| 1 oz American Silver Eagle | 8–20% |
| 100 oz silver bar | 5–17% |
Why small coins and silver cost more
Minting, shipping, insuring and storing a coin costs about the same whether it holds 1/10 ounce or 1 ounce, so the fixed cost is a bigger share of a small coin's price. Silver is bulky and cheap per ounce, so handling costs are a larger share too.
What regulators have called abusive
- In a 2023 settlement, the CFTC found one dealer's customers paid an average markup of 71% on silver coins when their agreement stated a maximum of 23%. Most of the money was retirement savings from about 450 people, many of them older.
- Wisconsin's Department of Financial Institutions reported that one dealer charged investors 100% to more than 300% of the metal's melt value.
- The CFTC has described a complaint in which a gold dealer and IRA custodian charged nearly $150,000 in commissions and fees on a $300,000 retirement rollover.
These cases are why the most important number on any quote is the markup over metal value, and why you should get it in writing.
Questions to ask before you buy
- What is the total price, and how much is the markup over today's metal value?
- What would you pay me to buy it back tomorrow? Put that in writing.
- Why this product instead of an ordinary bullion coin or bar?
- Are there shipping, storage, or account fees on top?
Sources
- CFTC press release 8812-23 (Safeguard Metals settlement, 71% average markup): https://www.cftc.gov/PressRoom/PressReleases/8812-23
- CFTC customer advisory, "Beware of Gold and Silver Schemes Designed to Drain Your Retirement Savings": https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CustomerAdvisory_COVID19PreciousMetals.htm
- Wisconsin DFI investor alert on precious metals schemes (Metals.com pricing): https://urbanmilwaukee.com/?p=722618
- Dealer premium trackers (Nov 2026): bulliontradingllc.com/premiums; metalcharts.org/coin-premiums; goldsilver.com premium guides; findbullionprices.com premium history.