Bullion Premiums: Monthly History Since 2019
Monthly bullion premiums at SD Bullion for the benchmark coins, bars, rounds, and junk silver: 8 years of history, with the methodology public.
captured 2026-08-31 · How these numbers are made
The composites
See the figures
| Month | Silver | Gold |
|---|---|---|
| October 2019 | 9.0% | 2.1% |
| November 2019 | 11.5% | 2.0% |
| December 2019 | 9.5% | 2.1% |
| January 2020 | 10.7% | 1.8% |
| February 2020 | 10.4% | 2.0% |
| March 2020 | 19.4% | 3.8% |
| April 2020 | 38.0% | 7.6% |
| May 2020 | 25.1% | 6.8% |
| June 2020 | 17.8% | 5.3% |
| July 2020 | 16.4% | 4.1% |
| August 2020 | 15.6% | 4.4% |
| September 2020 | 15.6% | 3.8% |
| October 2020 | 13.8% | 3.7% |
| November 2020 | 10.0% | 3.9% |
| December 2020 | 9.3% | 3.8% |
| January 2021 | 11.9% | 4.0% |
| February 2021 | 19.9% | 5.1% |
| March 2021 | 20.6% | 5.3% |
| April 2021 | 22.5% | 5.0% |
| May 2021 | 19.2% | 5.4% |
| June 2021 | 18.8% | 5.0% |
| July 2021 | 16.7% | 4.5% |
| August 2021 | 16.1% | 4.1% |
| September 2021 | 16.1% | 3.9% |
| October 2021 | 17.2% | 4.2% |
| November 2021 | 15.9% | 4.3% |
| December 2021 | 17.8% | 4.4% |
| January 2022 | 17.0% | 4.1% |
| February 2022 | 16.9% | 3.8% |
| March 2022 | 19.3% | 3.8% |
| April 2022 | 24.9% | 4.1% |
| May 2022 | 27.5% | 4.2% |
| June 2022 | 24.6% | 4.4% |
| July 2022 | 24.8% | 4.3% |
| August 2022 | 25.8% | 4.3% |
| September 2022 | 28.9% | 4.6% |
| October 2022 | 31.5% | 5.3% |
| November 2022 | 29.1% | 5.0% |
| December 2022 | 17.6% | 4.3% |
| January 2023 | 16.1% | 4.1% |
| February 2023 | 15.5% | 4.1% |
| March 2023 | 18.5% | 3.7% |
| April 2023 | 21.2% | 4.8% |
| May 2023 | 20.2% | 4.4% |
| June 2023 | 18.1% | 4.4% |
| July 2023 | 18.1% | 4.1% |
| August 2023 | 16.8% | 3.9% |
| September 2023 | 13.8% | 3.8% |
| October 2023 | 14.7% | 3.6% |
| November 2023 | 14.4% | 3.1% |
| December 2023 | 14.8% | 3.2% |
| January 2024 | 15.0% | 3.2% |
| February 2024 | 14.3% | 2.9% |
| March 2024 | 13.3% | 2.7% |
| April 2024 | 10.6% | 2.5% |
| May 2024 | 9.4% | 2.2% |
| June 2024 | 10.9% | 2.4% |
| July 2024 | 10.9% | 2.4% |
| August 2024 | 10.0% | 2.2% |
| September 2024 | 9.9% | 2.3% |
| October 2024 | 9.3% | 2.3% |
| November 2024 | 10.3% | 2.6% |
| December 2024 | 9.4% | 2.3% |
| January 2025 | 6.8% | 2.0% |
| February 2025 | 5.9% | 1.9% |
| March 2025 | 6.6% | 2.2% |
| April 2025 | 7.3% | 2.1% |
| May 2025 | 10.2% | 2.4% |
| June 2025 | 6.7% | 1.7% |
| July 2025 | 5.2% | 1.7% |
| August 2025 | 5.6% | 2.0% |
| September 2025 | 3.5% | 1.8% |
| October 2025 | 7.8% | 2.3% |
| November 2025 | 6.9% | 2.5% |
| December 2025 | 5.8% | 1.8% |
| January 2026 | 7.7% | 1.8% |
| February 2026 | 10.6% | 2.6% |
| March 2026 | 6.8% | 2.1% |
| April 2026 | 6.1% | 2.6% |
| May 2026 | 5.5% | 1.7% |
| June 2026 | 5.2% | 2.0% |
| July 2026 | 7.6% | 2.3% |
| August 2026 | 5.0% | 2.2% |
Based on SD Bullion transaction data
What a premium is, and why it moves
A premium is the gap between what a bullion product costs and the metal inside it. An American Silver Eagle holds one ounce of silver, but it never sells at the bare metal price: minting, distribution, and demand for that particular coin all sit on top. This phase of the index measures each benchmark product against the metal value SD Bullion recorded on the transaction at the time of sale.
Premiums move on their own, and that is the point of watching them. When retail demand surges or mint capacity tightens, premiums blow out even when the metal price itself barely moves. They are the physical market’s stress gauge.
This phase of the index is built from SD Bullion's own records: the affiliation is stated plainly in the methodology, and it is what makes years of premium history possible. The anonymized multi-dealer panel this index grows into is the roadmap; the history is the foundation.
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.
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