About the UnderspotReport

UnderSpot exists to bring clarity to the physical precious metals market.

Gold and silver are among the most widely followed assets in the world, yet the part of the market that actually matters to buyers and sellers, physical premiums, dealer spreads, and real-world liquidity, is largely opaque. Most coverage focuses on spot prices, futures, and macro narratives, while the on-the-ground reality of physical metal trades goes unexamined.

UnderSpot was created to close that gap.

Our mission is simple: to track, analyze, and explain what is happening under spot and over spot in the real physical market. We focus on the prices dealers are actually paying and charging, how premiums move across products and sizes, and what those movements reveal about supply, demand, and market stress.

This is not a prediction service and it is not hype. UnderSpot does not tell readers what to buy, sell, or believe. Instead, it provides consistent, data-driven observation so dealers, investors, and stackers can make better-informed decisions on their own terms.

The physical metals market is large enough for everyone to participate without losing, if they understand how it works. Transparency benefits dealers by improving price discovery, investors by reducing blind risk, and individual buyers by narrowing the knowledge gap between retail and wholesale markets.

UnderSpot aims to be a practical tool. No jargon for its own sake. No academic posturing. Just clear reporting, repeatable methodology, and honest interpretation of what the numbers are showing.

As spot prices rise and volatility increases, premiums matter more than ever. UnderSpot exists to make sure those premiums are seen, understood, and taken seriously.