Methodology

UnderSpot analyzes the physical precious metals market through observed pricing, dealer behavior, and product-level premium movement rather than futures data or theoretical models.

Our analysis is based on regularly collected bid and ask data across a broad range of physical gold and silver products, including common retail items, fractional pieces, and wholesale-oriented bars. This data is examined in aggregate to identify trends in premiums, spreads, and liquidity across size, format, and brand.

Spot prices are used only as a reference point. The focus of UnderSpot is the deviation from spot, how far products trade above or below it, how those deviations change over time, and what those changes indicate about real supply and demand in the physical market.

Premiums are evaluated not in isolation but in context. Movements are compared across product categories, time horizons, and market conditions to distinguish temporary dislocations from sustained shifts in behavior. Particular attention is paid to stress points, such as rapid spot price changes, inventory imbalances, and shifts between retail and wholesale demand.

All commentary reflects observed market behavior at the time of publication. UnderSpot does not forecast prices or provide investment advice. Interpretations are offered to signal possible implications, not certainties, and are intended to support informed decision-making rather than prescriptive action.

The methodology is intentionally consistent and repeatable. By applying the same framework day after day, UnderSpot aims to surface patterns that are often missed in headline-driven market coverage and to provide a clearer view of how physical precious metals actually trade.