Under Spot Report: June 24th 2026
The Tug of War
Spot is getting absolutely hammered.
Spot at time of writing:
- Gold: $4,023
- Silver: $59.24
- Platinum: $1,603
Gold has now fallen nearly $1,300 from recent highs. Silver has broken below $60. Platinum is approaching levels few would have expected earlier this year.
Yet the physical market remains surprisingly balanced.
Two Markets Are Emerging
What we're seeing now is a genuine tug of war. On one side:
The late buyers.
These are the people who entered the market as gold pushed through $4,500 and higher. As spot continues to drift lower, some are becoming increasingly uncomfortable.
We're seeing more calls, more selling, more "maybe I should lock in what's left."
Not panic…..But concern.
On the other side: The long-term stackers.
The people who have been dollar-cost averaging for years.
The people who remember buying gold at $2,000, $2,500, or $3,000.
To them, this isn't a crisis. It's a sale.
Those buyers continue to step in whenever weakness appears.
Premiums Refuse to Collapse
What's most interesting is that premiums have largely stopped falling.
In fact, some flagship products are beginning to show modest strength.
Gold Eagles
One major wholesaler is currently:
- Paying spot for common-date Gold Eagles
- Selling them for approximately 1.00% over spot
Another wholesaler is:
- Paying +0.15% over spot
- Selling at roughly +1.05% on common-date examples
That's not a strong premium environment.
But it is stronger than what we were seeing during the initial phase of the correction.
Silver Eagles
Silver Eagles are also holding up surprisingly well considering silver has fallen below $60.
Current wholesale spreads show:
- Bids around +$1.00 to +$2.00
- Asks around +$2.25 to +$3.00 depending on quantity and packaging
Again:
Not strong…..but not collapsing.
What This Means
A few weeks ago the story was premium compression. Today the story is stability.
Spot continues to fall. Premiums largely do not.
That tells us physical demand is absorbing a meaningful amount of selling pressure.
The market isn't tight, plenty of Inventory is available.
But buyers continue to appear every time prices move lower.
UnderSpot Take
The battle is no longer between bulls and bears.
It's between conviction and fear.
Every day spot moves lower, some recent buyers decide they've had enough.
At the same time, long-term stackers continue viewing weakness as an opportunity.
For now, neither side is winning.
The result is a surprisingly stable physical market sitting underneath an extremely unstable paper market.
That's a fascinating place to be.
And it may determine where premiums go next.
