UnderSpot Daily Premium Report — December 31, 2025

Market Reference (10:40 AM ET)

• Gold Spot: ~$4,331
• Silver Spot: ~$72.25
• Platinum Spot: ~$2,047

(Prices shown for reference only. UnderSpot analysis reflects physical premiums, availability, and settlement behavior.)

Spot is modestly lower today across the board, which is not surprising given year-end positioning and thin holiday liquidity. What is notable is that despite yesterday’s sharp correction, the physical market is not deteriorating further. In fact, there are early signs that select premiums may be stabilizing.

Gold: Eagles Showing First Signs of Life

One national distributor has not published a full sheet today but has updated key pricing — and those updates are telling.

• Gold Eagles have edged back into positive premium territory
  • Bid now slightly above spot
  • Ask pushing into the low-2% range
• Shipping delays are still present
  • 1–3 day delays at one desk
  • 1–2 week delays at another

This combination.  positive bid premiums + delays,  suggests Eagles are moving out faster than they can be replaced, even if the broader gold market remains heavy. It’s not a breakout, but it is a change in tone.

Pure gold remains plentiful:

• Bars and foreign sovereigns are still available near melt
• No broad tightening yet in non-Eagle gold

Fractional gold continues to behave as expected, holding percentage premiums due to accessibility rather than fear.

Silver: Premiums Still Weak, But Stress Has Eased

Silver premiums remain decisively soft. Generic rounds and bars are still trading under spot, and most silver products show little to no premium expansion.

However, today’s sheet shows less outright panic than earlier in the week:

• Many products remain out of stock
• Where available, delivery windows are stretching
• No aggressive premium cuts beyond what’s already been priced in

This suggests the bulk of forced selling may have already occurred. Silver is still weak on a premium basis, but the rate of deterioration has slowed.

In short: silver is not strong — but it is no longer accelerating to the downside in physical terms.

Platinum: Still Structurally Tight

Platinum remains the most supply-constrained metal on the board.

• Most platinum products remain out of stock or “please offer”
• Bid premiums remain intact despite yesterday’s pullback
• Replacement risk is clearly being priced in

Even after a sharp correction, platinum continues to behave differently than gold and silver. The underlying physical story remains one of limited supply and steady demand.

Market Interpretation

Today feels like a pause, not a pivot. Yesterday looked like a stress event, today looks like digestion.

Premiums are not rebounding broadly, but they are no longer collapsing. Early signs of life in Gold Eagles, continued platinum tightness, and slowing deterioration in silver suggest the physical market may be finding its footing.

With year-end books closing and many desks thinly staffed, a holding pattern into Monday makes sense. Whether we see renewed movement on Friday the 2nd or early next week will depend on how quickly liquidity returns.