UnderSpot Daily Premium Report — February 4, 2026

Market Reference (10:30 AM ET)

Gold Spot: ~$4,950
Silver Spot: ~$88.25
Platinum Spot: ~$2,240

I don’t have a lot of colorful commentary today, but the signal is clear: supply is tightening.

Across today’s distributor sheets, delays are stacking up and availability is thinning. A large portion of commonly traded product is either delayed, limited, or listed as out of stock. That alone is a meaningful change from what we saw even a few weeks ago.

Gold

Gold Eagles are expensive, and that’s not just a retail phenomenon.

When looking for reasonably priced gold this morning to flatten position, Krugerrands were effectively the only viable option. Eagles are commanding materially higher premiums, and availability is constrained. Multiple desks are showing delays, with shipping windows stretching from several days to one or two weeks depending on product and quantity.

That combination, high premiums, limited availability, and delays tells us Eagles are moving, but replacement is not effortless. Other sovereign gold remains more flexible, but even there the menu is thinning.

Silver

Silver is still trading actively, but the flow has slowed noticeably.

Dealer-to-dealer chatter has quieted, and the amount of metal moving through groups has dropped to a trickle compared to January. On the wholesale side, silver premiums remain compressed, but availability is no longer robust. Many silver SKUs show delays measured in weeks rather than days, and large-format silver is not consistently available across desks.

This does not look like a market being flooded with silver anymore. It looks like one where metal is being absorbed at higher prices, even if buyers are still reluctant to pay up on premium.

Platinum

Platinum continues to behave differently than both gold and silver.

Availability is thin, many products are listed as “please offer,” and premiums remain supported. While platinum has pulled back from recent highs, the physical market remains tight and replacement risk is clearly being priced in.

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