UnderSpot Daily Premium Report — January 12, 2026

Market Reference (10:45 AM ET)

• Gold Spot: ~$4,620
• Silver Spot: ~$85.50
• Platinum Spot: ~$2,350

Metals continue their advance, with silver accelerating sharply and gold pushing deeper into uncharted territory. Unlike much of December, the physical market is now moving in the same direction as spot, rather than resisting it.

Premiums are not exploding, but they are firming selectively, and availability remains constrained across multiple categories.

Gold

Gold Eagles remain the clearest signal in the physical gold market.

Across national distributor sheets today:

• 1 oz Gold Eagle asks are consistently in the ~2.25% to 3.25% range
• Bid premiums are now flat to modestly positive, depending on year and quantity
• Delivery delays are common, ranging from several days to multiple weeks on certain SKUs

That combination — firm asks, improved bids, and delays — indicates Eagles are moving through the system faster than they can be replenished.

Other gold products show a more measured tone:

• Foreign sovereigns and bars remain available, but aggressive discounting has largely disappeared
• Gold bars are trading near melt with modest dollar premiums, suggesting stability rather than excess

Fractional gold continues to command strong percentage premiums, consistent with accessibility-driven demand as higher spot prices push buyers toward smaller denominations.

Silver

Silver is still the weakest metal on a premium basis, but the character of the market continues to evolve.

Vendor sheets show:

• Generic rounds and bars still trading at negative to very modest positive premiums
• Extended delays (often several weeks) on many common silver products
• A growing number of SKUs listed as out of stock or “please offer”

This suggests silver is no longer flooding the wholesale market. Premiums remain compressed, but availability is tightening, especially in larger formats.

Silver Eagles continue to outperform generic silver:

• Current-year and sealed Eagles maintain clear premiums
• Open-date Eagles still lag but remain supported relative to generic product

Platinum

Platinum continues to show the strongest physical fundamentals.

• Premiums remain clearly positive across vendors
• Many platinum products remain out of stock or delayed
• Replacement risk is being priced in consistently

Platinum’s move continues to look structurally driven rather than speculative, and it remains the tightest physical market of the three.

Market Interpretation

This remains a confirmation phase.

Spot prices are running, and the physical market is no longer pushing back. Premiums are firming in key products, availability remains constrained, and delays persist. That combination is materially different from what we saw just a few weeks ago.