February 11, 2026

Market Reference (10:15 AM ET)

• Gold: ~$5,066
• Silver: ~$83.75
• Platinum: ~$2,140

After a period of relative stability, the market appears to be catching its breath. Spot has held firm, volatility has cooled, and the emotional swings of January have faded.

But underneath that calm, the physical market is tightening.

The most telling signal today is not price.
It’s rising premiums and expanding delivery delays.

Gold: Eagles Are No Longer Normal

Across multiple national distributor sheets:

• 1 oz Gold Eagle bids: roughly +1.00% to +1.75%
• 1 oz Gold Eagle asks: roughly +3.00% to +3.75%
• Delivery delays: commonly 3 to 5 weeks depending on desk and size

Fractional Eagles show even more stress:

• 1/10 oz ask premiums: ~+9%
• 1/4 oz asks: ~+7%
• 1/2 oz asks: ~+5.5%
• Delays frequently measured in multiple weeks

That is not a casual market.

When looking for reasonably priced gold to flatten position this morning, foreign sovereign gold (Krugerrands, etc.) was materially cheaper and more practical than Eagles. Eagles are commanding meaningful spreads.

This is the clearest premium expansion we’ve seen in weeks.

Silver — Finally Flowing, But Deeply Discounted

Silver is being purchased again — but not enthusiastically.

Across distributor sheets:

• 90% silver bids: around –$10.00
• Generic 1 oz round bids: roughly –$2.00
• 100 oz bar bids: roughly –$1.50
• Kilo bar bids: roughly –$0.50

Premiums are still compressed.

However and this matters more..... many common silver SKUs now show:

• 5 to 7+ week delivery delays
• Larger formats particularly constrained
• Intermittent “please offer” listings

Dealer-to-dealer group flow has slowed dramatically. The flood of metal that defined late December has dried up.

Silver is no longer being dumped. It’s being absorbed.

Platinum — Quietly Tight

Across distributor sheets:

• Platinum Eagle bids: roughly +$35 to +$50
• Platinum Eagle asks: roughly +$100 to +$115
• Delivery delays: commonly several weeks
• Some platinum products: out of stock / please offer

Platinum remains structurally tight and continues to show supported premiums relative to availability.

What This Means

This is not a panic market.
It is not euphoric either.

It is a market where:

• Premiums are rising
• Delays are expanding
• Easy supply is gone
• Dealer flow has slowed

The system is tightening.

UnderSpot Take

Prices may feel stable, but supply is not.
When premiums rise and delivery stretches to weeks, that’s the market quietly telling you something has changed.