The 3 fields and concepts you'll meet in the response — defined in plain English, each with a real example value.
The current market price for immediate delivery of silver.
The spot price is determined by trading on commodity exchanges and represents the base price before any premiums. It fluctuates throughout trading hours based on supply and demand.
The standard unit of measure for precious metals, equal to 31.1035 grams.
Different from the avoirdupois ounce (28.35g) used for everyday measurements. All precious metal prices are quoted in troy ounces.
Example1 troy oz = 31.1035 grams
The amount charged above the spot price for physical silver products.
Premiums cover minting costs, distribution, and dealer margins. Coins typically have higher premiums than bars due to collectibility and smaller sizes.
