Reviewed November 9, 2026. Prices below are dated news observations, not dealer quotes.
Two buyers can each end up with one ounce of gold and pay noticeably different amounts for it. One buys ten tenth-ounce coins. The other buys a single one-ounce bar. They paid different premiums, and they will probably be offered different prices when they sell. This guide covers how those premiums are built and how to check the exit price before you pay.
Where gold stands this month
Start with the longer view. A Reuters column published November 9 notes that gold reached a record $5,594 an ounce on January 29, fell to $3,869 on October 30, its low for the year, and ended at $4,065 on November 6. So gold is well below its January peak but has recovered from late October.
The past week was strong. Reuters reported on November 6 that spot gold was up about 5% for the week, its best week since August, even after a strong US jobs report lifted the dollar and Treasury yields that Friday. On Monday, November 9, Reuters (via Kitco) put spot gold at $4,107.01 at 1830 GMT (11:30 a.m. Phoenix), with December futures settling at $4,114.50. The same report said traders were pricing a likely Federal Reserve rate hike in December, and that consumer price data was due Tuesday. Higher rates raise the cost of holding a metal that pays no interest, so this week's inflation numbers matter for gold.
Those figures mix different markets, and the difference matters to a coin buyer:
- Spot is the price for immediate delivery of large wholesale amounts. It is not what a dealer charges for a coin.
- Futures are exchange contracts for a later date. On November 9 the December contract settled about $7 above that spot reading. Close, but not the same price.
- The LBMA Gold Price is a benchmark set in auctions at 10:30 and 15:00 London time, run by ICE Benchmark Administration.
- ETFs and CFDs give price exposure without handing you metal. A CFD is a contract that pays the price difference and delivers nothing.
Who is buying physical gold right now
The World Gold Council's Q3 2026 report shows a split. Physically backed gold ETFs added 211 tonnes, taking holdings to a record 4,256 tonnes. Global bar and coin demand fell 19% from a year earlier to 268 tonnes, a four-year low.
US bar and coin demand was 8 tonnes, the weakest quarter since late 2019. The council also said low gold lease rates let US dealers keep coins they had bought back instead of sending them to be melted, so much of the new buying was filled from existing stock. It is a reminder that a dealer's bid depends partly on whether it can resell what you bring in, not only on spot.
How a coin premium is built
The US Mint does not sell bullion coins to the public. It sells them to a small group of authorized purchasers, who resell to wholesalers and dealers. Its posted schedule (verified on the US Mint site November 9, 2026) charges those firms the LBMA PM Gold Price plus:
- 3% for a one-ounce Gold Eagle
- 5% for a half ounce
- 7% for a quarter ounce
- 9% for a tenth ounce
The minimum order is 1,000 ounces, and the Mint says it can change the schedule. Those percentages come before any distributor or retail markup, so your price will be higher. They still show the pattern. The Mint says its premium covers minting, distribution and marketing, and those costs weigh more heavily on a smaller coin.
A simple illustration, using a round $4,000 gold price (not a current quote): at the Mint's rates, an ounce of gold bought as one coin costs the authorized purchaser $4,120. The same ounce bought as ten tenth-ounce coins costs $4,360, a $240 gap before any dealer adds a margin.
Coins and bars side by side
Gold Eagles. Under 31 U.S.C. 5112(a)(7), the one-ounce coin weighs 33.931 grams and contains one troy ounce of fine gold. The extra weight is alloy. Eagles are widely known by US dealers, which can help when selling. An older date does not make a bullion Eagle rare, and you should not assume a buyer will pay extra for it.
Gold Buffalos. The same statute, at 5112(a)(11), sets the one-ounce Buffalo at 99.99% pure gold. It suits buyers who want pure gold rather than an alloyed coin. Compare the two on the same day, at the same dealer.
Fractional coins. Tenth- and quarter-ounce coins are easier to afford and easier to sell in small pieces. You pay for that flexibility, as the Mint's schedule shows.
Bars. Bars from recognized refiners are often priced with lower premiums per ounce than coins, particularly in larger sizes, though a given day's quotes can say otherwise. There is no public schedule like the Mint's, so you need quotes. Ask whether the dealer will buy back that refiner and size without an assay fee, and whether the bar must stay in its original packaging. Packaging alone does not prove a bar is genuine.
IRA buyers. Under 26 U.S.C. 408(m)(3), the gold coins in 5112(a)(7) through (10), meaning the Eagle sizes, are excluded from the IRA collectibles rule. Bullion qualifies only if it meets futures-delivery fineness standards and is held by the trustee. Confirm a product with your custodian before buying it for an IRA.
Check the exit before you buy
Ask one dealer for three numbers on the same product, on the same day:
- The ask: what you pay per coin or bar, including shipping, card fees and any sales tax.
- The bid: what the dealer pays you to buy the identical item back today.
- The terms: minimum quantities, testing fees and how long a quote holds.
Then divide the ask minus the bid by the ask. That percentage is what the round trip would cost you if gold did not move at all. Run it for a one-ounce coin, a fractional coin and a bar, and the right format for your budget usually becomes clear.
Use the gold price page for product context, and the Precious Metals Prices directory to find dealers near you. Check the timestamp on any price you see and get current quotes directly. If you are also weighing silver, our silver formats guide runs the same comparison for junk silver, Eagles, rounds and kilo bars.
This article is general education, not individualized financial, tax or legal advice. Gold prices can fall as well as rise, and dealer quotes change through the day.