Overpaying on premiums

Retail investors routinely pay 5–15% over spot for small bars and coins, then sell back at a discount. That round-trip cost can erase years of appreciation.

Where premiums hide

Small denominations, collectible coins, and boutique dealers carry the highest premiums. 1-ounce sovereign coins and larger bars from established refiners carry the lowest.

The rule

Buy the largest denomination you are comfortable holding, from a dealer that publishes both buy and sell prices. If the spread is opaque, walk away.