Features
Part of Bullion pricing guide: spot, premium, spread, and fees
Comparing three silver bullion quotes: a worked case
Silver quote case comparing three fictional dealers through product identity, quantity tier, payment, shipping, delivered premium, buyback, net exit, and records.
What to take away
- This worked case compares three silver bullion quotes: APMEX, JM Bullion, and SD Bullion.
- It aligns product, quantity, payment, destination, and time.
- The lowest merchandise price is not the lowest delivered cost.
- A stronger buyback can overcome a slightly higher purchase ask.
- Refusals and conditional bids remain part of the evidence.
- The decision changes when payment or shipment assumptions change.
Tara wants one tube of 20 one-ounce silver bullion coins. She requests bank-transfer prices for the same year and delivery address within ten minutes. Spot is $32 per ounce.
The three named dealers are APMEX, JM Bullion, and SD Bullion. The dollar figures below are a worked example at that spot, not live quotes or records of quotes from these dealers.
APMEX sells 1 oz silver coins and publishes a buyback program. JM Bullion sells 1 oz silver coins and offers free shipping over $199. SD Bullion sells 1 oz silver coins and offers free shipping over $99. Check current premiums, payment fees, and stock before ordering.
Product identity is a 20-coin tube of 1 oz silver bullion coins, same year. Quantity tier is one tube. Payment is bank transfer unless noted.
Assemble the purchase side
| Dealer | Merchandise | Shipping and insurance | Delivered total | Premium per oz |
|---|---|---|---|---|
| APMEX (quote A) | $720 | $0 | $720 | $4.00 |
| JM Bullion (quote B) | $700 | $28 | $728 | $4.40 |
| SD Bullion (quote C) | $710 | $12 | $722 | $4.10 |
APMEX has the highest merchandise price but the lowest delivered cost. JM Bullion's headline price loses after shipping. SD Bullion sits between them.
The table uses a 20-coin tube at a $32 spot, so metal value is $640. Delivered premium per ounce is the delivered total minus $640, divided by 20.
Add seller and term checks
APMEX ships in two days and permits no year substitution. JM Bullion lists "in stock" but allows a comparable random-year product. SD Bullion ships within ten business days. Tara values exact year and prompt delivery, but does not assign an arbitrary dollar score.
Obtain immediate bids
| Dealer | Gross buyback | Sale cost | Net exit |
|---|---|---|---|
| APMEX (quote A) | $650 | $0 local | $650 |
| JM Bullion (quote B) | $660 | $24 shipment | $636 |
| SD Bullion (quote C) | $646 | $0 local | $646 |
Round-trip gaps are $70 for APMEX, $92 for JM Bullion, and $76 for SD Bullion. APMEX wins both delivered cost and immediate gap. A round-trip gap is the delivered total minus net exit.
FINRA's trade-confirmation checklist applies to brokerage securities, not bullion, but its instruction to scrutinize price, capacity, fees, and discrepancies illustrates why Tara retains the complete invoice rather than only the product total.
Test a card-payment scenario
Tara then asks for card prices. APMEX adds 3.5 percent, JM Bullion adds 2 percent, and SD Bullion adds 4 percent. She recalculates from each delivered order, not merchandise alone.
| Dealer | Card delivered total | Immediate gap using same bid |
|---|---|---|
| APMEX (quote A) | $745.20 | $95.20 |
| JM Bullion (quote B) | $742.00 | $106.00 |
| SD Bullion (quote C) | $750.40 | $104.40 |
JM Bullion becomes cheapest to acquire by card but still has the widest immediate gap because of its mailed exit. Tara can use bank transfer safely under her policy, so the first ranking remains relevant.
She also records price-lock timing. APMEX locks after cleared funds, while JM Bullion and SD Bullion lock when the order is placed. That distinction adds market exposure to a bank transfer even though it is not a fee. Tara confirms that her transfer can arrive within APMEX's stated window.
Check the market meaning
The LBMA market glossary distinguishes benchmark, spot, forward structure, and other wholesale terms. Tara labels her $32 figure as a chosen reference, not a guaranteed retail execution or a prediction.
Decide and archive
Tara selects APMEX. She saves the three quotes, timestamps, product pages, terms, bid conditions, payment calculations, invoice, and spot reference. At receipt, she reconciles the exact year and 20-coin count.
If APMEX substituted a year or missed dispatch, the decision record would support a prompt written remedy. If her only safe payment method were card, she would compare JM Bullion and APMEX again with delivery and substitution risk visible.
Common questions
Why did free shipping matter?
It lowered APMEX's delivered total. Tara still checked whether insurance and signature were included.
Did the highest buyback win?
No. JM Bullion had the highest gross bid but a lower net bid after shipment.
Why keep rejected quotes?
They document the market, assumptions, and alternative routes at the decision time.
Would the result hold tomorrow?
Not necessarily. Spot, product inventory, premiums, fees, and bids can all change.
