This guide outlines how BullionMatch defines fair markups across different weights of gold, silver, and platinum bullion, and how these benchmarks are used to score and compare dealer pricing with its proprietary BullionMatch/SCORE™.
Fair Price for Gold, Silver and Platinum Bullion
For bullion, the "Fair Markup" encompasses costs beyond the metal's melt value on exchanges like COMEX. This includes refining, smelting, and minting, as well as supply and demand factors that can raise physical metal premiums and custodial costs.
While smaller weights are more accessible for new investors, they usually have a considerably higher premiums.
Fair Markup by Bullion Weight
The fairness thresholds below are based on absolute percentage markups over the melt-value of the metal. We use the same percentage markup across gold, silver and platinum.
All ounce (oz) values refer to troy ounces. Gram weights are converted to troy ounces in our product catalog before scoring is applied.
- 5+ oz: 10%
- 1 to 5 oz: 12.5%
- 1/2 to 1 oz: 15%
- 1/4 to 1/2 oz: 20%
- 1/10th to 1/4 oz: 25%
- 1/100th to 1/10th oz: 30%
Scoring Criteria for BullionMatch/SCORE™
Rather than simply judging if a price is "fair," we also assess deal quality by comparing it to competitors' offers. Scores are assigned to each dealer based on a combination of absolute percentage markups over the metal's melt value and relative pricing derived from current industry data, indicating their pricing position.
This rating system allows investors to easily compare dealers and make informed purchasing decisions based on price competitiveness.
🟩 Excellent
Competitive premiums, among the best pricing in the market.
Criteria:
- If 5 or more SKUs:
• Price is below the 25th percentile - If fewer than 5 SKUs:
• Markup is ≤ (threshold – 3 percentage points)
🟨 Great
Near-market average, offering reasonable value.
Criteria:
- If 5 or more SKUs:
• Price is between the 25th and 50th percentile - If fewer than 5 SKUs:
• Markup is > (threshold – 3 percentage points)
• AND ≤ (threshold + 2 percentage points)
🟧 Fair
Above-market pricing, less competitive but within acceptable range.
Criteria:
- If 5 or more SKUs:
• Price is between the 50th and 75th percentile - If fewer than 5 SKUs:
• Markup is > (threshold + 2 percentage points)
• AND ≤ (threshold + 5 percentage points)
🟥 Unfair
Significantly above-market pricing, expensive relative to competitors.
Criteria:
- If 5 or more SKUs:
• Price is above the 75th percentile
• OR markup is > threshold - If fewer than 5 SKUs:
• Markup is > (threshold + 5 percentage points)
Numismatics Exclusions
For avoidance of doubt, BullionMatch does not include numismatic items in its calculations or scores for generic bullion (e.g., 1 oz American Silver Eagle) unless expressly stated. We consider an item numismatic if any of following conditions are met:
- Certified by a major grading service (e.g., PCGS, NGC)
- Issued as a special edition or limited mintage, including proofs, commemoratives, or coins with restricted production numbers;
- Features distinct privy marks (e.g., Lunar Privy, Maple Leaf privies);
- Has unique labels or designations (e.g., First Strike, Early Releases, Anniversary Editions);
- Exhibits special finishes or cameo contrast (e.g., UCAM, DCAM, Reverse Proof);
- The mintage year is before 2010 and the pricing is relatively skewed from the rest.
Conclusion
BullionMatch/SCORE™ simplifies bullion price comparisons by offering clear benchmarks for fair pricing and deal evaluation. It incorporates both absolute markups and relative pricing, giving you a well-rounded view of the value behind your precious metals investment.
If you have any questions, contact the team at BullionMatch with any query whatsoever, please email Ludwig at mises@bullionmatch.com