A bullion dealer invoice has five moving parts: the locked spot price, the per-ounce premium, any payment-method surcharge, shipping and insurance, and state sales tax where applicable. The spot price is frozen at the moment you confirm your order, not when your payment arrives. The premium is the dealer’s margin above spot and varies by product, quantity, and market conditions. If you cancel after the lock and spot has moved against the dealer, most dealers charge a market loss fee equal to the difference plus a flat administrative charge. Reading each line item correctly protects you from paying more than the quote you accepted.
Anatomy of a bullion dealer invoice
A bullion invoice looks simple at first glance, but each line represents a different cost bucket, and each is calculated independently. Understanding what belongs to the dealer, what belongs to the payment processor, what belongs to the carrier, and what belongs to your state tax authority is the first step to catching errors and comparing dealers honestly.
Every well-formed invoice includes: your order number and confirmation timestamp, the product description with quantity and per-unit weight, the locked spot price at the moment of confirmation, the per-unit premium above spot, a subtotal for the metal itself, a payment method surcharge line (or zero if you paid by wire or check), shipping and insurance, sales tax, and the grand total you owe. If any of those lines is missing or bundled into an opaque total, that is a red flag worth an email to customer service before you send payment.
The reason the itemization matters is that the spot component is the only line that moves with the market. Everything else is either a fixed dollar amount (shipping, wire fee, tax at your state’s rate) or a percentage the dealer sets in advance (premium, card surcharge). Once you know what belongs where, you can verify each line against your dealer’s posted rates and against the spot price at the confirmation timestamp on your order.
How the price lock works
Gold and silver prices move continuously during market hours, and again in overnight electronic trading. Bullion dealers handle this by locking the spot reference at the moment you complete checkout, so neither party is exposed to intraday moves between order confirmation and payment receipt.
When the lock starts: Your price is locked when you complete checkout and receive an order confirmation, not when your funds arrive at the dealer’s bank. The confirmation email will state the locked spot price, the per-unit premium, the total invoice, and the payment instructions. That locked spot is what your invoice math is built on, regardless of where the live market moves during the payment window.
How long the lock lasts: Most dealers hold your locked price for one to three business days while awaiting wire or ACH funds, and five to ten business days while awaiting a check. If payment does not arrive inside the lock window, the dealer either cancels the order or re-quotes at the new prevailing spot. The specific window is in the dealer’s terms of service, and it should also be printed on the order confirmation itself. If it is not, ask before you send funds on a large order.
What happens if spot moves during the wait: If gold rises 4% while your wire is in transit, you still owe the locked amount. Conversely, if spot falls, you owe the locked amount. The lock protects both parties from payment-window price risk, which is the whole point. This is different from the reference price displayed on the dealer’s website; that number updates in real time and is only a quote until you confirm an order.
After-hours and weekend orders: Orders placed after US market close, on weekends, or on federal holidays are typically locked at either the previous close or the current electronic market price, depending on the dealer. Some dealers apply a small after-hours premium to cover the gap risk they take on when they cannot immediately hedge. Your confirmation should state which spot value was used for your lock.
Which spot price your invoice references
The word “spot” sounds like a single, universal number, but there are several spot prices in the precious metals market and dealers use different references depending on the product, the time of day, and the trading venue.
COMEX front-month futures: Most US bullion dealers reference the front-month gold or silver futures contract on COMEX (the metals division of CME Group) as their working spot. The front-month contract is the nearest-dated contract that is still actively traded. This is what you see on financial data platforms and what most dealer websites display in their price tickers.
London spot fix: The LBMA (London Bullion Market Association) publishes twice-daily reference prices for gold and silver, set by an electronic auction among member banks. These fixes are used as reference prices in wholesale contracts and by some dealers for over-the-counter product pricing, particularly for larger private orders.
Live over-the-counter quotes: During market hours, most dealers price against continuous OTC bid-ask spreads from wholesale counterparties. These move in sub-cent increments and are what update the live price on a dealer’s product page every few seconds.
For a typical retail buyer, the practical takeaway is simpler than the taxonomy suggests: whatever “spot” your dealer displays on the product page at the moment you confirm the order is the spot that will appear on your invoice. Verify by cross-checking the spot printed on your confirmation email against an independent source (any major financial news site) at the same timestamp. Small differences of a few cents per ounce are normal and reflect the bid-ask spread; larger discrepancies deserve an inquiry.
The premium line explained
The premium is the amount above spot that the dealer charges to cover minting or manufacturing costs, wholesale acquisition margin, retail overhead, and profit. Understanding what drives the premium is what separates a fair invoice from an overpriced one.
Product type matters most. Government-minted sovereign coins (American Gold Eagle, Canadian Gold Maple Leaf, Austrian Philharmonic) carry higher premiums than generic private-mint rounds or bars because they cost more to produce and enjoy broader collector demand. Similarly, one-ounce coins carry higher percentage premiums than one-kilo bars because the cost of stamping, packaging, and distributing many small pieces is higher per ounce than for a single large bar.
Quantity discounts. Most dealers publish tiered premium schedules: a single one-ounce gold coin might carry a 4% premium, while a tube of 20 of the same coins might carry a 3% premium per coin. On silver, quantity breaks are more dramatic because the base metal cost is lower relative to the fixed handling cost per piece.
Market conditions. When physical demand outstrips wholesale supply (as happened during the 2020 pandemic silver rush), premiums widen sharply. Silver eagle premiums that normally run $2-3 per ounce hit $8-12 per ounce in mid-2020 and again in early 2021. When wholesale supply is loose, premiums compress. A one-ounce gold eagle premium can range from about 3% to 8% over spot depending on inventory conditions.
What the premium should not include: Assay fees for new-condition, sealed-mint product should be zero. Storage or insurance for products you take physical delivery of should be zero. If either line appears on your invoice, ask what it represents before paying.
Payment method surcharges
The largest optional cost on most bullion invoices is the credit or debit card surcharge. Card networks charge merchants 1.5% to 3.5% in processing fees, and because bullion runs on thin per-ounce margins, dealers pass that cost through to card-paying buyers rather than absorbing it into a higher base price.
Typical surcharge amounts across major online dealers run 3% to 4% for credit or debit card payments, zero for wire, zero for ACH or eCheck (though some dealers add a $1-5 flat fee for same-day ACH), and zero for cashier’s check, money order, or personal check. Cryptocurrency payments are usually treated the same as wire (no surcharge) because they carry no chargeback risk to the dealer.
Verify the surcharge line on your invoice against the dealer’s posted payment terms. On a $5,000 order, a 3.5% card surcharge is $175. That is not a rounding item. For deeper comparisons of when each payment method makes sense, see the payment methods guide.
Shipping and insurance
Most US bullion dealers ship via USPS Registered Mail or a private carrier like UPS or FedEx with full declared-value insurance. The shipping line on your invoice covers both the physical transport and the insurance, bundled into a single fee.
Free shipping thresholds: A common pattern is free shipping above an order value threshold, typically $199 or $500. Below the threshold, expect a flat $10-25 shipping charge on most orders. Some dealers offer free shipping only on domestic ground and charge extra for expedited service.
Signature required: Nearly all bullion shipments require an adult signature on delivery. This is not optional; it is a condition of the dealer’s insurance coverage. If nobody is home when the carrier attempts delivery, the package is held at the local depot and requires a signature to release. Consider shipping to a work address or scheduling a delivery hold if signature availability is a concern.
Insurance and lost packages: Bullion shipments are fully insured by the dealer against loss or damage in transit until you sign for the package. If a package is lost, the dealer files the insurance claim and either reships or refunds. If you sign for a damaged or short package, note the issue on the carrier’s electronic pad at the moment of delivery and open the box in front of the driver if possible. Failure to note damage at delivery can complicate insurance claims later.
Sales tax by state
State sales tax on precious metals varies widely across the US, and this line item can be the difference between a competitive order and an uncompetitive one. Some states fully exempt investment-grade bullion, some tax it at the standard sales tax rate, and some apply exemptions above a per-transaction threshold.
The rules change over time as state legislatures pass exemptions and dealers update their tax matrices. The table below shows the general framework as of 2026; verify the current rule for your state on your dealer’s tax information page before ordering, and consult your tax advisor for guidance specific to your situation.
| Category | Typical treatment | Common threshold |
|---|---|---|
| Full exemption states | No sales tax on investment-grade gold, silver, platinum, or palladium bullion regardless of order size | None |
| Threshold exemption states | Sales tax waived on orders above a per-transaction threshold; below the threshold, standard rate applies | $1,000 or $1,500 typical |
| Numismatic exemption states | Bullion taxable, but rare or collectible coins exempt under a separate rule | Product-specific |
| Full-tax states | Standard state and local sales tax applies to all precious metals sales | None |
Dealers determine which rate applies based on the shipping address on your order, not your billing address. If you live in a taxable state but ship to a family member’s home in an exempt state, the exempt state rule generally applies (the transaction is a sale to that shipping address). Do not use this pattern to avoid tax if the true destination of the metal is your taxable-state home; that would raise a use-tax obligation in your own state. Consult your tax advisor for guidance specific to your situation.
Market loss policy and cancellation terms
Because your order price is locked at confirmation, the dealer immediately hedges that exposure in the wholesale market. If you then cancel the order, the dealer has to unwind the hedge, and if spot has moved against the dealer during your holding period, that unwind produces a real loss. Market loss fees make you whole to the dealer for that loss.
How market loss is calculated: Most dealers use a straightforward formula. If you cancel and the current spot is lower than your locked spot (the dealer is now sitting on inventory or a hedge that is worth less than what they committed to sell you), you owe the difference on the ounces canceled, plus a flat administrative fee typically in the $35-50 range. If spot has moved in the dealer’s favor, most dealers still charge the flat administrative fee but do not pass the gain to you.
Example: You lock 10 ounces of gold at spot $3,200 with an intent to wire. Three days later, before your wire arrives, you decide to cancel. Spot is now $3,140. The dealer is $60 per ounce down on your 10 ounces, a $600 gap, plus a $50 cancellation fee. You owe $650. Some dealers may deduct this from a refund of premium and shipping already paid on non-cancelable portions of the order.
When market loss does not apply: If you cancel within the same trading session as your order confirmation and spot has not moved materially, most dealers waive the market loss and charge only a small handling fee, or nothing at all if the order is genuinely fresh. Terms vary by dealer; read the cancellation policy on your confirmation email.
The practical rule: Do not lock a large order unless you are ready to pay. The lock is a contractual commitment on both sides. If you are uncertain about the size of an order, place a smaller test order first and scale up when you are comfortable with the process.
Sample invoice, line by line
Below is a representative bullion invoice for a hypothetical mid-size order. Every dealer formats the invoice a little differently, but the line items are broadly consistent across the industry.
| Line item | Amount | What it represents |
|---|---|---|
| Order date and confirmation time | 2026-08-23 14:12 ET | Timestamp that fixes your locked spot reference |
| Product: 1 oz Gold American Eagle, 5 units | 5 oz | Quantity and per-unit weight, priced per ounce |
| Locked spot price | $3,200.00 per oz | Reference spot at confirmation timestamp |
| Premium above spot | $130.00 per oz (4.06%) | Dealer margin covering minting, wholesale, and retail |
| Per-coin invoice price | $3,330.00 | Spot + premium, before any other charges |
| Metal subtotal (5 x $3,330) | $16,650.00 | Base metal cost for the full order |
| Payment method surcharge (wire) | $0.00 | Wire and ACH typically zero; card would add 3-4% |
| Shipping and insurance | $0.00 | Free above dealer’s threshold; here waived |
| Sales tax | $0.00 | Exempt because order exceeds $1,500 threshold in this state |
| Invoice total due | $16,650.00 | Amount to wire; must match order confirmation exactly |
Two verification steps worth doing before you send the wire: first, cross-check the locked spot price of $3,200 against an independent quote at 14:12 ET on 2026-08-23. Small differences of a few cents are normal (bid-ask spread and data-provider lag). A gap of a few dollars per ounce deserves a customer service call before you fund the order. Second, verify the premium math: $130 divided by $3,200 is 4.06%, and the dealer’s published premium sheet should show that same rate for a five-ounce American Eagle order at current inventory conditions.
Buying in person or comparing local shops?
Local dealers issue their own invoice formats, often on paper rather than as a PDF email, but the same line items apply. Goldiew’s directory lists verified gold dealers and coin dealers across the US with customer reviews so you can compare posted premiums and payment terms before visiting.
Frequently asked questions
What is the difference between spot price and invoice price?
Spot price is the wholesale reference price for one ounce of the metal at a given moment. Invoice price is what you actually pay, which equals spot plus the dealer’s premium, plus any payment surcharge, shipping, and sales tax. For a one-ounce gold coin, the invoice price is typically 3% to 8% higher than spot on retail-size orders, depending on the product and quantity.
Why does my locked spot differ from the current price when my payment arrives?
Spot moves continuously, but your locked price is fixed at the moment you confirmed the order, not when funds settle. If gold rose $40 between your order confirmation and your wire arriving three days later, you still owe the amount on your original invoice. The lock is the whole point of the confirmation step; it eliminates the payment-window price risk for both parties.
How do I verify my dealer used the correct spot price?
Note the confirmation timestamp on your order (typically to the minute). Cross-check that timestamp against an independent spot chart from any major financial data source. Small differences of a few cents per ounce are normal and reflect the bid-ask spread between wholesale desks. A gap of several dollars per ounce is unusual and worth an email to customer service before you fund the order.
What is a market loss fee and when does it apply?
A market loss fee applies when you cancel an order after the price was locked and spot has moved against the dealer during the wait. It is calculated as the spot difference on the ounces canceled, plus a flat administrative fee, typically $35 to $50. If spot moved in the dealer’s favor, they generally still charge the admin fee but do not pass the gain to you. The specific formula is in your dealer’s cancellation policy.
Can I negotiate the premium on my invoice?
On standard retail-size orders through an online dealer, no. Premiums are set by product and quantity tier, and the price you see at checkout is the price. On larger orders (typically starting around $50,000 to $100,000), some dealers offer volume-based premium reductions handled through their trade desk rather than the standard checkout. Contact the dealer’s sales team before placing an order of that size to ask about volume pricing.
Why is the premium on silver coins so much higher percentage-wise than gold?
Fabrication cost per coin is roughly constant, but silver’s per-ounce base value is much lower than gold’s. A $2.50 fabrication and handling cost on a silver coin priced at $32 is nearly 8%; the same fabrication cost on a gold coin priced at $3,200 is under 0.1%. This is why silver invoice premiums often run 15% or more above spot on small quantities, while gold coin premiums typically stay in the 3% to 8% range.
Are wire fees included in my invoice or do I pay them separately?
Wire fees are charged by your bank when you send the wire, not by the dealer, so they do not appear on your invoice. Your bank deducts the wire fee (typically $20 to $30 for domestic outgoing wires at retail banks) from your account in addition to the invoice amount you send. Some premium checking accounts waive outgoing wire fees. Confirm your bank’s fee schedule before assuming a specific total.
Does the invoice include shipping insurance?
Yes, at every major online dealer. Shipping to a US address is fully insured for the declared value of the metals in transit, and that insurance is bundled into the shipping line rather than shown as a separate charge. Coverage runs from the moment the package leaves the dealer’s fulfillment center until you sign for delivery. Note damage or shortage on the carrier’s electronic pad at the moment of delivery to preserve any claim.
What if my state charges sales tax on part of my order and exempts the rest?
Many state exemption rules apply per transaction, meaning either the whole order clears the threshold or none of it does. Some states apply the exemption only to certain product categories (bullion but not numismatic coins, or gold and silver but not platinum). Your dealer’s tax matrix will apply the correct rule based on your shipping address and product mix. Consult your tax advisor for guidance specific to your state and situation.
Are cash purchases over $10,000 reported by the dealer to the IRS?
Yes. Under IRS rules, businesses that receive cash payments (including cashier’s checks, money orders, and certain cash equivalents) over $10,000 in a single transaction, or in related transactions, must file Form 8300 within 15 days. This applies to physical currency and to certain instruments treated as cash under the rule. Wire transfers and personal checks drawn on a bank account are generally not treated as cash for Form 8300 purposes. Consult your tax advisor for guidance specific to your situation.
Sources
- Federal Reserve: Regulation CC and Funds Availability
- Consumer Financial Protection Bureau: Wire Transfers
- IRS: Form 8300 Reference Guide (Cash Payments Over $10,000)
- NACHA: ACH Network Rules
- FINRA: Gold Investor Alerts
- SEC Investor.gov: Commodities and Precious Metals
- CME Group: COMEX Gold Futures Contract Specifications
- LBMA: Precious Metal Prices and Fixings