The price you pay for physical bullion has two parts: the spot price and a premium.
Spot price is the current global market price for the raw metal, the benchmark you'll see quoted for gold, silver, or platinum. It moves constantly as markets trade.
Premium is the amount added on top of spot. It covers the real costs of turning raw metal into a finished product you can hold: minting or refining, packaging, distribution, insurance, and our margin as a dealer. Every physical bullion product, from every dealer, is priced at spot plus a premium. You can't buy finished bullion at the raw spot price, because spot doesn't include any of the work of making and delivering it. Premium differs by product, see What size bullion should I buy?
Note: When you sell back to us, buyback is based on the metal content only, see How is my sell price calculated?