As you explore the joys of investing in precious metals, you will likely come across the term "spot price" and wonder why the prices of bars and coins, regardless of where you purchase them from, are higher.
To understand this, you first need to figure out what "spot price" means. Take a moment to refer to Islamic Monetary Council - Gold and Silver chart, which lists the prices of your favorite precious metals. "Spot price" refers to the value of an ounce of a specific precious metal at that exact moment in time. Please note that this chart changes frequently throughout the day, so it's essential to check it frequently.
So, why is the spot price lower than the bullion retail price?
Getting Precious Metals from “A” to “B” Takes Times and Money
If only life were as simple as buying precious metals at the spot price. Unfortunately, life is not always that straightforward, or affordable. Whether you buy your precious metal from Sunnah Currency or directly from a mint, such as the Royal Mint, there will be costs involved in acquiring that gold or silver coin or bar. These costs include transportation, marketing, labor, storage, and customer service expenses. Sunnah Currency also (only for Gold products) add a margin for affiliates and influencers who get commission and coupon codes for their audiences.
It's also important to note that some mints, such as the Royal Mint, have designs and messages on their products that do not align with our beliefs or values. For instance, can we be comfortable purchasing products from mints that support certain political or social movements, such as those related to the LGBT+ community. Therefore, it is crucial to consider these factors and compare prices before making any purchase. Some of these mint companies have shirk designs and idols too.
Product Markup Depends on the Bullion and Its Value
At Sunnah Currency, we offer fair and transparent pricing for our gold and silver products, including coins and bars. Our premium over spot covers the costs of acquiring and delivering the product to you without overcharging you. We strive to keep our markups low, so you get the best value for your investment. Remember to consider the premium over spot when comparing prices across different dealers. At Sunnah Currency, we are committed to providing you with high-quality precious metals at fair prices.
Buying Bullion at Sunnah Currency
Although it may not always be easy to predict, the spot price of bullion can fluctuate over time. This presents an opportunity to increase your profit potential by buying and selling at the right times. Keep an eye on market trends and try to buy low and sell high to make the most of your investment.
At Sunnah Currency, we offer regular deals and promotions to help you save money and make smart investment decisions. By signing up for our newsletter, you can stay up-to-date on the latest offers and price fluctuations. Remember, buying at a low price can lead to greater profitability over the long term.
May Allah bless your investments with us and bring you prosperity and success.