Silver Spot Price Explained — What You Actually Get Paid
How the silver spot price works, how it's converted to Canadian dollars, and how dealer premiums turn spot into a real payout.
'Spot price' is one of the most misunderstood terms in the bullion business. Here's what it actually is — and what it isn't.
What spot really is
The spot price is the current price to buy or sell one troy ounce (31.1035 g) of pure silver on the global commodities market, quoted in USD. It updates every few seconds during market hours and is the benchmark every honest dealer starts from.
How CAD spot is calculated
Canadian dealers take the USD spot, multiply by the current USD→CAD exchange rate, and post that on their site. That's the number we display at the top of goldencitrus.
Why you don't get exactly spot when you sell
- Refining and handling — dealers still have to turn coins and scrap into deliverable metal.
- Purity — a 92.5% sterling piece pays 92.5% of spot × its weight in ounces. See our full grading process.
- Volatility buffer — spot moves in real time; the dealer needs a small margin to protect against a drop.
What a fair payout looks like in 2026
For recognized silver coins and bars in the GTA, expect 95–100% of spot. For sterling scrap, expect (weight × 0.925) × spot, minus a small handling fee. Anything materially below that is a low-ball offer — get our instant CAD quote or read the Toronto selling guide before you accept another offer.
Frequently asked questions
Is the price on kitco.com the price I get paid?
No — that's the wholesale USD reference. Your CAD payout is that number converted to CAD and adjusted for purity and handling.
Why is the premium higher when I buy than what I get when I sell?
Dealers make their margin on the spread between the buy and sell side. GoldenCitrus buys coins at spot and sells at spot + $9–$11.