Silver closed Friday, September 18, 2026 around $66.55 an ounce. Most coverage of the metal right now is about that number and where it goes next. For someone funding a silver position inside a self-directed IRA, a different number matters more, and almost nobody quotes it.
The Gap
Premiums — the markup a dealer charges over spot — are not uniform across products. As of September 17, 2026, FindBullionPrices tracked these premiums on common retail silver:
- American Silver Eagle: 15.13% ($9.78 per ounce)
- 1 oz generic silver round: 5.59% ($3.62)
- 1 oz generic silver bar: 6.88% ($4.45)
- 10 oz generic bar: 5.92% ($38.26)
- 100 oz generic bar: 5.13% ($339.86, or about $3.40 per ounce)
That is a ten-percentage-point spread on metal of identical purity. An Eagle and a 100-ounce bar are both .999 fine silver. Melt them down and you cannot tell them apart.
What It Costs Inside an IRA
Take a $50,000 allocation. At the Eagle's 15.13% premium, $50,000 buys roughly $43,431 of silver — about 653 ounces. At the 100-ounce bar's 5.13%, the same $50,000 buys $47,561 of silver, or about 715 ounces.
Same dollars. About 62 more ounces, roughly $4,130 more metal, for choosing a different shape of the same element.
This matters more in an IRA than in a taxable account for a structural reason: the premium does not come back to you as account value. Custodians report fair market value annually on Form 5498, and that valuation tracks the metal, not your invoice. Required minimum distributions are calculated from that reported value. A high premium is paid in full on day one and recovered only if the product's own premium holds when you eventually sell.
Why IRA Buyers Get Pushed Toward the Expensive End
The cheapest silver on the retail market is pre-1965 U.S. 90% coinage, which has recently traded at a discount to spot. It is also flatly ineligible for an IRA.
Under IRC §408(m)(3), bullion must meet a minimum fineness — .999 for silver — and be held in the physical possession of a bank or approved trustee. Ninety percent coinage is .900 fine. It does not qualify. Neither do most fractional or decorative products.
The consequence is not a rejected order. Per IRS guidance, acquiring a collectible in a retirement account is treated as an immediate distribution equal to its cost, reported on Form 1099-R as ordinary income, with the 10% additional tax if you are under 59½.
So the eligibility rules correctly screen out the discount tier — and then dealer marketing tends to steer buyers toward Eagles, the most expensive eligible product, on the strength of being "government-issued" and named in the statute. Both Eagles and accredited-refiner bars clear §408(m)(3). Only one costs 15%.
Practical Takeaways
- Ask for the premium in dollars per ounce, not just the total price. A quote of "$76.33" hides a $9.78 markup; "$9.78 over spot" does not.
- Compare at least two eligible products before funding. The spread between them is often larger than a year of custodian fees.
- Larger bars carry lower premiums but are harder to partially liquidate for an RMD. If you will need annual distributions, weigh 10-ounce bars against 100-ounce.
- Ask the dealer's current buyback bid on the exact product, not the category. The round trip, not the purchase, is your real cost.
- Confirm fineness and refiner accreditation in writing before the custodian wires funds.
Premiums move. On the 30 days through September 17, bar premiums rose about 1.5 percentage points amid the physical tightness that has kept London lease rates far above their sub-1% norms since late 2025. Check the number on the day you buy.
Sources: FindBullionPrices – Bullion Premium History (September 17, 2026); Gainesville Coins – Silver Spot Price (September 18, 2026); IRS – Investments in Collectibles in Individually-Directed Qualified Plan Accounts; Internal Revenue Code §408(m)(3); Investing.com – Silver Flashes Rare Warning Signal as Physical Market Seizes Up