Price history · by calendar month
Gold and silver price seasonality
Since 1968, gold has done best on average in January (+2.2%, up in 57% of years) and worst in June (−0.4%). Silver's strongest month has been January (+3.5%) and its weakest June (−2.4%). These are past patterns, not a forecast: in any one year the calendar explains little.
Gold: average move in each calendar month, since 1968
How much the calendar matters
A typical month moves gold by about 5.6% and silver by about 9.5% up or down (one standard deviation of all monthly moves since 1968). The gaps between the calendar months' averages are much smaller than that, so one strong or weak year can change a month's average. Over the last 10 years, gold's best month on average was January (+4.3%, up in 7 of 10 years) and its weakest June (−1.8%, up in 3 of 10).
Explanations often given for the pattern, such as Indian wedding and festival buying in the autumn, Chinese New Year demand early in the year and quieter summer trading, are plausible but hard to prove from prices alone. If you buy regularly, the monthly buying backtest shows what steady buying did regardless of the month.
Gold: average move by calendar month
| Month | Since 1968 | Since 2000 | Last 10 years | |||
|---|---|---|---|---|---|---|
| Average | Years up | Average | Years up | Average | Years up | |
| January | +2.2% | 57% | +3.3% | 67% | +4.3% | 7 of 10 |
| February | +1.3% | 59% | +1.4% | 63% | +0.3% | 5 of 10 |
| March | −0.2% | 50% | −0.2% | 44% | +1.1% | 5 of 10 |
| April | +0.7% | 53% | +1.0% | 59% | +1.9% | 7 of 10 |
| May | +1.0% | 49% | +0.4% | 52% | +0.4% | 4 of 10 |
| June | −0.4% | 46% | −0.6% | 44% | −1.8% | 3 of 10 |
| July | +0.7% | 58% | +0.8% | 59% | +2.0% | 8 of 10 |
| August | +1.0% | 56% | +2.2% | 70% | +2.5% | 5 of 10 |
| September | +1.5% | 54% | +0.7% | 48% | −1.3% | 2 of 10 |
| October | +0.1% | 47% | −0.1% | 48% | +1.1% | 6 of 10 |
| November | +0.8% | 62% | +1.4% | 69% | −0.4% | 6 of 10 |
| December | +1.1% | 55% | +0.9% | 65% | +2.2% | 8 of 10 |
Gold: 702 monthly moves from May 1968 to October 2026; last 10 years = November 2016 to October 2026. Average of the month-end to month-end changes; years up = share of years the month ended higher than the month before.
Silver: average move by calendar month
| Month | Since 1968 | Since 2000 | Last 10 years | |||
|---|---|---|---|---|---|---|
| Average | Years up | Average | Years up | Average | Years up | |
| January | +3.5% | 62% | +4.8% | 63% | +5.8% | 6 of 10 |
| February | +1.8% | 47% | +1.4% | 44% | −2.7% | 2 of 10 |
| March | −0.1% | 42% | +0.3% | 41% | −1.7% | 4 of 10 |
| April | +0.6% | 47% | +0.6% | 52% | +1.7% | 6 of 10 |
| May | +0.4% | 53% | +0.8% | 52% | +2.8% | 6 of 10 |
| June | −2.4% | 34% | −3.2% | 30% | −3.8% | 3 of 10 |
| July | +2.7% | 61% | +3.0% | 52% | +4.3% | 5 of 10 |
| August | +0.3% | 47% | +1.8% | 56% | +4.0% | 7 of 10 |
| September | +1.9% | 53% | −0.1% | 44% | −2.4% | 3 of 10 |
| October | −0.3% | 53% | +0.1% | 63% | +1.2% | 7 of 10 |
| November | +0.3% | 41% | +1.1% | 42% | −0.4% | 3 of 10 |
| December | +2.4% | 50% | +2.8% | 54% | +6.9% | 7 of 10 |
Silver: 705 monthly moves from February 1968 to October 2026; last 10 years = November 2016 to October 2026. Average of the month-end to month-end changes; years up = share of years the month ended higher than the month before.
Our premiums month by month
What we charged over the metal's value, as the median for each product type and month since we started keeping price records. Two years is too short to call this a seasonal pattern: premiums moved with silver's price spikes and with supply more than with the calendar.
| Month | 1 oz gold coins | 1 oz gold bars | 1 oz silver coins | 10 oz silver bars |
|---|---|---|---|---|
| Sep 2026 | 3.0% | 4.1% | 12.4% | 14.8% |
| Aug 2026 | 3.0% | 3.6% | 11.6% | 13.9% |
| Jul 2026 | 3.2% | 3.9% | 13.4% | 16.1% |
| Jun 2026 | 3.0% | 3.8% | 11.5% | 14.6% |
| May 2026 | 2.9% | 3.6% | 10.0% | 12.6% |
| Apr 2026 | 3.3% | 4.0% | 11.7% | 13.8% |
| Mar 2026 | 3.6% | 4.1% | 13.9% | 16.1% |
| Feb 2026 | 4.1% | 5.7% | 14.6% | 16.6% |
| Jan 2026 | 3.5% | 4.1% | 11.7% | 12.4% |
| Dec 2025 | 2.7% | 3.5% | 10.2% | 12.5% |
| Nov 2025 | 3.5% | 4.2% | 13.1% | 15.9% |
| Oct 2025 | 3.2% | 4.1% | 13.1% | 13.5% |
| Sep 2025 | 3.1% | 3.8% | 14.9% | 14.3% |
| Aug 2025 | 3.7% | 4.3% | 16.9% | 16.1% |
| Jul 2025 | 3.8% | 4.5% | 16.7% | 15.9% |
| Jun 2025 | 3.7% | 4.3% | 17.5% | 16.8% |
| May 2025 | 3.7% | 4.4% | 19.1% | 18.3% |
| Apr 2025 | 3.8% | 4.0% | 19.6% | 18.6% |
| Mar 2025 | 3.5% | 3.8% | 18.9% | 16.0% |
| Feb 2025 | 3.8% | 4.0% | 19.5% | 16.1% |
| Jan 2025 | 3.7% | 3.9% | 20.5% | 17.3% |
| Dec 2024 | 4.1% | 4.2% | 24.2% | 17.6% |
| Nov 2024 | 3.9% | 4.3% | 33.3% | 17.6% |
1 oz gold coins: from 2.7% (December 2025) to 4.1% (December 2024), two-year median 3.5%. 1 oz gold bars: from 3.5% (December 2025) to 5.7% (February 2026), two-year median 4.0%. 1 oz silver coins: from 10.0% (May 2026) to 33.3% (November 2024), two-year median 15.1%. 10 oz silver bars: from 12.4% (January 2026) to 18.6% (April 2025), two-year median 15.9%.
Premium = our check/wire price ÷ (spot × fine ounces) − 1, from our own price records (about three a day per product since October 2024), median across the standard products of each type, then the median of each month; obvious recording errors left out. Exported 2026-10-21. Today's premiums and the full history are on our store's premiums over spot page; formats whose premium is below its usual level today are on current deals.
More price history
Past patterns, not a forecast or advice. For today's prices see our live spot prices and today's market news.
Sources: LBMA precious metal prices (gold PM, silver) through 2026-09-28, used here only as computed monthly summaries; Bullion Trading LLC weekday 5 pm New York closes afterward; Bullion Trading LLC price records for premiums. Prepared by the Bullion Trading LLC editorial team.