Paper vs Physical Silver · COMEX Price vs Japan Street Price

Loading… COMEX: every 10 min · MSPI-B: Daily (Mon–Fri)

COMEX

Paper Market · Futures

COMEX Silver Futures (XAG)

$—/ oz

≈ ¥— / g

Global futures price. Represents paper contracts for silver delivery. Source: live market data.

Japan
Physical
Premium

↑

—

vs COMEX

MSPI-B

Physical Market · Street Retail

Japan Street Silver (Mercari)

$—/ oz

≈ ¥— / g

Real peer-to-peer sold prices for 1oz .999 silver bullion on Mercari Japan. JPMI MSPI-B · Updated daily Mon–Fri.

USD/JPY Rate

—

Used for conversion

COMEX in JPY/g

—

Paper price

MSPI-B in JPY/g

—

Street retail price

Historical Premium · USD/oz

COMEX paper price

Mercari physical (MSPI-B)

Physical premium % over COMEX

MSPI-B updated Mon–Fri on trading days. No update = no Mercari sales or market closed.

What This Measures

COMEX — The Paper Market

COMEX silver futures represent contracts for future silver delivery. Most are settled in cash and never result in physical silver changing hands. The COMEX price is the globally-referenced benchmark for silver.

MSPI-B — The Physical Market

The JPMI MSPI-B tracks real peer-to-peer sold prices for 1oz .999 silver bullion coins on Mercari Japan. These are actual transactions — real buyers paying real money for physical silver in Japan today.

Why The Premium Exists

Physical silver trades at a premium to COMEX because of fabrication costs, dealer margins, supply chain friction, and real-world supply and demand dynamics. When premiums expand, it signals that physical silver is tight relative to paper market pricing. The Japan Physical Premium captures this signal directly from retail market transactions.

⚠ COMEX price sourced from prices-history.json updated every 10 minutes via GitHub Actions. MSPI-B updated daily Mon–Fri from Mercari sold listings. Mercari prices are buyer-paid — actual seller proceeds are lower after 10% commission and delivery fees. This page is for informational purposes only and does not constitute financial advice.