Gold, silver or bimetallic: choosing investment coins in an unstable market

Investment coins remain one of the ways to preserve savings in precious metals and earn on changes in their value. In Ukraine, one can purchase gold and silver investment coins of the National Bank of Ukraine, as well as commemorative and collectible coins, including bimetallic ones, sold by banks and numismatic platforms.

However, in October 2026, the situation for buyers is ambiguous: after a significant rise in world precious metal prices, the market faced a correction. Gold and silver are getting cheaper, with silver showing sharper fluctuations. This may create opportunities for long-term investors, but does not guarantee quick profits.

The main rule: when choosing a coin, one must consider not only the cost of gold or silver, but also the difference between the purchase price and the buyback price. Moreover, investment coins made of precious metals and collectible bimetallic coins are different assets, whose value is formed according to different principles.

What is happening with the prices of gold and silver coins

As of October 26, 2026, the precious metals market was under pressure. According to Reuters, in the previous week gold lost about 4%, and its price dropped below $4000 per troy ounce. Silver fell even more, dropping to about $53.6 per ounce during trading. Among the factors for the decline are strengthening expectations regarding the tough policy of the US Federal Reserve and fears that inflation will remain high.

Two circumstances are important for Ukrainian buyers:

- metal price in dollars. If the world value of gold and silver declines, this puts pressure on the value of the corresponding coins;

- exchange rate of the hryvnia to the dollar. Even with falling world quotes, the cost of a coin in hryvnia may decrease more slowly if the dollar becomes more expensive relative to the hryvnia.

At the same time, bank prices do not always change synchronously with exchange prices. They are also influenced by seller markups, coin availability and buyback terms.

Gold investment coins: the most interesting option for long-term investments

The main investment gold coin of the Ukrainian market is “Archistratigus Michael,” issued by the National Bank of Ukraine. It is made of 999.9 fine gold and is available in several weight options.

The advantage of gold coins is that their value is linked to world gold quotes. Additionally, popular investment issues can be resold through banks that work with such assets.

How much do NBU gold coins cost

According to Minfin, on October 26, 2026, prices for “Archistratigus Michael” were as follows:

What does the dynamics show?

In one day, the sell prices of all four gold coins fell by about 0.53%. This corresponds to the general downward correction of the gold market.

At the same time, the larger the coin weight, the greater the change in its price in hryvnias. For example, the value of a one-gram equivalent in a large coin changes differently than the absolute investment amount: a 1% decline in price for a coin costing about 200 thousand UAH means a loss of approximately 2 thousand UAH in its market valuation.

Which gold coins are more profitable to buy

For long-term capital preservation, I would primarily consider coins weighing 7.78 g and 15.55 g. Why?

A 7.78 g coin requires less initial investment than a quarter or half ounce gold coin.

A 15.55 g coin allows investing a more substantial amount without immediately buying a full ounce.

The 31.1 g coin suits investors with large capital who are ready to hold gold for several years.

However, this does not mean that medium-size coins are always more profitable. More important is to compare the price of one gram of pure gold and buyback terms.

For example, if a bank sells a coin cheaper than competitors, but later is willing to buy it back only at a large discount, the initial savings may turn out to be illusory.

Conclusion: for long-term investments, this is the most understandable option among the considered categories. But after the recent price drop, it is not worth investing the entire planned amount at once. It is wiser to make several purchases at intervals to reduce the risk of a poor entry timing.

Silver investment coins: lower entry threshold, but higher risks

In Ukraine, one can buy silver “Archistratigus Michael” with a face value of 1 UAH. The coin contains 31.1 g of 999.9 fine silver – one troy ounce.

According to Minfin data for October 26, 2026:

At first glance, silver looks more attractive than gold: the cost of the coin is much lower, so one can start investing with a smaller amount. But there is an important nuance.

Why a silver coin may turn out to be an unprofitable investment

In the given quotations, the sell price of the silver coin is 4,239 UAH, while the bank’s buyback price is only 2,437 UAH.

Это means that the difference between the purchase price and an immediate resale is about 42.5% of the purchase amount. In other words, if an investor buys the coin at the indicated sell price and immediately sells it to the bank at the indicated buyback price, the loss will be about 42.5% of the initial cost.

This does not mean that a silver coin will necessarily be unprofitable in the long term. But for a profitable exit, the buyback price must rise significantly, or the investor will need to find a more favorable sales channel.

Terms of a specific bank may vary. For example, on the page of Radabank, their own quotations for silver “Archistratigus Michael” are published, and they differ from those above. This again shows how important it is to compare offers from several sellers.

Should you buy silver coins now?

Silver has two important properties.

First, its price depends on investment demand for precious metals. Second, silver is widely used in industry, so prospects for production and technology sectors also affect quotations.

This makes silver potentially interesting for investors counting on a recovery of the world metals market. However, it can fall faster than gold.

Conclusion: silver investment coins should be considered primarily as an additional part of a long-term portfolio. Before buying, it is necessary to find out at what price the coin can really be resold. If the difference between purchase and buyback prices is very large, even a noticeable rise in the world silver price will not necessarily ensure a profit.

Bimetallic coins: can you earn on collecting?

Bimetallic coins consist of two metals, usually in the form of a central insert and an outer ring. In the Ukrainian market, one can encounter both coins intended for circulation and commemorative and collectible issues of foreign mints.

Here it is important not to confuse investment in metal with investment in numismatics.

If a gold investment coin rises along with gold, the value of a bimetallic coin usually depends on other factors:

• mintage and rarity of the issue;
• condition of the coin;
• demand from collectors;
• popularity of the series and theme;
• availability of original packaging and supporting documents;
• prices at which similar specimens actually sell.

Therefore, a bimetallic coin may increase in price even when precious metal prices are falling. But it can also lose value if collector interest weakens.

Which bimetallic coins are worth considering

I would pay attention to three categories.

1. Coins with limited mintage.

Limited issuance can support collectible value, especially if the coin has steady demand. However, a small mintage alone does not guarantee price growth.

2. Coins from popular thematic series.

Issues dedicated to historical events, famous personalities or national symbols may be sought after by collectors. But before buying, one should check how actively specific specimens are traded.

3. Coins in excellent condition and complete set.

For collectible issues, preservation often plays a decisive role. Damage, scratches, and absence of original packaging can reduce the resale price.

How to assess the investment attractiveness of bimetallics

Bimetallic coins do not have a single exchange quotation comparable to the price of gold or silver. Therefore, growth prospects should be assessed based on actual market offers.

For example, if sellers offer a coin for 3,000 UAH, it does not mean that it can be quickly sold for the same amount. One should check completed transaction prices or actual buyback offers.

Conclusion: bimetallic coins are more suitable for a collectible portfolio than for a conservative investment in precious metals. Potential profitability here can be high, but uncertainty is much greater.

Comparison: gold, silver or bimetallic?

Where to buy investment coins in Ukraine

Start your search with banks that publish information about sales and buybacks of coins.

Radabank – publishes buy and sell quotes for Ukrainian investment coins, including gold and silver “Archistratigus Michael.”

Oschadbank – offers bank coins and allows to check availability, acquisition terms and possibility of receiving at a branch.

Before purchasing, be sure to check availability of a specific coin: published price does not guarantee that it is on sale today.

Also check whether the bank buys coins back, at what price and under what condition requirements.

Which coins to buy in late October 2026

Considering the current correction, I would divide potential purchases into three categories.

For capital preservation – gold investment coins.

First of all, it is worth studying “Archistratigus Michael” weighing 7.78 or 15.55 g. These allow investing in gold without the need to immediately buy a full ounce. The purchase should be considered as long-term, not as an attempt to profit on a short-term price rebound.

For a more risk-taking strategy – silver coins.

Silver react more strongly to market fluctuations. A potential price recovery may be interesting, but the large spread between purchase and buyback can significantly reduce the investor's result. Therefore, first find an offer with acceptable exit terms.

For a collectible portfolio – bimetallic coins.

Here it is better to choose specific issues with confirmed demand, study mintages and check actual transaction prices. Do not buy a coin solely because it is rare or beautiful.

Final forecast

As of late October 2026, the precious metals market remains unstable. Gold and silver have experienced a significant decline, but it cannot yet be confidently stated that the correction is over. Additional influence will come from US Fed decisions, inflation expectations, dollar dynamics and geopolitical situation.

If the main goal is to preserve capital for several years, gold investment coins look like the most straightforward option among the three considered categories. Silver may complement a portfolio but requires more careful risk management. Bimetallic coins should be purchased mainly when the investor understands the numismatic market and is prepared for resale taking a long time.

Most important is not to focus only on the price drop. A coin becomes attractive for investment when its cost, buyback terms and market prospects allow for an acceptable result considering all expenses.