Did I do this correctly?

So I took the plunge and bought my first physical gold. I bought a 1/10 oz coin for $291.79 with $25.90 in tax for a grand total of $317.69.

The spot price of gold when I looked at checkout was $2,632.57

That means my coin, just in terms of gold value is $263.26. Between the tax and premium the seller charged, that means I'm starting with a loss of $54.43 or 17.1%

Have I done this correctly? That seems like a huge loss right off the bat before anything else has happened