in the latest issue of coin world, a large coin dealer (the coin depot) was advertising 1-ounce silver eagles at $22 and up, based on the quantity. this was on the basis of $18.30 spot silver, for a mass-produced coin whose mintage is in the millions. i have never seen a premium anywhere near $4 for a common silver eagle, so the market for physical bullion may be disconnecting from the futures market.