i received the 2009 silver eagles i had ordered in december. the premium over the spot price of silver is now down to a level i used to think was only slightly exorbitant. this is because every january the us mint dumps millions of silver eagles on the market. they started minting the coins months ago, but can't sell them by law until january 1 of the year stamped on them. so there is a temporary oversupply of coins that has depressed the premiums on all physical silver.

even silver rounds, which used to sell below the spot price back in the good old days (a year ago) now sell for $13/oz or so. so for the moment, brand new silver eagles are available for $17, but i don't think this situation will last. once that supply of eagles has been absorbed, monetary demand for silver should drive premums up again, unless the comex price starts to reflect reality, instead of whatever jp morgan wants it to be. the silver eagle program has lasted for 24 years, and there is a good chance that 2009 will be its final year.