Speaking of the spread of silver eagles over spot, let's talk about Authorized Purchasers
Although there is a lot of logic to the mint's distribution system for precious metal coins, shouldn't the mint reconsider the concept of a fixed spread (currently US$ 2.35 for silver eagles, or 3 % for gold eagles) over spot in sales to authorized purchasers? Clearly, for silver eagles, these dealers are making a bit of a windfall in the current environment, without taking additional risk or providing enhanced distribution services.
In particularly, should the mint either (a) change the required spread over spot periodically, for example, weekly or monthly, or (b) establish an auction process, similar to treasuries, where buyers bid periodically on a well-defined number of coins for sale?
Even though it is trivial compared to our overall debt, there's no reason the US government should leave this money on the table.