Seth Chandler, who has operated Witter Coin, a precious metals business, since 2016, has recently seen a surge of people coming to sell gold and silver. "I have never seen anything like this," Chandler stated. "It has created a real frenzy. We are buying and selling a lot."

Last week, gold and silver prices reached new records. Gold neared 5,600 USD an ounce, while silver surpassed 120 USD. Currently, prices have cooled, partly due to a wave of investor profit-taking. Despite this, over the past year, gold has increased by more than 70%, and silver has nearly tripled in value.

With the high cost of living, many Americans are seeking ways to earn extra money. Pawn shop and coin store owners across the US reported to CNN a recent increase in people selling gold and silver bars, bullion, household silver, and broken jewelry.

"The number of people entering our store is currently 4-5 times higher than two years ago," Chandler said. "In the past 6 months alone, customer numbers have likely doubled as precious metal prices soared." He has had to double his staff to meet customer demand.

Gold bars, coins, and bullion at Witter Coins (San Francisco, US). Photo: AFP

Gold and silver are considered safe-haven assets, typically bought when Wall Street expresses concerns about the US economic outlook, often driven by macroeconomic issues and geopolitical tensions. For example, when US President Donald Trump sought to gain control of Greenland or threatened to increase import tariffs on Canada or South Korea recently, the prices of both metals rose.

Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted, "Investors believe that if the stock market experiences a major correction, or if inflation unexpectedly accelerates again, gold and silver will retain their value."

While high prices make selling gold or silver attractive, this situation also benefits buyers. Goldman Sachs and Bank of America project year-end gold prices to be around 5,400-6,000 USD an ounce.

Witter Coin acquires collectible coins, watches, and jewelry. Occasionally, they handle metal transactions valued at 1 million USD. However, with current high prices, extracting raw metal from these items and sending it to a refinery can yield greater value than reselling the items intact.

Chandler recounted, "We once received a beautiful 18-karat gold pocket watch, handcrafted from the 1880s. It was about 145 years old and likely took several people weeks to create its 180 different parts entirely by hand. But we were forced to disassemble it and melt down the gold."

Kelly Swisher, owner of Arlington Jewelry and Pawn in Illinois, stated that the precious metals frenzy has led him to purchase tens of thousands of USD worth of products weekly. While gold prices have risen gradually over many years, he was particularly surprised by the explosion in silver's value.

"I just bought a large silver set and paid the seller 6,000 USD," Swisher revealed. "This is crazy. A year ago, it would have only been around 2,700 or 2,800 USD." He opened his store in 2002.

Silver prices surged by over 160% in 2025, marking its strongest performance since 1979. Before declining in recent sessions, prices this year had already increased by an additional 32%. Beyond its role as a safe-haven asset, silver's price has been propelled by strong industrial demand and persistent supply shortages.

Seth Gold, Vice President of American Jewelry and Loan in Detroit, Michigan, observed, "A month ago, only a few people brought silver to sell each week. Now, nearly every day, dozens or more bring in silver items."

With gold and silver prices at elevated levels, people are not only selling heirloom silver or gold bars purchased from retailers like Costco. Many customers are also searching through their drawers to gather scrap gold and old, broken jewelry.

For Americans struggling with basic living costs, selling precious metals can provide a significant, even life-changing, amount of money. "In this economic situation, when someone comes in expecting only a few hundred USD for their scrap gold, but you tell them it's 850 USD, they are immediately stunned," Swisher remarked.

Many individuals express disbelief at the substantial value of miscellaneous items found in their drawers. Some even break down in tears. "They feel like a large sum of money has just fallen from the sky," he added.

Ha Thu (according to CNN, Reuters)