In San Francisco, Seth Chandler’s Witter Coin shop, known for buying and selling gold and silver, is seeing a massive surge in customers. “I’ve never seen anything like it. It’s creating a lot of frenzy,” said Chandler. He has owned Witter Coin since 2016. The price of gold has doubled over the past year, reaching $5,000 an ounce. Meanwhile, silver has tripled.
Record Highs for Gold and Silver Prices
Gold prices have broken records, crossing $5,000 an ounce. Silver prices surged 141% in 2025, the highest growth since 1979. For many, these precious metals have become a key source of income. People are rushing to pawn shops to sell items like gold bars and silverware. Witter Coin has seen an unprecedented increase in customers. “We’re getting four to five times more people than two years ago,” Chandler added.
Silver Shines Amid Economic Struggles
Silver’s surge is especially surprising. While gold has long been a safe haven, silver is catching up fast. Kelly Swisher, owner of Arlington Jewelry and Pawn in Arlington Heights, Illinois, is purchasing tens of thousands of dollars worth of silver each week. A set of silverware that would have been worth $2,800 last year is now worth $6,000. This surge is fueled by a combination of safe haven demand and industrial use.
Gold and Silver as Financial Lifelines for Americans
With prices so high, selling gold and silver is a lifeline for many Americans. For some, this means cashing in old jewelry or broken items. Swisher explains how customers are overwhelmed by how much they can get for their scrap gold. “They can’t imagine that little bag of junk is worth that much money. Some people start crying,” he said.
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As the gold and silver boom continues, more Americans are finding financial relief by selling precious metals. Whether it’s scrap gold or silverware, these assets are offering people a way out of financial hardship. Prices remain high, and demand shows no sign of slowing down.
