At Seth Chandler’s San Francisco establishment, queues snake out the entrance. It’s not uncommon to see around twenty individuals held back by a velvet rope, all under the gaze of two security guards.
Chandler does not run a trendy nightclub or a new eatery. He manages Witter Coin, a company that trades in precious metals—and people are flocking there to offload their gold and silver holdings.
“I’ve never witnessed anything like it. The excitement is tremendous,” stated Chandler, who has owned Witter Coin since 2016. “We are engaged in significant buying and selling activity.”
The market value for both metals has reached unprecedented heights. Gold has doubled over the past year, surpassing the record milestone of $5,000 per ounce for the first time this week. Silver’s price, in the same timeframe, has tripled.
With supply remaining tight, everyday Americans are looking for avenues to liquidate assets where they can. Pawnbrokers and coin dealers across the nation are reporting to CNN that they are seeing more individuals than ever before bringing in bullion, bars, silver tableware, or fractured jewelry for sale.
“We see four to five times the foot traffic in our showroom compared to two years ago. Possibly the price has doubled in the last six months as precious metal valuations have skyrocketed,” noted Chandler, who has doubled his workforce simply to manage the influx of business.
Gold and silver are classified as “safe-haven assets”—investments where financiers divert capital when there is apprehension about the broader U.S. economy, often fueled by macroeconomic instability or geopolitical friction. Consequently, when President Donald Trump floats threats like acquiring Greenland or imposing new tariffs on Canada or South Korea, the value of both metals tends to surge.
This surge reflects a “belief or hope that should a severe stock market correction occur, or if inflation unexpectedly rebounds or accelerates, gold and silver possess the ability to retain their worth,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, explained to CNN.
While soaring prices make selling gold or silver appealing, they also present advantages for buyers. Projections from Goldman Sachs and Bank of America suggest gold prices could reach $5,400–$6,000 per ounce by the close of this year.
Witter Coin, which also procures collectible coins, timepieces, and jewelry, has occasionally handled raw metal worth $1 million in a single transaction, Chandler pointed out.
However, given the current high valuations, it has become more profitable for the shop to ship the raw material derived from these items to refineries rather than reselling the finished pieces.
“It hurt to see an astonishingly beautiful 18-karat gold pocket watch, handcrafted in the 1880s. We’re talking about 145 years old, probably involving weeks of handiwork by several people, assembling 180 distinct components,” Chandler recounted. “And you know what? We had to dismantle it and melt the gold.”
Silver’s Moment to Shine
Kelly Swisher, the proprietor of Arlington Jewelry and Pawn in Arlington Heights, Illinois, stated that the current precious metal fervor prompts him to make purchases worth tens of thousands of dollars every week.
While gold has seen consistent appreciation over many years, he is struck by the dramatic surge in silver activity.
“I just received a large set of flatware, and I ended up paying them $6,000 for it,” said Swisher, who established his store in 2002. “I think it’s just wild. A year ago, that would have been worth $2,800 or $2,700.”
Silver’s price has appreciated by 141% in 2025—the best performance since 1979—and has already climbed 32% this calendar year. Beyond its “safe-haven” status, prices are also being driven up by robust industrial demand alongside persistent supply shortages.
Gold and silver are so sought after now that patrons aren’t just bringing in their inherited sterling silver sets or Costco gold bars. Customers are rummaging through drawers, seeking out gold scraps and any jewelry deemed unwanted or broken.
For average Americans grappling with the rising basic cost of living, this selling activity has proven both lucrative and life-altering.
“In the current economy, if someone walks in expecting maybe a couple hundred dollars for a small batch of gold scrap, and you inform them it’s worth $850, they often become completely overwhelmed,” Swisher noted. “They can’t fathom that this small bag of junk in their drawer holds that much value. Some people start crying; they are simply shocked. They feel like they’ve hit unexpected wind.”
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