Retail investors across the United States are bringing gold and silver coins to local coin shops. They seek to cash in on gains that rose from 2022 to early February.
Mass retailers like Costco and Walmart sold small coins, widening buyer access. Medium and small-scale goldsmiths also reported heavy inflows of coins.
Coin shop owners have started limiting purchases after a sudden market reversal. “If you do this wrong, you run out of capital really fast,” said Tom Spoerl, manager at Rick’s Olde Gold, as stated.
Gold topped about $5,500 per ounce while silver reached roughly $126. Early February saw silver plunge about 30% to near $75 in one day (Ed. note: Silver’s single-day decline was about 30%).
Despite the drop, buyers who purchased coins last year largely showed gains. “If you look at a one-year, short-term investment, you still almost tripled your money. The cost average ratio is still splendid,” said Spoerl.
