SAN ANTONIO – Silver is the new shiny thing capturing investors’ attention.
“Today, we have a lot of buyers looking for silver,” said Dewey Bolton, owner of Alamo Heights Coin Shop.
As the price of silver surged, at one point to $30 an ounce, so did the phone calls from people wondering if he had silver to sell. Customers showed up bright and early to snap up coins and bars. One seven-pound bar was selling for $3,340, with prices fluctuating by the hour.
Oliver Blair heard about the frenzy and online social media push trending as #silver squeeze.
“I’ve been buying silver for a while, so I decided to buy more before the prices go up even more,” Blair said.
As the attention turned from GameStop to silver, demand squeezed supplies, making the metal even more precious.
“My wholesalers overnight, whereas I used to be able to buy 1,000 ounces, no problem,” Bolton said. “Now, they tell me there is a two to three-week delay.”
As the price of silver rises, the prospect of selling gets more attractive.
Bolton said for the past many weeks, more people have been bringing in old silverware or grandma’s old silver tea service.
“We are paying more for that stuff than at any point in the past 10 years,” he said. “So, if things are collecting dust, it’s a great time to sell as well.”