PHOENIX—Jakob spent years collecting silver coins and bars, setting them aside as a long-term safeguard. But with holiday expenses looming and everyday costs climbing, the Arizona father decided in mid-November that it was time to let some of it go.
On Nov. 18, he sold part of his collection at the spot price of $50.13 per ounce—walking away with just over $1,400 from a Phoenix coin shop. The money, he said, would help pay for holiday gifts and a planned family trip.
“I didn’t really want to sell,” Jakob said. “But everything is expensive, and Christmas forced my hand.”
He is far from alone. Coin and bullion dealers across Arizona and other regions say they are seeing a significant rise in people offloading gold and silver—often out of financial necessity rather than investment strategy.
Dealers Report More Sellers Than Buyers
A Navajo County coin dealer said roughly three out of four customers who walk through the door are selling, not buying. Many are facing immediate financial strain—struggling to pay for groceries, medical expenses, or even utility bills.
The dealer described customers parting with sentimentally valuable items, including gold wedding rings, simply to cover essentials.
“It’s a hard time,” he said. “Most people aren’t selling because they want to take profits—they need the cash.”
In one case, a customer received $2,200 for a set of 1-ounce silver rounds to cover a car repair and holiday expenses.
The trend has been building for nearly two years, the dealer added, with sellers now far outnumbering buyers due to elevated metal prices and persistent financial stress.
Precious Metal Prices Hit Record Highs
Recent price spikes have accelerated the rush to sell.
On Nov. 28, 2025, gold closed at $4,220.40 per ounce.
Silver reached a record $56.38 per ounce, according to Kitco.
Patrick McKeever of Southwest Coin & Bullion in Phoenix said global uncertainty, inflation, and increased purchases by major governments—including China and Russia—are driving demand.
“Prices keep climbing and demand is staying strong,” McKeever said. “But most sellers aren’t cashing out because the market is hot. They’re doing it because they need the money.”
McKeever noted that while long-term investors typically hold precious metals as a hedge against inflation, the current volatility has made it difficult to predict when prices might peak.
Survey: Americans Selling Gold to Cover Basic Needs
A 2025 survey by Cash for Gold USA highlights the financial pressures many households are facing. Among 1,002 recent sellers:
- 70% sold jewelry to pay for essentials
- 52.6% used the money to pay bills
- 15.9% spent it on groceries
- 45.4% sold items they no longer used or had forgotten about
- 13.8% sold inherited items
Only a small share used the money on discretionary spending:
- 9% for vacations
- 4% for new jewelry
- 2% for electronics
- Other motivating factors included divorce (10.8%), job loss or reduced hours (5.4%), and medical expenses (3.6%).
Co-founder Barry Schneider said the company was surprised by how many people were not selling to seize record-high prices but instead to stabilize their budgets.
“This isn’t a gold rush,” Schneider said. “It reflects the financial challenges Americans face even when they’re employed.”
Why More People Are Turning to Precious Metals Sales
Inflation continues to squeeze household budgets.
Metal prices have reached historic highs.
Many see gold and silver as assets that can be readily converted into cash.
Financial emergencies—repairs, medical bills, rising utility costs—are becoming more common.
Despite the current selling wave, dealers note that gold and silver remain popular long-term hedges during economic uncertainty.
Key Highlights
- More Americans are selling gold and silver to manage rising living costs.
- Dealers report significantly more sellers than buyers for the second year in a row.
- Gold and silver prices reached record levels in late 2025.
- A national survey shows 70% of sellers are using proceeds for basic necessities.
- Many are cashing in wedding rings, coins, and unused jewelry to cover bills and groceries.