Kiwis scramble for gold and silver as record prices spark buying frenzy
Kiwis are rushing to buy gold and silver as prices surge and supply tightens. Trade Me reports a sharp rise in searches for both metals since mid-January. The spike follows record-high gold prices and silver prices today, as well as global shortages in precious metal markets.
Searches for silver on Trade Me jumped 264% in January compared to last year. Gold searches also climbed by 18%. The platform's Antiques & Collectables and Jewellery & Watches sections saw more activity as buyers reacted to what some call a 'metals meltdown'.
Prices for gold and silver hit all-time highs in late January before dipping and recovering. Over the past year, silver prices today have risen by around 140%, while gold prices today are up about 62%. The surge has put pressure on global supply chains, with many mints pausing new silver orders or limiting sales due to shortages.
Industrial demand—especially from renewables and electronics—has strained supplies further. Political disruptions and export controls, like those reported by Reuters, have worsened shortages in key regions. North America faces trade barriers, and mining investments in vulnerable areas have struggled to keep up.
Experts warn that jewellery isn't the best way to invest in precious metals. Rich Elliott from MyGold points to high premiums and practical drawbacks. Instead, investment bullion—standardised, verified, and widely traded—remains the safer choice. Trade Me advises sellers to list items with clear details: carat, weight in grams, and keywords like 'authentic' and 'hallmarked' to attract buyers.
The rush for gold and silver shows no signs of slowing. Trade Me's data reflects growing interest as gold prices today and silver prices today stay high and supplies remain tight. Buyers and sellers are adapting to a market where demand outstrips availability, pushing more Kiwis toward investment-grade metals.
