TOKYO, May 28 (News On Japan) - Silver prices have significantly increased, doubling over the past five years. In April 2019, silver was around 57 yen per gram, but by April this year, it reached approximately 138 yen per gram, and further rose to 172 yen per gram by May 27. This surge has led to a "Reiwa Silver Rush," with people buying and selling silver items like ingots and coins.
Many people are capitalizing on this price increase, sharing their gains on social media. Even silver household items such as owl ornaments and accessories have gained value.
Investment in precious metals, including silver, is seen as a risk hedge because they can be converted into any currency worldwide.
Reasons for the increase in silver prices include global instability due to COVID-19 and the invasion of Ukraine, making silver a stable asset. Additionally, industrial demand for silver, particularly in solar panels, has contributed to the price rise. Unlike gold, silver's lower price makes it more volatile and a high-risk, high-reward investment.
Household silver items like silverware, accessories, and trophies are likely to be genuine silver and can be sold. However, items with silver plating cannot be bought. Tarnished silver is still valuable, and discoloration can help identify genuine silver.
In Kobe, BOOKOFF started buying silver dental fillings in April 2023. Silver fillings are bought at 1,000 yen per gram, with larger fillings fetching around 3,000 yen.
While selling silver fillings might be a good opportunity, the cost of replacing them should be considered. Overall, searching for silver items at home could be beneficial due to the current high prices.
Source: TBS
