Silver prices have surged 27% this year to their highest levels in over a decade, outperforming gold. This rally has been driven by both investor interest and industrial demand. While gold is primarily used for jewelry, wealth preservation, and as a safe-haven asset, silver’s main source of demand comes from industrial use—especially from solar panel manufacturers.

As silver prices climb, U.S. investors are responding in two opposite ways: some remain bullish and continue to hoard silver, while others are rushing to coin shops, metal dealers, and jewelers to cash in. Some are even digging through old coin jars in search of pre-1965 U.S coins, which were commonly made with 90% silver. According to industry experts, a 1964 quarter now has a melt value of more than $6.50.

Russ Bega, COO of Chicago coin dealer Harlan J. Berk, noted that many clients continue to buy small amounts of silver regularly. Despite high prices, fear of missing out (FOMO) is clearly visible. Last month, he sold two 1,000-ounce silver bars and recently another 1,500-ounce block to a separate customer. To meet growing demand, the company has more than doubled its monthly silver purchases.

Many silver sellers are long-time holders who bought coins decades ago at prices around $10 per ounce. Bega shared that one recent customer—a demolition worker—found a stash of old silver coins hidden inside the walls of a house. The discovery was worth over $20,000.

Daniel Herzner, who runs a legacy jewelry business in White Plains, New York, reported that clients frequently call seeking to sell unused silver jewelry and tableware for cash.

At Honest Coin Shop, owner Andrei Hnedchyk said foot traffic has risen about 20% recently, largely due to “silver stackers”—investors hoarding the metal as a hedge against economic uncertainty.

Meanwhile, the world’s largest silver ETF has added nearly 11 million ounces of silver this year.

What do analysts say about silver prices?

Michael Widmer, head of metals research at Bank of America, stated that silver demand for flatware and electronics remains steady, and solar demand continues to grow. However, Greg Shearer, head of metals research at JPMorgan, warned that some countries’ solar sectors may have front-loaded purchases ahead of trade restrictions and U.S. energy policy shifts—posing a risk of declining demand in the second half of the year.

Moreover, if silver prices stay elevated, manufacturers may turn to cheaper alternative metals.