Millie Silvester, a spokesperson for Trade Me, mentioned that the site has seen a noticeable uptick in searches for gold and silver since mid-January. The prices of gold and silver reached record highs in late January before experiencing fluctuations and eventual recovery.
Following the historic highs reported in New York, searches for “gold” and “silver” on Trade Me have significantly risen. In fact, “silver bar” and “silver bullion” also made it into the top ten search terms.
In January, searches for silver saw a 264% increase year-on-year, while gold searches went up by 18%. The Antiques & Collectables and Jewellery & Watches categories on the platform also experienced a surge in activity, indicating a growing interest in precious metals.
When selling precious metals, it is recommended to provide details such as carat and weight in grams to assist buyers in determining their value. Using keywords like “authentic” and “hallmarked” can help establish trust. Including close-up images of hallmarks or stamps to verify metal purity is also advisable.
Despite the popularity of jewelry, Rich Elliott from MyGold advised against using it as an investment in precious metals. He explained that jewelry often carries a premium for design, brand, and labor, making it inefficient for investment purposes. Additionally, verifying purity, resale processes, and tax implications can pose challenges with jewelry investments.
Elliott highlighted the growing demand for physical precious metals, noting supply constraints and price movements in the market. He emphasized the benefits of investing in standardized investment bullion, which offers transparency in pricing, ease of verification, and liquidity in the market.
Reflecting on his recent meetings with mint officials and precious metal suppliers in Europe, Elliott underscored the significant price movements and supply strain in the market. With silver prices up approximately 140% and gold up 62% over the past year, the precious metals market remains volatile and globally impactful.
