In a survey conducted in 2025, a gold acquisition company discovered that economic demand ranks among the top reasons why people sell precious metals.
For years, Jakob had been hoarding silver coins and bars, building up his wealth and waiting for the perfect moment to cash in, if that moment would ever come.
With prices rapidly rising at the end of 2025 and finances tightening, coupled with the approaching holiday season, he decided to sell his silver on November 18 at the spot price of $50.13 per ounce.
He received over $1400 from a coin dealer in Phoenix – enough to cover this year’s gift expenses.
“I didn’t really want to sell, but everything is getting more expensive,” Jakob, who preferred not to disclose his last name, told the Epoch Times.
“Christmas kind of made the decision for me,” he said. “I have kids, and they’ve been wanting to go to Disneyland.”
Several coin and precious metals dealers and customers told the Epoch Times that as the economic condition of many Americans worsens, more and more precious metal investors are selling assets to take advantage of higher prices and support their financial situations.
For many, the need for cash is urgent, with groceries, utility bills, and other basic expenses taking priority over holding onto investments.
A coin and bullion dealer in Navajo County, Arizona, said that three out of every four transactions involve people selling their gold and silver.
He mentioned that many of these sellers are struggling to make ends meet and preferred to keep their company names confidential.
The dealer mentioned a lady who appeared to be in excruciating pain and needed money for dental care. Another single mother needed cash to buy food.
At least two married couples sold their gold wedding rings to quickly obtain funds for essential living expenses.
“These are tough times,” the dealer told the Epoch Times.
“A customer told me directly, ‘I don’t want to sell right now, but I have to.’ He had a car repair bill and also needed money for Christmas.”
The man received $2200 for his one-ounce silver round.
“Not all of them are desperate,” the dealer pointed out. “The issue is, in the past two years, I’ve had many more sellers than buyers – significantly more than buyers, especially last year – all because of rising prices.”
“October was my best month in business. A lot of it was significant purchases from those who were hesitant or contemplating for a long time. It’s all about the price. People are buying out of fear of missing out.”
The dealer explained that selling gold and silver during a period of rapidly rising prices may seem counterintuitive since buying and holding during price surges may typically be more suitable.
He added that the goal of precious metal trading is to buy low and sell high.
However, he noted that currently, stable high points are not visible.
“Truthfully, maybe only one out of ten people is profiting; the vast majority are selling out of necessity,” he said. “Most people who buy gold and silver do so for savings or insurance purposes.”
According to a report from precious metals analysis website kitco.com, on November 28, gold closed at $4220.40 per ounce; and at 1:00 PM Eastern Time, silver reached a historic high of $56.38 per troy ounce.
Patrick McKeever, a precious metals dealer at Southwest Coin & Bullion in Phoenix, said that the gold and silver market continues to be highly volatile and unpredictable, with prices continuing to rise, and no clear end in sight.
He mentioned that as the value of the US dollar depreciates and inflation rises, more people are choosing to buy for the long term or sell in the short term to take advantage of higher prices.
“I believe the reason for price increases is high demand,” McKeever told the Epoch Times.
“There are various entities buying precious metals. Governments from various countries – China, Russia, and major banks, are openly buying as much as possible,” he said.
McKeever pointed out that although precious metals are sometimes considered outdated or low-yielding investments, history shows that between currency declines, they have significant value retention capabilities.
“People are trying to find that top, but I don’t think anyone knows,” he said. “We only see prices continuing to rise, and demand remains stable.”
At current prices, McKeever stated that he favors gold more and is relatively conservative about silver because it is an industrial metal.
However, he believes both are valuable hedging tools against inflation, financial difficulties, and uncertainty.
“They are good safety nets, so if you have the ability to hold onto them – that’s great,” McKeever said.
According to a Gallup study in 2023, the number of people who considered gold one of the best long-term investments increased from 15% in 2022 to 26% the following year.
Meanwhile, an investigation by online gold buyer Cash for Gold USA in 2025 found that seven out of ten Americans were selling jewelry to pay for basic needs.
“Despite a nearly 45% increase in gold prices over the past year, far more Americans are selling gold to make ends meet for their families, not for the historical high prices of precious metals,” the company stated.
Among those surveyed in June, over half said they sold gold to quickly get cash to solve financial problems.
The survey involved 1002 individuals who sold items like gold, diamonds, jewelry, coins, and watches to Cash for Gold USA.
Fifty point five percent sold items to get money. Of this group, 68.4% said the cash would be used for essential family needs, with the majority going towards paying bills (52.6%) and buying groceries (15.9%).
The investigation revealed that aside from helping with financial issues, reasons for selling metals included individuals having items they no longer used or remembered (45.4%), or items coming from others (13.8%).
Nearly 70% of respondents used the money to improve their current or future financial conditions, including paying off debts (13.4%) or purchasing a home (3.2%).
“We were shocked by these responses,” said Cash for Gold USA co-founder Barry Schneider in a statement.
“We thought more people would tell us that the record high prices of gold prompted them to decide to sell, as the price of gold per ounce has increased by around $1000 over the past year. The selling price of gold has exceeded $3300 per ounce.”
The study revealed other reasons for selling: approximately 10.8% sold due to divorce or separation, 5.4% due to unemployment or reduced hours, and 3.6% due to medical expenses.
The majority of sellers used the money for basic needs. Only 9% spent on vacation, 4% on buying new jewelry, and only 2% on electronic products. Less than one-sixth of individuals spent the money on luxury items.
“This isn’t the Gold Rush of 1849. But the survey shows that American workers are facing financial difficulties, even if they have jobs,” Schneider said.
The Epoch Times contacted major gold and silver bar dealers such as SD Bullion and Battalion Metals but received no response.
On November 18, Levi from Phoenix brought 124 silver quarters from around 1964 to a bustling downtown metals shop.
Levi told the Epoch Times that he had spent years collecting these coins, viewing them as an investment from a young age.
He decided to sell because he needed money, ultimately making over $1000.
“I’ve been collecting slowly. I find them at places like gas stations. I have more,” Levi said.