TOKYO, May 28 (News On Japan) – The price of silver has risen significantly and has doubled in the past five years. In April 2019, silver cost about 57 yen per gram, but in April this year it reached about 138 yen per gram, and rose further to 172 yen per gram on May 27. This increase has led to a ‘Reiwa Silver Rush’. with people buying and selling silver items such as ingots and coins.
Many people are taking advantage of this price increase and sharing their profits on social media. Even silver household items such as owl ornaments and accessories have increased in value.
Investing in precious metals, including silver, is considered a risk hedge because they can be converted into any currency worldwide.
Reasons for the rise in silver prices include global instability due to COVID-19 and the invasion of Ukraine, making silver a stable asset. In addition, industrial demand for silver, especially in solar panels, has contributed to the price increase. Unlike gold, silver’s lower price makes it more volatile and a high-risk, high-reward investment.
Silver household items such as silverware, accessories and trophies are likely real silver and can be sold. However, redeemable items cannot be purchased. Tarnished silver is still valuable and discoloration can help identify genuine silver.
In Kobe, BOOKOFF started purchasing silver dental fillings in April 2023. Silver fillings are purchased for 1,000 yen per gram, while larger fillings fetch around 3,000 yen.
Although selling silver fillings may be a good option, the cost of replacing them must be considered. In general, searching for silver items at home can be useful due to the current high prices.
Source: TBS
