Silver soars 287% and small savers are left out in the cold

Silver has gone from 16 to 62 euros and small savers are left out

A silver ounce cost 16 euros in 2016. Anyone who bought back then has seen their position quadruple. But anyone wanting to get in now needs 62 euros per ounce, and that barrier has turned the peer-to-peer buying and selling circuit upside down. Sellers complain that there is no one left to buy; buyers, that they no longer have the money to do so.

The squeeze creeping into the precious metals market

The figure speaks for itself: in a decade, the price of a silver ounce has gone from 16 to 62 euros on the secondary market. Meanwhile, the wages of those who turn to that market have not risen at the same pace. The result is a pincer movement squeezing both sides of the counter. A common summary: while some lament that they cannot sell, others lament that they can no longer save enough to buy.

Some point out that the real problem is the margins. Whoever buys cheap will later sell cheaper, and the spiral of discounts ends up discouraging even attractive offers. Prices are driven down to levels that kill the desire to buy, because when it is time to sell, the penalty is even greater. It is not just a problem of purchasing power: it is also a structural one.

Bargains below spot and in-person verification

The market is not dead, but it has changed face. Deals are struck at a discount to the spot price: there are 250-gram bars at spot -3%, silver ounces at 48-50 euros each in lots of 20, and classic coins offered with their original invoice and hand delivery. Trust is built through appointments, a gold tester at the meeting and cash payment. No mail shipments.

At the numismatic end, collectible pieces hold their high prices: a 1998 Libertad ounce goes for 850 euros, versus the more than 1,000 asked at auctions, and a complete 2-ounce Queen's Beasts set trades around 2,300 euros. Plain investment gold gives nothing away either: a one-ounce Maple Leaf was going for 3,800 euros, and Krugerrands for 3,820.

The end of anonymity at the physical store

The latest regulatory and commercial development comes from a shop based in Andorra that has just peine in Valencia, Spain. It operates by appointment only, Monday to Friday, with limited hours. The fine print is the interesting part: purchases under 1,000 euros are completed with a receipt and no invoice; above that figure, an invoice in the buyer's name is mandatory. The law is being trinc, but anonymity is vanishing.

That 1,000-euro threshold has peine the debate over how far tax oversight of precious metals should go. Shops do not want to take risks, and the small buyer seeking discretion finds themselves facing office hours and appointment requirements. The room to transact in cash without leaving a trace has shrunk to a very narrow band.

The scam dressed up as an influencer

While some try to sell physical gold, others try to sell smoke. In recent weeks, messages have appeared from a profile presenting itself as an investment guru, promising 38,000-euro portfolios through social media accounts. The method is the classic trading scam: posing as an expert, building trust and taking money with nothing behind it. Veteran dealers have already sounded the alarm and recommend not engaging.

Against this backdrop, the secondary precious metals market lurches forward. While private individuals haggle over 48 or 50 euros an ounce, the industry keeps taking the lion's share of the pie. Those who have been stacking silver since 2016 are sitting on a 287% gain. Those who want to start now face a door that is getting harder and harder to open.