Silver Price Surge Drives Historic Hoard Sales Surge, Creating Refinery Backlog (SLV: +62% Y/Y)

Silver prices have surged more than 60% year-to-date, spurring a flood of sales of heirlooms, coins, silverware and jewelry as melt values outpace collectible value. North American dealers report January 2026 as the strongest on record, with average transactions climbing to $8,000–$10,000. Canada Gold refined a record 2 metric tons of scrap silver in December 2025, and Heraeus Precious Metals faces months-long backlogs as supply outpaces refining capacity. Scrap accounted for 19% of total silver supply in 2025, with recycled and scrap flows significantly exceeding expectations. Retail sales at Stack’s Bowers and other coin shops in Manhattan have risen from 30 to 50 daily visitors, as collectors liquidate assets to cash in on the rally.