Unease Over Banking Sector Turmoil Spurs Huge Demand for Precious Metals

Bullion shops see spike in interest following bank runs, SVB collapse

Gabe Wright, co-owner of Coin Heaven in Cottonwood, Ariz., holds gold and silver coins, two of the hottest selling items on March 20, 2023. Allan Stein/The Epoch Times

COTTONWOOD, Ariz.—Coin Heaven co-owner Gabe Wright saw precious metals demand rise to new heights during the COVID-19 pandemic but nothing as spectacular as Silicon Valley Bank’s (SVB’s) collapse.

“It’s getting real,” Wright said, standing behind the glass showcase filled with various silver and gold bullion, coins, jewelry, and sterling in his busy Cottonwood, Ariz., shop on March 20.