The gold and silver trading street in Jongno District in central Seoul is witnessing an unusual scene these days: long lines stretching from stairways onto sidewalks, not to buy gold but to sell silver, according to South Korean broadcasting company Channel A.
Many said they waited for four hours in the queue. The items most commonly brought in were sets of silver spoons and chopsticks, which are traditional gifts in South Korea for holidays, weddings and other celebrations.
At one jewelry shop, a customer successfully sold three old sets of spoons that had remained in a cupboard for years. After checking the silver grade and weighing them, the shop owner paid 936,800 won (US$655) for the sets.
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People queue to trade silver in a shop in Seoul, South Korea. Photo courtesy of Youtube/Channel A News (Korea) |
“We skipped lunch to keep our place in the queue after hearing that silver prices are hitting record highs,” a young said. “We hope the money from selling will help cover some expenses for our upcoming wedding.”
The frenzy is also evident online. On web forum Daum, topics such as “treasure hunting in the kitchen cupboard” have attracted thousands of discussions.
Many showed off spoon sets inherited from grandparents that were once considered outdated and kept only for display, but have now suddenly become big bargains.
The wave of silver selling comes amid a surge in the metal’s price. On Jan. 23 global silver prices reached $103 after rising 12% in a week.
Compared with the start of 2026 the price has jumped 45%, pushing its market capitalization above $5.8 trillion.
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Silver spoons were brought in for sale. Photo courtesy of Youtube/Channel A News (Korea) |
Demand for investment has also risen sharply, causing shortages of small silver bars: One-kilogram bars costing 6.8 million won ($4,759) are sold out, with buyers required to place deposits and wait for at least two months.
Lee Jong-won, an office worker in Seoul, said: “Amid economic difficulties, I think silver is a safe haven after gold, but clearly I’m not the only one thinking that way.”
Meanwhile, experts assure that silver tarnishes over time in what is a natural phenomenon and does not reduce its value in any manner. “As long as purity and weight are intact, people can still sell at … market rate,” a shop owner in Jongno said.
