Gold and silver prices soar, sparking buying frenzy in northern Nevada

SEATTLE (Scrap Monster):  After historic gains in 2025, gold and silver prices continue to draw attention from buyers and sellers in northern Nevada.

Gold rose about 65% last year, marking its strongest annual performance since 1979, while silver climbed more than 145%, according to Reuters.

As 2026 begins, prices remain elevated, shifting customer behavior at local shops. "We had a major increase in gold and silver prices in 2025. A lot of people were selling," said Cody Zorn, general manager of Sierra Gold and Silver Buyers in Reno.

"Now it’s kind of the opposite. A lot of people are starting to buy because they missed the price action." Nevada, the nation's top gold producer and second-largest silver producer, sees its mining industry closely tied to these price swings.

Gold and silver accounted for about 84% of Nevada’s mineral production value in 2024, contributing over $8.4 billion to the state's $10.1 billion total mineral value, according to the Nevada Division of Minerals.

"When prices rise, mines can process lower-grade material that wasn’t profitable before," Zorn said.

Analysts predict continued volatility in 2026, with Morgan Stanley forecasting potential gold price increases driven by inflation, interest rate changes, and currency fluctuations. Zorn noted increased customer traffic as investors seek to hedge against rising costs. "The only things that have kept up long-term are gold and silver," he said. As prices remain high, Reno-area buyers and sellers are closely monitoring the market's next moves.

Courtesy: www.mynews4.com