OKLAHOMA CITY (KFOR) – First, it was GameStop. Now, it’s silver. Users of online forums are calling on investors to purchase the precious metal to ramp up its value. The CEO of APMEX, Inc. in Oklahoma City said it’s working, as the retailer reaches record number sales.
“Well obviously, I mean, it was crazy,” said Kenneth Lewis, CEO of APMEX, Inc. “Friday, Saturday, Sunday we’d sold more ounces of silver than we sold in the whole month of December.”
Lewis said 43% of their customers are new, whereas usually they hover around 15%. This past weekend alone, APMEX, Inc. sold over 300,000 ounces of Silver Eagles.
“So just an incredible run on silver,” said Lewis. “Business has been strong, but nothing like what we saw this past weekend. We had our second and third highest revenue days we’ve ever had in our history, in the last two days.”
Lewis explains how this surge in precious metal sales is impacting the market…
“So this weekend was all about proving whether or not the metal’s really in the market, right? So if we can consume up a lot of the physical metal and take the bank’s short position and expose them, we could drive the price of silver up, and that’s kind of what was going on,” said Lewis.
Lewis said right now many people are looking for investments they can hold in their hands, as the U.S. continues to print more dollars.
“They have a little bit of their investments there that they can touch, and it’s a lot better than holding a dollar, right?” said Lewis. “When you look at inflation and what the dollar has done over the last 20 years, it’s a sound investment for a lot of people.”
Especially as the country’s debt continues to rise…
“Lot of debt’s been put on our balance sheet as a country. That’s generally very, very good for precious metals,” said Lewis. “It’s going to be hard for our government to raise interest rates just because of the amount of debt we own right now, and so low interest rates tend to be very, very good for alternative investments like gold and silver.”