Editor’s Note
After a period of extreme volatility, the precious metals market appears to be entering a more cautious recovery phase. This article examines the shift from January’s price euphoria to February’s tentative stabilization.
Monday, February 9, 2026 – The precious metals market is entering a different phase after a period of extreme price increases and decreases. While January was marked by price euphoria, February actually feels like a cautious “recovery” phase.
As is known, the price of gold had reached US$5,300 per ounce or around Rp. 89 million, while silver approached US$120 per ounce or around Rp. 2 million, before finally correcting sharply and beginning to stabilize.
This wild movement caused a chain reaction, especially in coin and precious metal shops. Instead of lacking goods, they are actually “flooded” with gold and silver from people wanting to sell at high prices.
Coin shops play an important role in the circulation of physical gold and silver. This is where people usually go to sell used bullion, coins, or silver. However, when prices soar, the flow of goods increases.
Tim Heuer of University Coin & Jewelry in Wisconsin shares his experience with the fast-moving silver price.
Rapid fluctuations like this can immediately erode profit margins. Furthermore, typically most of the metal a shop buys is sold to a refinery to be melted and recast. But now many refineries are experiencing long queues for raw materials.
Jarret Niesse of Precious Metal Refining Services in Chicago said his company stopped buying silver scrap since prices reached $50 per ounce or around Rp. 840 thousand.
As refineries limit purchases, the cash flow of coin shops is also under pressure. Moreover, this business is also not suitable for financing long-term debt, because metal prices can change drastically.
To continue serving customers without harming their balance sheets, some shops are starting to limit the number of purchases to one person per day. This step helps more people get cash, for example to pay annual taxes or medical costs, while maintaining the shop’s liquidity.