KUALA LUMPUR – The assayer's office of Mr Abdul Shukor Anuar in the bustling suburb of Setapak in the Malaysian capital has never been livelier.
Once a quiet workspace for testing precious metals, it has become a frequent stop for people hoping to turn household clutter and heirlooms into a windfall.
Driven by a silver rush that began gathering steam in 2025, locals now arrive at his office hauling heavy trays and cutlery, eager to find out if their possessions are made of pure silver.
Others turn up with more unusual offerings: an antique spittoon, a handbag, or even a cokmar – an ornate ceremonial staff used by an imam during mosque sermons to symbolise authority.
"Crazy indeed," Mr Shukor said with a laugh.
"Of course, we only test the parts that are suspected to be silver, as the machine can only accommodate items about the size of a shoebox.
"Some go home smiling, knowing they can make good money. Others leave with sour faces when the items turn out to be simple plated brass," he added.
The scene reflects a broader global silver fever, experts say, which took hold in early 2025 as investors sought diversification after gold prices surged to record highs. Long overshadowed by its "yellow cousin" and often dubbed the "poor man's gold", silver started to attract more retail buyers because of its lower price.
Now, the grey metal is drawing attention as a dual-purpose asset: a safe haven for wealth and a critical industrial component, experts and market players say.
US added silver to its official list of critical minerals in late 2025. The move underscored the metal's growing strategic importance in the "green economy", where it is indispensable in the production of solar panels and electric vehicle components.
At the same time, supply chains have tightened. China, a dominant player in the global silver market, introduced strict new licensing rules in January 2026. Only 44 companies are permitted to ship silver overseas for the 2026 to 2027 period, a move aimed at safeguarding supplies for China's own domestic tech industry.
These geopolitical shifts have sent prices skyrocketing.
Silver experts such as Silver Bullion Malaysia said the metal was priced at about RM4,000 (S$1,262) per kilogram in early 2025. By the first week of 2026, the price had climbed to RM11,000 a kilogram – a jump of more than 150 per cent – outperforming gold and other precious metals in the same period.
Mr William Patrick, director of Silver Bullion Malaysia, said astute, super-rich and upper-middle class buyers started stacking precious metals earlier than the average person.
"They were already aware of silver shortages and its growing industrial use. They like to buy before the rush."
Mr Patrick said investors have also been watching the gold-to-silver ratio, a measure of how many ounces of silver it takes to buy one ounce of gold.
"There were times when the ratio was at 85:1, but silver's rapid ascent has narrowed that gap significantly to 56:1, showing a more positive outlook for the precious metal," he told The Straits Times.
For long-term investors, the current frenzy feels like a long-overdue correction.
Robert, a 65-year-old Malaysian who declined to give his full name, has been buying silver since the 1990s. While he sold his early holdings in the form of silver coins to pay the down payment for his first house, he began aggressively "stacking" again in 2022.
"The industry is using the metal faster than it is being dug up. I wish I had started even sooner," he told ST.
The impact is now visible in everyday transactions. A one-troy-ounce (31.1g) silver coin – a popular measure of the precious metal – that cost about RM170 in 2025 is now changing hands for between RM390 and RM420.
Business has surged alongside prices, with Silver Bullion Malaysia which buys and sells precious metals, recording more than RM62 million in silver sales in 2025, a 176 per cent jump from the previous year.
Another long-term investor, Mr Mohd Irfan Babjee, has accumulated about 90kg of silver since 2016, mostly in the form of coins and bullion. The businessman, who is in his 50s, has no intention of selling it yet.
"I am going to hold on to it for now while continuing to buy," he said.
Yet in Malaysia, the frenzy is not always visible on the high street.
Traditional jewellery stores often carry limited silver stocks, as the profit margins are lower than gold. However, jewellers told ST that whatever little silver they do carry is often snapped up as soon as it hits the shelves.
A silver coin now trades at about RM400, up from RM170 in early 2025, while older coins can fetch higher prices due to their rarity.
For local merchants like Meem Gold, an Islamic trading company founded in 2021, the boom is a payoff for the years of public education.
"The trend is growing, and purchases show people are becoming more confident in silver," said Meem Gold's chief executive Amran Bachok.
The shift became evident in December 2025, when all 100kg of silver offered by Meem, in the form of coins and bullion, was sold out.
Mr Amran noted that while awareness of silver as a tradable asset remains lower compared with gold, more facilities are now beginning to accept it for trade-ins.
"Some jewellers and gold traders like Meem offer these services. People just don't know it yet," he said.
Still, Mr Patrick cautioned newcomers not to let the fear of missing out cloud their judgment. "Whether it is silver or gold, you must have the knowledge before investing," he said.
He added that demand is expected to stay robust throughout 2026, though major suppliers have, for now, stopped taking orders.
"With limited supplies, delivery times are getting longer because the physical metal is simply getting harder to find."
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This article was first published in The Straits Times. Permission required for reproduction.
