Rick Harrison warns of silver shortage as demand surges from tech boom

Rick Harrison sounds the alarm on growth Silver deficiency With demand rising rapidly due to the technological boom and energy transition.

The 60-year-old reality star is the co-founder of Gold & Silver Pawn Shop in Las Vegas, which was featured on the hit historical series “Pawn Stars.” During an interview with Fox News Digital, Harrison shared that silver is currently being sold out in his store as quickly as he can source it, and expressed concerns about the lack of supply on a broader scale.

He explained: “The issue is related to silver, there is a structural deficit.” “Most people don’t know this, but silver is the best conductor of electricity on the planet, in the universe, as far as we know.”

Rick Harrison is sounding the alarm about the growing silver shortage. (Gerardo Vieira/Noor Photo via Getty Images)

“And all these data centers, Electric cars, solar panels “I mean there are a lot of things where they need silver because it conducts electricity well, and there just isn’t enough,” Harrison continued. “For the last five years, there’s been a deficit of 200 million ounces a year. We’re not making enough of it.”

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Harrison also noted the scarcity of silver mines, which often take years to build. He also noted that most silver is not mined directly, saying it is a byproduct of mining other minerals.

Watch: ‘Pawn Stars’ Rick Harrison Sounds Alarm on Silver Shortage as Demand Surges

“There are no big silver mines there,” he said. “And there are a few of them. Almost all of our silver is coming from gold mines and copper mines as a residual metal. And it’s just a structural deficit. I mean, like these data centers, they’ve gotten to the point where they can do their job.” Computer cables Of silver. “It gets a little faster because it can run a higher voltage, and it conducts electricity a little better.”

He said his pawn shop couldn’t keep silver bullion in stock. (Date/Copyright 2013)

Harrison explained that his opinions on the current high demand for silver are derived from what he saw in his store.

The television personality told Fox News Digital that although his store offers a wide range of products from inexpensive collectibles to high-end luxury goods, Silver bullion It is the only product that sells out instantly.

“We can’t keep it,” he said. “We can’t keep the silver bullion, in particular, in the display case. Literally, if I buy some across the counter, or get a shipment, I have salespeople arguing about who’s going to get it, because all they have to do is pick up the phone to sell it.”

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“I really think so Silver has come a long way “Let’s go, because there’s not enough,” Harrison added. “And we’re just seeing the beginning of all the data centers and chip centers and everything else like that.”

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Harrison also addressed the recent decline in gold and silver prices that occurred recently after a period of unprecedented gains. On January 30, The market witnessed a sharp sell-offWith gold and silver prices falling significantly. Silver fell more than 27% and gold fell more than 9.8%, representing one of the largest daily declines in decades.

However, Harrison said he believes silver and gold are still “both really good buys right now,” explaining that the sell-off occurred after “exchanges started charging more for trading,” which “caused a bunch of people to pull out of the market.”

He added, “But there had to be a correction in the end.” “Nothing goes up every day forever. People will say, ‘Hey, you know what?’ “I’m going to cash out and get some money, just like Bitcoin or something.”

Harrison commented on the recent sharp decline in silver and gold prices. (Oscar del Pozo/AFP/Getty Images)

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In addition to silver, Harrison made clear that he also remains bullish on gold, saying its appeal lies in its role as a reliable store of value, with strong demand from central banks and investors looking for protection from currency and geopolitical risks.

“It’s kind of a psychological thing China is obligated “They are determined to seize the dollar as a global currency,” he said. “So they’ve been buying gold like crazy. Central banks around the world have it.”

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“So you have central banks buying it, and you have retail investors buying it left and right,” he continued.

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The president of Pawn Stars said he has not seen any decline in demand for silver and gold in his store. (History Channel)

Harrison said he did not notice any decline in demand for gold and silver in his store despite the sales that occurred last weekend.

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“And I know a lot of other people who work in this field,” he said. “The price has gone down, but they have the same amount of orders.”

He continued: “I think silver will continue in the long term, but gold will remain there.” “I mean. You know, gold and silver have basically been the global currency for 6,000 years, and they’re not going away. And I don’t think they’re going to be replaced by Bitcoin.”

Harrison expected the silver shortage to decrease if demand remained high. (Michael Buckner)

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Harrison also predicted that the silver shortage would ease over time, as market forces would eventually increase supply if prices remained high.

“Economic Darwinism, good old Adam Smith economics, will happen, and with Silver price way up“There will be more dedicated silver mines and other things like that if the price stays high,” he said. “So the market will stabilize.” The invisible hand will do what it must do.”

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