Canada Gold has seen the number of customers buying physical precious metals more than double over the past year, a surge its leadership attributes to shifting economic conditions, geopolitical uncertainty and growing industrial demand for silver.
Chris Pollock, managing partner of the Vancouver-founded bullion dealer, said customer purchases of physical gold and silver are up about 150 per cent over the past 12 months, based on an internal review of sales trends prepared for a recent media interview.
“We’re certainly seeing an explosion in that number,” Pollock said in an interview.
The growth comes as Canada Gold continues to expand its footprint across the country, positioning itself as a local, in-person alternative to mail-based precious metals transactions.
A national physical retail model
Founded in Vancouver in 2008, Canada Gold operates as a physical bullion dealer with locations in 17 cities across Canada and the Pacific Northwest. The company’s employees are primarily based in Ottawa and Vancouver.
Pollock said the business model centres on offering customers the ability to buy and sell precious metals face-to-face, an approach he says addresses both trust and accessibility concerns in the market.
“Our goal is to have a store in most major markets so most Canadians can come and visit us in real time without having to sell their precious metals by mail,” he said.
Canada Gold sells bullion products from the Royal Canadian Mint as well as international mints, including the Royal Mint in the United Kingdom, MKS PAMP in Switzerland and mints in Australia. Customers can also sell precious metals directly to the company and receive same-day payment, Pollock said.
He described the stores as serving two primary customer needs: investors seeking to acquire physical precious metals, and individuals looking to sell gold or silver they already own, including inherited assets.
“If someone has inherited gold in the past — when we were founded in 2008 — and it’s gone up a thousand per cent, we’re an excellent place to receive same-day payment,” Pollock said.
Origins shaped by price cycles
Pollock said the timing of the company’s founding was deliberate. Canada Gold launched in 2008, when gold was priced at about $880 an ounce in Canadian dollars and silver at roughly $11 an ounce.
“I’ve long been optimistic about precious metals prices,” he said, adding that the low price environment at the time suggested long-term upside potential.
The company has since built its strategy around physical transactions and customer education, particularly for first-time buyers who may not have previously handled precious metals.
“A lot of customers haven’t actually touched gold before and are interested in doing it,” Pollock said.
He noted that many buyers are surprised by the physical characteristics of bullion, particularly the contrast between gold and silver. Gold’s higher density means a one-ounce gold coin is significantly smaller than a one-ounce silver coin, a detail that can influence purchasing decisions.
“That’s one of the reasons we see so many people buying silver right now,” Pollock said.
Economic pressures driving demand
Pollock attributed the recent rise in customer activity to the same forces he says are pushing precious metals prices higher.
He cited heightened geopolitical tensions as one factor supporting demand, alongside declining U.S. interest rates, which he said have made yield-bearing investments such as bonds less attractive for some investors.
“As demand for bonds has gone down a little bit, some of that demand is shifting into precious metals,” Pollock said.
He also pointed to currency dynamics, noting that precious metals are priced in U.S. dollars. A weaker U.S. dollar relative to other global currencies can make gold and silver more affordable for buyers outside the United States.
In addition, Pollock said both investors and central banks are increasing their exposure to precious metals as a hedge against inflation and as a long-term store of value.
“It’s some place to put your money that’s not cash and doesn’t depend on a particular country’s economy,” he said.
Industrial pull reshapes silver market
Beyond investment demand, Pollock highlighted what he described as a structural shift in the silver market driven by industrial consumption.
“The industrial demand for silver has really exploded over the last eight to 10 years,” he said, adding that industrial use has nearly doubled over that period.
According to Pollock, more than 80 per cent of silver production is now directed toward industrial applications, including electronics, semiconductors, circuit boards, data centres, solar cells and electric vehicles.
Silver’s high conductivity makes it essential in those sectors, he said. An electric vehicle alone uses more than an ounce of silver, roughly twice the amount used in an internal combustion engine.
Pollock said much of that silver is effectively removed from the global supply once vehicles are scrapped, as recycling it is not economical.
“That silver is just lost to the world,” he said.
With the majority of mined silver flowing into industrial uses, Pollock said only about 20 per cent of production remains available for investors, intensifying competition for supply.
“As a result, silver prices have more than doubled in the last year,” he said.
Emphasis on trust and local access
Pollock said Canada Gold’s emphasis on physical locations reflects the importance of trust in the precious metals market.
“People want to hold and see the physical assets in their hand,” he said.
By allowing customers to view and handle bullion before purchasing, the company aims to differentiate itself from online-only sellers and to build long-term relationships within local communities.
As demand continues to rise, Pollock said Canada Gold remains focused on expanding access while maintaining its in-person transactional model.
“We’re a physical place where customers can come and touch and see precious metals and purchase them locally in their communities,” he said.
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