"Silver is the new gold," said a salesman at a Cairo silver store who only gave his first name, Abanob. Demand for gold coins and bars surged nearly 58% from 2022 to 2023, according to the World Gold Council's annual report.
Eman Mahmoud, a 51-year-old mother of three, said she had to opt for silver when buying jewellery for a friend's new baby.
"A small 18-carat earring weighing less than a gram is more than 3,000 pounds. I can't afford that as a gift anymore so I bought a silver necklace for around 1,900," she said.
"It's not the same, I know, but it still has value."
Those who can have sought safety in foreign currency or property.
But the black market rate to buy dollars jumped as high as 71 Egyptian pounds last month, against an official rate of 30.85, before dipping below 60 pounds in recent days amid hopes of more IMF financing and Emirati investment."
'Silver is the new gold' as Egyptians try to protect savings (msn.com)
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