Coin Heaven co-owner Gabe Wright saw precious metals demand rise to new heights during the pandemic, but nothing as spectacular as Silicon Valley Bank's (SVB) collapse.

"It's getting real," Wright said, standing behind the glass showcase filled with various silver and gold bullion, coins, jewelry, and sterling in his busy Cottonwood, Arizona, shop on March 20.

"On a dime, it turned around—big time. It's unprecedented," he said. "We've seen the demand high, but not like this. Of course, SVB started this phase we're in."

And where the buying phase—more like a buying frenzy—ends up is anybody's guess, Wright said.