Why silver is the new gold in Egypt

STORY: Silver has become the new gold in Egypt and it’s a sign of the country’s economic crisis.

Traditionally, Egyptian women receive gold jewelry for their engagement.

But with surging prices and a weakening currency, many are receiving silver instead.

This shop owner says people have also opted for silver as gifts for newborns, too, another tradition where gold was once the norm.

In January, the price for a gram of 21 carat gold rose more than 120%, the equivalent of about $126.

At his family’s shop, Ramy Zahran says his family has traditionally relied on silver because they believe it’s more stable.

He can’t afford gold, anyway.

Those who can have turned to foreign currency or property.

But that’s out of reach for most Egyptians.

Roughly 60% of the country’s population of 105 million is estimated to be below or close to the poverty line.

Inflation is spiking above 30%.

The currency has weakened 50% against the dollar, with more devaluation to come.