Leaves are deciduous, alternate, simple, narrowly lanceolate to elliptical, 1-4" long, with somewhat undulated margins. In the spring they are covered with silver scales. The scales fall off the top of the leaf by summer but remain on the lower surface.
Flowers have a long tubular calyx that spreads at the tips and are often described as bell-shaped start shaped with four white sepals, about 1" long, fragrant, opening in the spring, in the axils of the leaves singularly or in groups.
Fruit is a small red berry-like drupe (?), with silver specks. Plants produce lot of them in the summer ripening in fall.
Young stems also completely covered with silver scales when young, becoming reddish brown by years end. Buds are also silver. Trunk is reddish brown and smooth, later becoming furrowed and peeling.
Misidentification:
My first thought when seeing this specimen was the Russian Olive but the fruit looks different.
Location
Aptos
300 Poppy Way