Price increases expected in Silver

[LD]

Just seen a report on the troubles in the middle east as follows:


SILVER PRICES SOAR TO 30-YEAR HIGH AFTER MIDDLE EAST UNREST
Silver has risen to its highest price for more than 30 years as investors exploited the growing upheaval in the Middle East.
Cash silver rose by 1.5 per cent to $33.1425 an oz, its highest price since March 1980, while gold bullion was up its highest level in seven weeks.
'Gold, silver, platinum and palladium are all riding on investor interest against the backdrop of intensifying violence in the Middle East,' said KEB Futures Co trader Hwang Il Doo told Bloomberg.
'I wouldn’t be surprised to see gold rising above $1,500 in the coming month.'
The price rises follow a warning from Gaddafi's son that civil war would jeopardise Libya's oil wealth.

 

[Arcadian]

Thanks LD. I've been following this myself. Man o man its about to get X-Pensive out there.


-A

 

[Arkteia]

OK metals are up... let us use beads!

http://www.etsy.com/listing/27305374/salome-bead-embroidered-collar-on-etsy

They have bead bracelets with stones, etc...

PMGART had a very pretty stone set in plastic with gold threads in his website... It is not there anymore... Hopefully someone may post it.

 

[VapidLapid]

within an hour of your post silver was up to 33.98. I have a bag full that I bought back in 98 at 7 dollars an ounce. These "markets" and stock exchanges which produce NOTHING ought not be the setters of value in this world. If war spreads throughout the mid east and north africa $100 silver could look like a bargain.

 

[LD]

Let's hope stretchy plastic doesn't go up in price because I think that's all we're going to be left with to string our gems onto with the way the prices are heading.

 

[T L]

Hmmmm, stainless steel is looking good right about now.

 

[LD]

Hmmmm, stainless steel is looking good right about now.

Well, we can always eat with our fingers so looks like I'm off to melt the cutlery!

 

[T L]

Hmmmm, stainless steel is looking good right about now.

Well, we can always eat with our fingers so looks like I'm off to melt the cutlery!

LMAO!!

There's always wooden chopsticks to eat with too!!

 

[Michael_E]

Man o man its about to get X-Pensive out there.

Not so much as you would think. The cost of any precious metal in jewelry varies from about 15%, (with custom), to about 25%, (with commercial), of the cost of the piece that you're buying. With custom work, an increase in silver or gold of even 50% should only increase the total cost by 7.5%, (this is $30 on an $800 custom setting). With commercial pieces that increase would be 12.5%. If you add in the poor economic conditions that are persisting in many areas, which forces retailers to try to limit any increases, I doubt that you'd notice to much of a price increase.

It always sounds bad when commodities make these huge jumps in cost, but when they are a small part of the overall cost of a piece, those increases shouldn't transfer through to the end consumer, (unless someone along the line has the bright idea of raising all costs with that one material cost being their excuse).

 

[T L]

(unless someone along the line has the bright idea of raising all costs with that one material cost being their excuse).

You would be surprised how many jewelers are using the rising cost of metal as their excuse to raise all costs.

 

[VapidLapid]

Nah, I'm not surprized. They figure if they have to lay out more kapital up front that extra should be figured in their return %age.
I think I'll start setting stones in exotic woods. Wood u wear a necklace made mostly of wood? think any of the ebonies, rosewoods, boxwood, lignum vitae.

 

[LD]

Nah, I'm not surprized. They figure if they have to lay out more kapital up front that extra should be figured in their return %age.
I think I'll start setting stones in exotic woods. Wood u wear a necklace made mostly of wood? think any of the ebonies, rosewoods, boxwood, lignum vitae.

........ but think about the splinters!!!!! Ouch!

 

[AGBF]

Has anyone ever tried to sell silver flatware? I wonder if it is like trying to sell a diamond!

Deb/AGBF


Diamonds Are A Girl's Best Friend

 

[Largosmom]

Interesting discussion. I guess I am lucky that my jeweler actually costs items based on their original price to them. The difficulty is that jewelry shops have to have a certain amount of stock in...and their costs will go up as a result of the price of inventory to some extent. Good reason to focus on custom work!

Laura

 

[erinl]

My uncle works at a place that buys gold and silver. It is located in a pretty financially depressed town in the midwest. He said people are rushing to melt their silver teapots and silverware for cash. It makes me incredibly sad, and I asked him if it bothers him--he replied "What uses is it anyway?"