Saturday, March 5, 2011

What is Going On with Silver?

Spot Silver - 1 Year
Update Chart

[1 Year Spot Silver Chart -] 

I follow the stock market, watching it every week day on TV, and checking my IRA portfolio.  I own a little gold for hedging security.  But I really should have invested in all in SILVER!  In one year the price of silver has doubled. What is happening, and why is no one talking about it very much?

The current silver price is $35.20 and it is hurting jewelry artists who work with sterling silver and fine silver wire and sheet.  To say nothing of the price increase in my favorite medium - PMC3 - now well over $110 for a mere 50 gram package.  I know I cannot afford to buy it now, and to make items in it for sale is prohibitive as the retail price for the items should be at least 50% greater than a year ago.  That means that earrings that sold for $25 would now have to sell for $37.50, and necklaces at $90 would be $135.  Do customers understand this increase?  Silver has always been seen as the cheaper metal - now we have to use bronze, and copper to make reasonably affordable jewelry.

So,  I am going through my stash of sterling silver beads and putting them on Etsy in my de-stash shop at the ridiculously low price of their weight in silver scrap!  To help other jewelry artists who still want sterling silver, and also maybe to get some cash so I can buy fine silver wire.  My Etsy Destash Shop. 

I am even going to include a couple of Anne Choi beads in the sale.  

One of my favorite quotes "Life is not a question that waits until it's answered. The answer's in the living, the question's in the mind."