silver is soaring!
What is going on with the price of silver lately? Yikes.
The cost of silver has gone up a full 45% in the last few months – which means that the cost of supplies & materials (and then in turn, the cost of finished products) are increasing.
I was searching for answers as to why the steady increase, and I came across a funny, perfect little post by Patsy Kay Kolesar that summed up what I was thinking entirely! (and by the way … her option #5 sounds like the way to go!)
Here is a little snipit;
“my industry is changing. When I started out in my jewelry career only 3 short years ago the cost of silver, my metal of choice, was around $18 an ounce. Today silver is at an all time high of $38 an ounce and it is only expected to continue rising in price. They are anticipating that it could get as high as $60 an ounce by the end of this year and in the next couple of years could rise as high as $250 an ounce.”
Sounds like a good time to start investing if you ask me!
I use sterling silver components in most of my jewellery pieces, too and have been trying to avoid raising prices. It seems that it can not be put off any longer, so … maybe I should be like Patsy, and move to Argentina & just drink wine 😉