Rumors about silver prices skyrocketing abound. Families are purchasing silver eagles and silver rounds as a hedge against what may come. I’ve noticed a little nervousness out there in the marketplace. Some silver coin dealers are having a hard time getting supplies.
What does this mean for the future of silver jewelry ? Will we, like one silversmith I knew years ago, be forced to start melting down our silverware in order to have enough supply to create the beautiful jewelry we’ve come to take for granted?
It’s been said there is not a lot of silver left to mine . Whether or not this is true, there can’t possibly be an endless supply of it. Besides its use in jewelry and as money, silver has manufacturing uses. This alone could drive the prices up into the stars. Not to be an alarmist, but it pays to stay informed about what the future may bring.
Sterling silver has been affordable for so long that’s it’s a little hard to wrap my wits around the idea of it, as some experts predict, outpacing gold prices. That still seems like something out of an alternative universe, something from the Twilight Zone.
But assuming this is a possibility, as unlikely as it seems, wouldn’t it be a good idea to buy those sterling silver earrings you’ve been coveting before the only thing you can do is look at them and dream? Or worse, kick yourself for not getting them when they were only $65.00 instead of $200.00?
At any rate, I think its unlikely silver will ever dip as low as it did in late 90s. If it’s true that the industrial uses for silver have increased dramatically and the supply can’t possibly keep pace with the demand, then I wouldn’t wait around for prices to drop dramatically. Of course, I could be wrong and so could all the so-called experts. Who knows? Maybe a huge supply of silver will be discovered on the moon. Anything is possible.
Some jewelers haven’t raised their prices much from several years ago. But I expect that will change before too long. It’s hard to ask customers to pay so much more than they’re used to for the same product, but it’s the same thing you may have noticed in your local supermarket. In order to stay in business, grocery stores and jewelry companies have to charge more.
My advice is not to put off buying your silver jewelry gifts till November or December. Traditionally prices are lower in the summer months, and tend to rise as the year progresses. And this year they may rise substantially.