Silver is soaring. Spot price closed yesterday at $29.51 per ounce.
Up, up, and away
In the last week or two, the price of silver butted up against thirty-one dollars U.S. Bumping around for the last few days, the price is down a bit from $31 but not much, and probably not for long.
Once it blasts through the apparent thirty-one-dollar resistance point, silver is likely to continue its flight to the heights.
2x/6mo
What’s hard to get over is that the price nearly doubled in six months. Only six months!
Last July, when the kids were swimming, jewelers were swimming in silver. At less than $18 an ounce, handcrafters making a small business from making jewelry groused about the price of silver rising to two digits from one.
Even before that, buyers recalled thoughts of being robbed blind for silver at $13 an ounce. Little did they know those were the glory days of cheap silver prices. And soon to conclude.
Migration to silver
It was around the same time that commodity gold prices rose dramatically as well, currently around $1400 per ounce. This caused lower volume jewelry makers to flock to silver. With silver prices now rising dramatically as well, what precious metals will jewelers use?
It is uncertain what alloys or alternatives will appear, but something will. Scarcity breeds innovation, as it always has.
Go with flow
For now, jewelry makers are advised to re-price existing silver jewelry with replacement value or re-brand older silver designs as heirloom material, in which case customers get an incredible bargain. Either way, silver jewelry must sell (vs. remaining in the case) for re-stocking silver supply at current market prices.
Continue reading on Examiner.com: Silver prices soar - National Jewelry | Examiner.com http://www.examiner.com/jewelry-in-national/silver-prices-soar#ixzz1Ap8yMo3k
