I chatted about the soaring price of metals in a 2008 blog post and it's worth chatting about again.
The spot price of Silver has gone up significantly in the past few weeks. The current trading price of metal is the spot price.
We saw a pretty big increase in the the spot price in 2008. It increased steadily in 2009. Although 2010 has been fairly stable between $17.50 and $18.50, this changed a few weeks ago and it has now shot up to $21.
When shipments arrive and the silver market has only slightly increased, we don't change our prices, but when this happens three of four times in a row, unfortunately our prices have to increase. Essentially, we don't like raising our prices, but the metals market made us do it!
If you are selling your jewelry and are still basing your prices on the market from weeks, months or even years ago, it may be time to take a look at the price you are paying for your materials and reassess the price you are charging for your work. It's not fun, but since your suppliers will be raising their prices, you should be doing the same, so that you are not suffering. If customers ask about your increase in prices, you can always refer them to www.kitco.com for more info on the fluctuating metals market. Be sure to value your creativity, labor and hard work because we think you are worth every penny!