Precious Metals My New Dilemma

If you follow the markets you know that the precious metal spot prices are rising daily.  I read an article this morning detailing the reasons for this.  In a nutshell it summarized:

1. Supply and demand
2. Value of the dollar worldwide
3. Inflation
4. perception of the world economy/markets
5. Speculation

I understand by this summary that we in the jewelry business are in for a rough ride.  I believe all Americans are in for the same ride.  So, what can we do about it?  Suggestions for the jewelry industry are as follows:

1. Use less sterling in designs (in other words skimpier pieces like you find in the big box Wally World type stores)
2. Substitute silver plated items for sterling.  (Like many of the spoon rings some crafters make)
3. Use more mixed metals.  Add copper or brass to designs
4. Raise prices accordingly

I’ve collected sterling flatware for my whole life.  Not Kidding either.  I have quite a stash.  I can cut them up for my designs.  I HATE to cut up fancy designed pieces but have no problem cutting up basic plain designs.

I’ll share a picture of a few sugar spoons I can across about 15 years ago.  Can’t cut them up or melt them down.  They are too pretty.

Feel free to chime in on your opinions of the metals market.