Back in the 1990’s and early 2000’s I was purchasing large lots of Southwest jewelry “pieces and parts” on Ebay.
Usually, there were some nice items and even sets of earrings.
Both hubby and I (he likes it too) think it kind of has a Northwest Pacific Native art feel to it also; not saying it’s is, I know it’s Mexican; kind of it just gives me that vibe, especially the bottom part.
$26.00 is just the spot price. Makers and manufacturers are paying $10 minimum per Troy ounce over that amount for Sterling sheet, wire, and even casting grain (92.5% silver), so add another 7.5% to to the ~$36 Per Troy ounce actual price for usable fine silver out the door, and you’re at a whopping minimum of $38.70 per ounce compared the the spot price.
For long term perspective this is$3.70 higher than the1971 $35 per ounce price of 24K Gold.
Look for prices to increase very rapidly from here, and old stock laying around in shops and dresser drawers for years to disappear as people figure out that the scrap value will bring in nearly as much as you can currently get for the odd piece on ebay.
To add to @mmrogers , when you scrap sterling silver most refiners pay 80% of spot price, 90% if you refine over 100 ounces.
Thanks also for the reminder about having old silver sheet, wire, etc. I just looked and still have probably a pound of silver left over from the early 80s. It all came from the old IJS.
Interesting, So it is more costly to buy the sheets and other items to make the jewelry than to buy solid silver? I noticed a lot more people buying the scrap silver and prices are higher. How do you know the prices will rapidly increase? Are your suppliers telling you that or are you factoring in the silver needed for EV batteries and solar panels? Thank you.
Several decades of deep experience @nanc9354. When input costs rise this quickly it disrupts the status quo, and moves market prices higher.
I just finished a fairly large order for a wholesale client. My input costs for metals are up 40% over the last couple of years. He understands I will raise prices for the next order, and will pass those increases on to his retail customers.
To add, it’s also based on economics and the commodities market price fluctuation and increased costs in manufacturing. Recently it is due in part dot the post-COVID supply issue which has been and is still being used to artificially inflate costs which is passed on to end users such as jewelers and thus to the consumer. So everyone in the game makes more money in the end and the consumer shells out more money.
And if you doubt the artificial part, then we need to ask ourselves why have the prices of goods risen up to 30% over pre-Covid and gasoline is now under $3/gallon. I was in the oil &gas industry. The costs are huge.
Capitalism at its finest. To paraphrase my old friend George Carlin: “it’s a big club, and we ain’t in it”.
Oh man! Ours just dropped a bit which means it will go up about 60 cents soon But overall here in northern IN we have a decent cost of living (comparatively anyway).