What's Up With Silver?
If you are reading this, you no doubt have been inundated with stories about the impending collapse of the world as we know it.
Despite the craziness, there has been a ray of hope in the economy this past month. Oil and commodities took a nosedive in early August. If you've been following this newsletter, then you know that silver and gold have been following the price of oil. When oil dropped to below $100 per barrel last month, silver took a dramatic dip as well.
From it's highest point in mid-july over $19 per ounce, it dropped to a low around $10.50 earlier this month. Unfortunately it has been trending upward slightly as oil has edged up.
Ultimately, I think we will see some volatility until things are sorted out with the bailouts currently under discussion. In the longer term, silver will likely trend in the $10.50 to $12.50 range.
With this in mind, look for relief in the wholesale jewelry prices that have been driven upward over the past year or two. Our latest additions have already seen a modest reduction in price, and we look forward to lowering them even more in the future.