How is the rising price of SILVER impacting your Etsy shop?

[JewelryByDeezines]

I am very curious to know how others that use silver (and other metals) are dealing with the steady upwards price increases?

I sell sterling silver jewelry and have had to increase my prices to offset replacement cost of metal materials.

Any suggestions, tips or advise is appreciated.

Dee

[Former_Member]

I've started using copper. I'm actually enjoying working with it, it's fun to see my usual designs in a whole new color spectrum.

[Former_Member]

I raised my prices after christmas and they are going up again soon.
My prices are even higher because I do a lot of fine silver which is purer and more expensive than sterling.

Right now the PMC fine silver I work with is going for $54 for 25g (wholesale!) and 25g fyi is about the size of a wad of gum! LOL so sad

[TreasureTrunkDesigns]

I've got a pile of cabs that I'm afraid to work with because I have a limited amount of silver left and I can't afford more. I am posting my cabs on FB asking people to custom order before I touch them so that - if someone wants something specific I know I still have enough silver left to create it!
In the meantime, my silver sits in waiting... my production has all but come to a halt because of worry about costs.
To offset this, I've started working more with my crappy jewelry as I have a show coming up and I'm hoping I can make some money off the cheap products (that are not worth posting on Etsy after the cost of listing, the take on sales and PayPal fees) I've also started experimenting with other materials so that I don't give up all the jewelry together!
That's what I've been doing. But the pinch hurts! I imagine this will trickle down to cab sellers and much more. I can't compete with people still selling at last years prices and I'm not going to try.
That's me! If you find a cheap silver seller let me know haha!

[Former_Member]

Sorry, I don't have any tips or advise except to suggest that you buy whatever you can afford because it is only going up. Meanwhile ...
I think that the vintage silver jewelry will be disappearing soon. Shops will either realize that it is worth more to sell as "scrap" or possibly not pay attention and buyers will scoop it up and sell it as "scrap". I feel bad for you if you need to replace silver. My feeling is that silver will proably hit $50.00 a troy oz by the end of June (if not sooner).

[Former_Member]

Yeah I am kicking myself in the backside because my pmc fine silver was at $49 for 25g last week and I knew it was going up ... I have a sixth sense about these things... but I got side tracked and didn't order and when I did the other day it was at $54... now I am not sure whether to buy another 50g (the first 50g arrived today) or wait... I feel like that movie" You have to ask yourself... do you feel lucky?" LMAO... cuz I might wait 'til next week and it may be $60... I need at least another 100g to get me thru Mother's day... i have the $ but I am going to really kick myself in the a$$ if buy another 100g at $54 and then it goes down next week... but will kick myself to if I don't buy and it goes up

UGGGGG I need a glass of wine!

[JewelryByDeezines]

I don't typically work with copper, but that's a great suggestion. And custom wire wrapped orders only, may be in my future, too.

I recent;y purchased a new sterling silver coated wire, but don't like it as well...look or feel.

[Former_Member]

If you want to check out the spot price of silver there's a site that you can go to to see what is happening with silver. The site is kitco. I know that this is not the silver that you use for jewelry making but it probably is a good indicator for you. If you go to the site, there is a side bar (on the left hand side of the page) where you can view the history of silver prices in bar charts either by month or year.

[Former_Member]

To NewHopeBeading ....Per your suggestion I'm going for a glass of wine! Later

[JewelryByDeezines]

Thanks Auntemilie, I have been using kitco to follow the price recenty (didn't worry about it in the past), it's depressing, I think I'll go for a glass of wine, too!

[PoetryUnspoken]

I started using bronze. I yet have to solder with it, if it's even possible - Rio sells solder/flux mix in brass color that says can be used with bronze. Still have to try, but as for wire, I'm using bronze now.

[Former_Member]

auntemilie says

To NewHopeBeading ....Per your suggestion I'm going for a glass of wine! Late
--------------------------
I'll be joining you in a bit.
but seriously when silver starts on this roller coaster I watch the price everyday... I knew better than to wait last week and I just dropped the ball and didn't buy when I should have..... and now I wait... because sometimes it is a blip and comes back down a bit

I swear if we ever have a big dip again I am buying an obscenely large amount and sitting on it (when I opened shop I think it was at $13 an oz??? lol) I remember when it was at $19 not wanting to buy because I was "waiting for it to come back down" .... HA!!!

[Former_Member]

new hope .. silver will plateau but who knows when that will happen. If you go to eBay and search for american silver eagle 2010 1 ounce coins, and watch what is happening there, that will also give you some indication. Someone told me a few months ago that silver is scarcer than gold and that Bill Gates could afford to buy all the silver in the world but not all the gold. Okay, yeah silver is less expensive but nonetheless, apparently there is alot more gold than silver for whatever that is worth. Maybe I should slow down on the wine !!

[Former_Member]

Yes it is I have a piece currently up that I lowered the price on, and now added a 10% on items making it $41 off

[Former_Member]

oh here is the current market

Current 40.92 Change up 1.38

[JewelryByDeezines]

Newhope, I am with you ! Next dip in price, I am stocking up, too!!

[Former_Member]

All you can really do is raise prices accordingly and be frugal. . .

[HanaMauiCreations]

The inflation is a worry, I hate to keep raising prices but if I don't I won't be making anything I will be losing. The price of gas where I live is now $6 a gal.!!! When is this all going to change for the better?

[JewelryByDeezines]

Hana, $6 a gallon, guess I won't complain about close to $4 here in Maine. Yikes!

I have posted a notice under "shop policies" that advises my customers I have raised prices due to increase price of silver. Wonder if others are stating this anywhere in their shops, is the general public aware the price of silver is on the rise....in a big way?

[DecoratingYourself]

this is the time to sell your scrap ...if you have any....
http://decoratingyourself.blogspot.com/2011/02/getting-best-price-of-silver-scrap.html

[Former_Member]

JewelryByDeezines says

Hana, $6 a gallon, guess I won't complain about close to $4 here in Maine. Yikes!
=================
one of the advantages to living in NJ gas is still at $3.40... everything else is wicked expensive though lol. I used to live in Maine too!

I sell all my scrap to monsterslayer ... they are super nice and easy to work with :) I get $.75 on the $1 because I sell it to them in trade for new... give them a try :)

http://www.monsterslayer.com/

[JewelryByDeezines]

Thanks newhope, I'll do that, wicked good idea! LOL

[Former_Member]

yup I save every little tiny scrap I can ... it adds up. Just make sure you read carefully their rules of how to separate it out etc... and if you have questions just call them! They actually pick up their phone (like a real person lol) and are super nice and helpful.

[CorinneSimonJewelry]

I use a lot of silver in my work. Many of my pieces are super heavy... So i am starting to use white bronze as well to keep the prices down.

[Former_Member]

Thanks for info on the scrap metal. Someone else had suggested riogrande.com but I'm not sure how they compare pay off wise.

I would love if I could figure out a way to salvage my stamped silver discs. I make a mistaken stamp and there goes a disc...Any suggestions?