What does the New Year have in store for silver? Predictions are that 2013 will see an increase in the price of silver. So, what impact will this have on the jewelry industry?
Currently hovering around $30 an ounce, silver is expected to reach $47 per ounce, which is a noticable increase. With gold prices also expected to rise, will 2013 be more of the same?
While holiday jewelry sales overall were not stellar, silver jewelry was popular with shoppers. From unique designs to personalized jewelry to the classic styles, the precious metal offers variety and affordability that the higher-priced gold cannot compete with right now. With consumers still somewhat hesitant to overspend on luxury items like jewelry, silver remains in a comfortable price pocket for many customers.
Even with the predicted price increase, silver will remain significantly less expensive than gold and therefore we predict its continued momentum through 2013. Valentine's Day, Mother's Day, graduations, and wedding season are around the corner and present a prime opportunity for silver jewelry, keepsakes, and to be purchased as gifts. With this metal's increased demand comes a higher value which, in turn, increases the importance of preserving its condition. Make sure you continue your anti-tarnish protection to maintain the value of your silver in the New Year!