Thursday, April 21, 2011
I Love You, but It's the Price of Silver
12:23 am mdt
A friend of mine said to me "Last year you sold me a bracelet
for $250 and now that your a famous award winning artist it's $500. Where's the love?" The love is in the price of silver.
Silver was averaging $4.95 in 2001, a year ago $17.83 and today is almost $45.00 per ounce! In 2001, gold was $275.00,
today’s price is $1499.30! Within the next couple of years some experts are now predicting that prices could
double or more from present highs! You see, it's not that I don't love my customers, I just have to feed my dog and cats.
All we see on the news is the closing price.
No story about the potential effects this rapid rise in the price of silver and gold will have on the people of New Mexico.
You may have already seen the reduction in tourists and the closures of many stores in the downtown area of Santa Fe. Being
in the business I notice these closures all around the state as well as the closure of businesses that support the industry.
This has a much bigger effect then you may think, job loss, retail closures, tax revenue loss, reduced tourist appeal for
our state, and the reduction and loss of an important traditional craft and lifestyle: Silversmithing in New Mexico.
New Mexico has often been identified with turquoise and silver jewelry
since the days of the roadside trading posts and postcards of old Route 66. This identity is now being threatened, along with
the livelihood of those in the industry. My tag line is "Precious Metals Creations From the Heart and Soul of Santa Fe"
and now that part of New Mexico's heart and soul could be threatened by the continuing rise in the precious metals prices
that could mean the end of the traditional silver jewelry business as we know it.