Don't Sell The Family Silver Just Yet.
Posted: Thu Sep 01, 2011 11:50 am
The price of gold has increased dramatically over the past few years and predictably the price of silver has followed this trend. As far as the latter is concerned, I have noticed a frightening drop in the number of hallmarked siver pieces coming under the hammer at the major Auction Houses. This is simply because the price paid for scrap silver is far higher than anything that would be realised on Auction.
I say frightening because more and more people who previously disposed of Antique silver tea & coffee services, trays, candlabra, centrepieces and other family heirlooms by Public Auction, are now selling these to jewellers & silversmiths as scrap.
Any number of the above, as well as flatware (cutlery sets) and other large silver pieces are ending up in the smelter, to be lost forever. This of course will, when the price of precious metals drops one day as it inevitably must, push up the price of Antique Silverware. However at the moment this seems unlikely to happen in the near future.
Gold closed at $1,829 in New York yesterday and silver was slightly stronger at $41.67.
A gold price of $5000 per ounce and a silver price of $200 per ounce is being predicted within four years!
So hang on to the family silver a while longer before you sell it as scrap!
I say frightening because more and more people who previously disposed of Antique silver tea & coffee services, trays, candlabra, centrepieces and other family heirlooms by Public Auction, are now selling these to jewellers & silversmiths as scrap.
Any number of the above, as well as flatware (cutlery sets) and other large silver pieces are ending up in the smelter, to be lost forever. This of course will, when the price of precious metals drops one day as it inevitably must, push up the price of Antique Silverware. However at the moment this seems unlikely to happen in the near future.
Gold closed at $1,829 in New York yesterday and silver was slightly stronger at $41.67.
A gold price of $5000 per ounce and a silver price of $200 per ounce is being predicted within four years!
So hang on to the family silver a while longer before you sell it as scrap!