Houston, TX – Feb 10, 2021 – The Houston-based wholesale silver jewelry supplier, We Silver Jewels, advices customers to make their online orders now, before a possible new silver price surge.
While the silver prices saw up-and-down swings throughout 2020, it was Monday’s skyrocketed prices that got We Silver Jewels concerned.
“When we heard that the silver price went over $30 per ounce yesterday morning, we were really alarmed,” says We Silver Jewels CEO, Tim Greene. “Despite the ups and downs of the silver prices, we haven’t heard of such a frenzy rise since February 2013. That highly affects our business. Although the silver prices dropped back to approx. $28.60 by midday, a potential new silver price surge will affect the wholesale jewelry prices as well. And so, we consider it our duty to inform our customers, let them know of the likelihood of a further rise and ask them to place their orders now to avoid paying more tomorrow.”
The frenzy silver price rise on Monday 1, 2021
In the morning of Monday 1, 2021, the silver prices reached their highest level since 2013. It surged over 10% – $30.03/ounce, before it dropped back again later on. It is still unclear of what may have caused the silver prices to skyrocket. Initially, the blame was put on the Reddit forum WallStreetBets with posts encouraging small investors to buy silver, with the aim to hurt the big players. Something similar had just happened with companies, like GameStop and AMC Entertainment. Another WallStreetBets post pointed that the silver squeeze occurred by hedge funds which shorted their shares on GameStop and had significant losses.
“We might not know exactly what happened on Monday, but the truth is that the silver prices are affected by many factors – the industrial and jewelry demand and most importantly, the investment demand. And let’s not forget one major factor that affects the entire market, the covid-19, which in turn affects investment and keeps silver mines closed,” says Greene.
Forecast of silver prices
What’s worrisome is the future of the silver prices. While the silver market is big, the economy is unstable due to the pandemic, which has worsened the pre-existing economic crisis, shaken the stock market, and created boundaries. There’s a potential high and low, depending on the crisis and that creates additional uncertainty about the future of the silver crisis.
“While silver gave up some of its early gains on Monday, it still saw a 9% increase which was still at its highest level since 2013. Since there’s no clear forecast and the factors that impact the silver prices are plenty, we may be forced to do the inevitable in the near future. That’s to raise our silver jewelry wholesale prices. It’s actually out of our hands. This is not something we control. It makes sense to say that if the silver prices see another surge – some analysts speak of even approaching $50 per ounce and while this is far stretched, $32 per ounce is likely to happen, the cost of the wholesale silver jewelry will also go up. That’s exactly why we reach out to our customers to let them know of the situation, the possible rise of the prices and advise them to buy now to save money,” says Greene.
Get a glimpse of the current wholesale silver jewelry prices by visiting the We Silver Jewels page: https://www.we-silver-jewels.com/
About WE SILVER JEWELS:
We Silver Jewels is an online wholesale jewelry supplier in Houston, TX. The We Silver Jewels collection includes products for both adults and children, the materials come from conflict-free regions, all jewelry items are 100% safe, the designs are trendy, the prices are unbeatable. The company also offers great discounts for bulk orders.
Company Name: We Silver Jewels Wholesale Inc
Email: Send Email
Address:4660 Beechnut St.
State: TX 77096
Country: United States