Get Out That Silver Polish

Have you seen that the price of Gold and Silver are declining? For those of us in the Antique & Collectible business, this decline will make it possible for us to make money buying Gold and Silver items again.

For a long while, the market was adding no value for the rarity or beauty of a piece, only weighing the value of its base metal. But now, these wonderful items, that have lasted the test of time, will once again make sense for us to buy. I’m thinking tea sets, compotes, vases and even silverware at prices that are sensible enough for us to make a fair profit.

Gold jewelry may get to the point where the dealer doesn't just weigh a piece and quote you the base metal price. I think the metal will always have a value and be a component of the actual value of the item, but other factors will become important. The spread between the offer and bid will again be wider.

A friend of mine came by the house today and showed me some items her elderly aunt took to a company who advertised an event at a local hotel to buy jewelry. She attended with her aunt to oversee this offer. to buy. I’ve been aware of these, what I would call scams, for over year. My friend was smart enough to prevent her aunt from selling these fine pieces for next to nothing, and when I looked at them and she told me what they offered, I don’t believe they even offered the price of the gold. I’d recommend staying away from these types of events.

As prices decline for gold and silver, people will have fewer and fewer places to dispose of their fine jewelry. You see, these so called “merchants” will no longer be able to simply weigh for the gold and silver content and offer you very little. And what do they do with the gold and silver once they “buy” it from you? They melt it down for the metal and then they’ve made their money.

I remember the good old day when I bought a sterling tea pot for a few hundred dollars. No, the silver content wasn’t worth that, but it was produced by a famous silversmith from the late 1700’s. I knew this was a special piece the moment my eyes landed on it. Believe it or not, I called all over the world before finally selling it in Australia for several thousand dollars.

It will be fun again to do our research and look for items that can return us 10 or 20 times our investment. Still, I don't think this change will affect silver plate or gold plate much, and these items should probably be avoided except in rare cases.

I just can't resist mentioning that earlier this year I strongly recommended my readers sell their gold and silver. At the time, the price of silver was around $16. I was a little early, because it did go briefly to $20 before coming right back down. At the time I made that recommendation, I had people e-mailing me hate mail, threatening my life and questioning my intelligence for making that recommendation in writing and sending it to the news services. But, of course, these were the people in the business of selling gold and silver to the public.

I stuck to my guns and continued to write about selling silver anyway. You know, I haven’t heard from any of those people again. And now, all their customers who bought at that time have lost a great deal of their investment while the fat cats have already cashed their checks and danced into the sunset. It isn’t over yet. I predict silver be $6-$8 soon enough, and gold will be back to $600 an ounce. Then it will be time for us to load up on it.

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