The prices of gold and silver have been extremely volatile this year, in part because the metals are viewed as safe havens in times of uncertainty. They’re both down from late January highs, but the prices remain elevated compared to six months ago — about 60% higher for silver and 20% higher for gold.
That’s a real challenge for businesses that rely on the metals, including Agapantha Jewelry in Torrance, California. Their jewelry is made primarily out of sterling silver and 14 karat gold fill.
“At this point, I check daily just to see what kind of heart attack I’m going to have,” said owner Dani Paquin on metals prices. “At first I tried to ignore it, and I can’t anymore because we’re losing money at our current pricing.”
Paquin is in the middle of repricing each piece of Agapantha’s jewelry, which is made at the Southern California office. One bestselling hoop earring that used to sell at around $80 is now $225. She’s concerned about how consumers will react to the new prices, but with 22 years in business, she is determined to get through this volatile moment, “whatever it looks like.”
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