Remember how Gollem got so worked up when a couple of hobbits ran off with his gold ring? Well, I empathize.
I complained about the price of gold back in the good old days when gold cost a mere $700 an ounce, instead of $900-plus.
For a little while at the end of last year, platinum was below $1600 an ounce — a relatively affordable upgrade from gold prices that were approaching $1000. Even recently, I was more focused on rising gold prices than on platinum. But, due to power outages affecting the output of South African mines, platinum prices are breaking records every day. A year ago, platinum could be purchased for $1168 an ounce. Today it is $2141 an ounce, and rising.
Source: KitcoLooking back five years is even more depressing. In 2003, the low price for platinum was $602 an ounce. Let’s say it one more time. Platinum cost $602 an ounce in 2003. It costs $2141 an ounce now.
Source: KitcoThis is why jewelry is so very expensive. And why I get annoyed when people ask things like, “What’s the highest gold/platinum has ever been?” two seconds after I say, “It is at a record high.” Jebus! “Record high” means “highest ever.” Do you understand NOW, hobbits?
inflation sucks 🙁
holy crap! no wonder those “cash for gold” commercials are freakin everywhere. i guess they are more genius than i gave them credit for. that is dang expensive!
Holy Mama, I do know the price for both are really high but never imagined them being THAT hhigh, it’s crazy!. Being an avid collector and fan, I do understand why gold and platinum price must take a rise, but lady if you go on yelling that way, you’ll scare me away – NOT!!!
(still praying hard the prices will dip or at least hit a plateu)
OMG! These power outages are really making us look bad in the eyes of the world. It is quite irrtitating although luckily the area I live in hasn’t been much affected. My parents however were having up to 3 powercuts a day for about a month. It’s improved at the moment, and I have hope and optimism that the governement will sort it out.
wow! that is really high. must make it very difficult for you to produce quality jewelery and still meet your expected profit margins. knowledge is power, and now we know why we are paying so much for our bling.
I see people moaning about the coast of silver on Etsy’s forums pretty regularly these days. I shouldn’t be surprised gold & platinum are in a similar (though much higher) bracket.
I shall never be a hobbit! But this is interesting to see. I may not understand numbers all the time (math = lame!) but the graphs are pretty and I might accidentally be learning stuff. 😛 I’ve seen your jewelry site before but I went to back to it and it’s just as prettiful. I bet with the new ScarJo and Natalie Portman movie coming out the ‘B’ necklace will be uber popular. Great work on everything!
On the other hand, the wedding and engagement set that my ex-husband bought me is appreciating every day!
It’s the only thing in the marriage that did appreciate. Well, that and him appreciating the neighbor. Several times.
Oh, poor Deirdre! If you put it that way, though, it’s pretty funny! (Got any jewelry to sell….do it now! But we could also make a pendant out of your diamond!)
Pricey! I guess I will just have to stick with my plastic jewellery for now 🙁
Haha! Well said. I couldn’t imagine such a provocative post with both humor and serious financial analysis all wrapped into one ever coming from myself….somehow you did it though.
Fool’s gold is still cheap, though.
Darn, it happened again. I thought I commented, but the comment isn’t there.
I was wondering if you’re doing anything to compensate for the higher prices?
^^Yep, raising my prices wherever possible.
Who needs gold or platinum – I invested in baseball cards back in the 1980’s.
Del-v, me too. Still have them. And then baffle at having a 20 year old baseball card. O_o
Wendy, I really appreciate this post (especially in light of my recent post you commented on), though it’s taken me time to think on. It makes me very thoughtful of how the market in general is created & sustained, and what influences it has on all of us. It’s difficult to think of how the continually rising costs make it more difficult for jewelers to sustain. I do hope that, despite your pieces appreciating constantly, costs go down shortly so you have a better wage for yourself & other laborers involved.
For some reason, I can’t leave a comment on the owql post, so let me just say that it came out wonderfully! That setting is seriously gorgeous, and the owl is adorable. Whatever happened the the rectangle stone with the bird in it?