Silver Prices, Spot vs. Reality — What’s Really Going On

f you’ve been following precious metals at all lately, you’ve probably noticed something big happening with silver.

Back in February 2024, silver was sitting at $23.09/oz.
Fast forward to today, and spot silver is $65.79/oz — a nearly 185% increase in less than two years.

That’s not a small shift. That’s a fundamental change in material cost for anyone who works with silver every single day.

Spot Price vs. What Makers Actually Pay

Here’s where things get a little confusing, so let’s break it down.

Spot price is the raw market price of silver — essentially the value of unprocessed silver traded globally. It’s not what jewelers pay when we buy materials.

When I purchase silver sheet, wire, or tubing, I’m paying for:

• Refining

• Alloying

• Rolling or drawing

• • Thoughtfully

  • Slowly

  • By hand

  • With respect for the materials

    Quality control

    For example:

    • Current spot price: $65.79/oz

    • Price I paid for 1 oz of silver sheet: $89.32

    That means I paid about 35.8% over spot.

    This “over spot” percentage isn’t markup — it’s the real cost of turning raw silver into usable material that can be safely, accurately, and beautifully worked by hand.

    Why This Matters for Handmade Jewelry

    As a small studio metalsmith, material costs are one of the biggest factors in pricing finished work. When silver jumps this dramatically, it affects:

    • Cost of goods

    • Pricing consistency

    • Production decisions

    • Design choices

    I absorb what I can, adjust thoughtfully when needed, and always aim to keep my work accessible — but transparency matters. Rising silver prices aren’t theoretical for me; they’re something I feel every time I restock my bench.

    The Bigger Picture

    Silver is used far beyond jewelry — from solar panels to electronics — and demand continues to rise while supply struggles to keep pace. Many analysts are projecting continued volatility and upward pressure in the year ahead.

    That doesn’t mean panic-buying or sudden changes. It simply means we’re in a new era for silver, and thoughtful, intentional making matters more than ever.

    What Won’t Change

    What won’t change is how your jewelry is made:

     

  Looking Ahead to 2026

  I’ve been transparent about silver prices because they directly affect the materials I use every day. While silver has risen dramatically, I’ve intentionally held my pricing steady and absorbed much of that increase over the past couple of years.

  As I look ahead to 2026, I’ll need to make thoughtful, modest price adjustments so that my work remains sustainable and responsibly made. These changes will reflect the real cost of silver materials today — not just spot price, but the fabricated sheet, wire, and tubing required to create finished jewelry by hand.

  Any adjustments will be incremental and considered carefully. My goal is always to balance accessibility with longevity, so I can continue creating meaningful, handmade jewelry for years to come.

  What won’t change is the heart of the work: each piece will still be made one at a time in my Vermont studio, using a slow, hands-on process and materials chosen with care.

  Thank you for being part of this journey — and for supporting handmade work in an ever-changing materials landscape.