Jamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
Silver Price Spikes, A Move Many Attribute to Reddit
The WallStreetBets forum, responsible for the rise in share price of GameStop, could have something to do with the metal’s rise to more than $30 per ounce Monday.
It was the website’s “WallStreetBets” forum that sent GameStop, AMC, and other shorted stocks skyrocketing last week in a move designed to make a statement to hedge funds and Wall Street.
Now, the silver price has jumped to an eight-year high, and some reports are saying the group is behind the growth there too.
Last week, a thread on the website started the conversation about a “short squeeze” on the silver market to drive the price up closer to where the author thought it should be given a severe supply deficit and high demand. The squeeze would be yet another way to hurt the banks the Reddit group alleges are suppressing prices.
Soon after, #silversqueeze started trending on Twitter.
CNN Business reported that some believe the movement was actually coordinated by hedge funds.
Regardless, the silver price has gone up.
RELATED CONTENT: The Platinum Price Recently Hit a 4-Year Peak. Here’s Why
It jumped from a daily average of $25.21 per ounce on Thursday to $27.42 per ounce the following day, according to Kitco. It reached a high of $30.51 on Monday before settling at $28.55 at the close of the market.
Numerous reports also noted the fervor spread to the share prices of silver mining companies and physical demand, with numerous bullion suppliers reporting pauses on online orders amid shortages of coins.
The Silver Mountain, for example, said the following on its website: “Due to extreme market volatility we cannot accept any new orders at this moment. We will hopefully re-open on Monday in the afternoon.”
APMEX, too, said “Due to the increased volume of orders, we are currently expecting a 1-3 day delay in processing times.”
The company’s CEO said in a statement posted to its website about recent activity that the ratio of silver ounces sold per day in the last week ran about two times its average demand earlier in the week and closer to four times by the end of it.
Once markets closed on Friday, he added, demand was “as much as six times [as on] a typical business day and more than 12 times a normal weekend day.”
There are some who don’t attribute all, or even any, of the recent movement in silver price to the Reddit warriors.
The Associated Press quoted Boris Schlossberg of BK Asset Management as saying: “The asset is traded by a variety of institutional players, and it is very likely that those parties have joined the move to push the metal higher.”
Meanwhile Jeff Christian, managing partner of CPM Group, said in a recent video that Reddit has little to do with it, noting factors like political turmoil and concerns about COVID-19 as driving factors behind the rising price.
Others also note the situation around the silver market is very different than that of GameStop.
Unlike GameStop and “other unloved stocks” WallStreetBets targeted, silver has been performing well of late, with many investors and analysts bullish on the market.
RELATED CONTENT: Silver Price Expected to Rise Another 39% in 2021
The Silver Institute predicted the metal’s price will average around $28.60 in 2021.
Whether the metal will continue its recent rise and for how long remains to be seen, as does the effect on jewelers working with the metal.
Designer Martha Seely said aside from her “Transition” and “Windswept” lines, silver is always a tough sell. Add the sudden jump in price and its potential to continue, and the situation could make it even harder for her to sell her silver jewelry, she told National Jeweler.
She said despite the cost of gold, it’s still where most of her sales take place.
“People expect their silver jewelry to cost very little,” she said, noting they might not feel like they’re getting their money’s worth with higher prices.
With the price jump in mind, she will have to decide how much silver jewelry to keep making.
The Latest
In the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
Co-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
Along with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
The man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
The average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
The nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
The videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
Feldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
The luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
The nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
Gearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
The diamond cut grade is now available for marquise- and pear-shaped diamonds.
DDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
Estimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
The highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
Recent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
The competition awarded 12 designers, each from a country where De Beers recovers diamonds, with business support and tuition assistance.