Increase in silver prices may turn consumers into metal detectors
The surge in silver sales at stores such as Pacific Jewelers, which also buys gold and platinum, started in earnest in 2010, when silver prices spiked to $30.79 an ounce and finished the year with an average selling price of $20.19. It was a price jump of 38 percent for the year. Silver hadn’t traded at that level since 1980, when it spiked to $49.45 and finished the year with an average selling price of $20.98. By comparison, silver traded for an average of $4.83 in 1990 and $4.95 in 2000. In the past week, it averaged about $40.