April 7, 2008 – In the past two months, the silver markets have experienced some of their most dramatic changes since 1980.  After climbing to a peak of $20.67 per ounce in New York in mid-March, prices have come down to average about $17.50 per ounce this past week.  It’s difficult to know where it will go in the next month, but for now we’re pleased to see some relief in pricing and we have reduced our prices accordingly.  Although we’re not seeing any improvement in the value of the US dollar with Thailand, it does remain stable, so that too is good news.  Please see the new pricing schedule above for use on all of our silver that is sold by weight.

While the exchange rate with Thailand remains stable, the same cannot be said about the value of the US dollar in Israel.  In recent months, we’ve seen significant cost increases on our sterling from Israel.  While that increase has been primarily due to the price of silver, we’re now also incurring surcharges to offset an exchange rate that continues to deteriorate.  Therefore, while we’ve lowered our sterling prices based on the drop in the market, we have had to factor in the surcharges into the current prices.

As always, we at Somerset Silver are committed to providing you with a wide selection of silver products at competitive prices.