Here’s a look at the latest developments in the precious metals market for the week beginning 7/1/2022.

• Gold and Silver Prices are Falling Too Low, Too Fast – What’s Next?
• Why Your MLGW Bills Could Go Up As Much As 40% this Summer
• Sterling flatware is a luxury not everyone wants these days. Here are some ideas on what to do with it.

Gold and Silver Prices are Falling Too Low, Too Fast – What’s Next? [Video]

Gold and Silver Prices saw a large sell-off at the end of June, culminating with a large price decline on July 1. CPM Group’s Jeffrey Christian explores some of the reasons behind the decline, including, reduced inflation expectations, lower than expected PCE Price Index, interest rates, a strong dollar, and the upcoming US holiday.

Originally published on Kitco.com

To learn more: Gold and Silver Prices are Falling Too Low, Too Fast

Why Your MLGW Bills Could Go Up as Much as 40% this Summer

MLGW said Thursday customers’ bills could be going up this summer by as much as 40%.

Tennessee Valley Authority spokesperson Scott Brooks said it is because of an increase in customer usage and a rise in production cost at power plants.

In May, Brooks said Americans across the country would likely see an increase of 25% on their electric bill, but TVA customers were not expected to be hit this hard. Customers were expected to see an increase of around 8% to 10%, but things changed.

So what’s behind the surge in prices?

“For us, on the wholesale level, the fuel rate has pretty much doubled compared to the three-year average,” Brooks said.

TVA looks at a three-year rolling average to compare costs and baseline for their cost hikes and dips.

“It has more than doubled from that three-year average,” Brooks said.

Brooks said there is a rise in cost for coal, natural gas, nuclear power, solar wind and hydro and TVA pushes that cost onto MLGW and MLGW pushed the cost onto consumers.

MLGW said customers will see increase from June to July, and into the entire summer, compared to last year. Company leaders said between June and September, bills could increase 20% to 40% on average, depending on how much electricity the customer uses. That could equal $30 to $60 extra per month on average.

So what can people do to save money? MLGW said air conditioning makes up the bulk of summer utility costs. They recommend setting thermostats to 78 or above. For more conservation ideas, go to mlgw.com/conserve.

Originally published on LocalMemphis.Com

To learn more: Why Your MLGW Bills Could Go Up As Much As 40% this Summer

Sterling flatware is a luxury not everyone wants these days. Here are some ideas on what to do with it.

Oh, the family silver. It’s the stuff of legends, lore, lust and lawsuits. At least it used to be. Once a requisite on every bride’s registry, today, sterling flatware is a luxury few can afford, and many don’t even want. Buying silverware you have to polish is like buying dishes you can’t microwave.

As a result, sales for sterling flatware have sunk lower than the Lusitania.

“People are not going out and buying sterling flatware when they get married like they used to,” said Martin Biro, co-owner with his brother of Biro Silver, a San Francisco-based silversmith company that their father founded in 1977.

What they are doing is inheriting it. That’s where silver restoration companies like Biro Silver come in. “Our customer is often the mother or grandmother of the bride,” said Biro. “They bring in the generational silver and want to restore it so they can hand it down as a wedding gift.”

Although fine sterling may not be as sought after as it once was, if a box of it has landed in your lap, don’t just shove it under the bed. Count your blessings, then consider your options:

KEEP IT: Given the cost to buy sterling new or used, be grateful you have this family treasure. “I wish more people appreciated the silver handed down to them,” said Biro. “It represents a family legacy you don’t want to lose. When you put it on the table, maybe you remember Aunt Mary. To us, that’s important.”

SELL IT: That said, if you have two sets of silver and want to shed one, or you have a set of silver you’re never going to use that no one in your family wants, and that has no sentimental value, consider selling it. The value will depend on how desirable the pattern is, its condition and whether the set is complete. 

AUCTION IT: If you have heirloom silver that is truly valuable, say it’s from Tiffany’s, Reed & Barton or Wallace, and was made in the 1940s or before, consider offering it for auction. Be prepared for the auction house to take 30% to 40% of the sale price.

REPLACE WHAT’S MISSING: If you love your family silver, but can’t set a table for 10 because you’re missing three forks, fill in the gaps. The same resellers mentioned above can sell you what’s missing. Biro’s company can also use its connections to track down missing pieces. “Based on the scarcity or popularity of the pattern, a missing piece could cost between $30 to $100,” he said. “But if that makes your set complete, the whole set becomes more valuable.”

RESTORE IT: If your old silver is tarnished beyond what you can do to salvage it, a good silversmith can fix that. Biro charges $6 a piece to professionally clean and machine polish sterling flatware. For a deeper reconditioning and refinishing that will return sterling to showroom condition, the cost is $10 to $12 per piece. “Spending $500 or $600 to return a set of silver to showroom condition might be worth it, especially if you’re trying to sell it at auction,” he said.

SELL FOR MELT: While the thought of melting artisan silver pains preservationists like Biro, if the pattern isn’t in demand, you may net more by selling the silver for its melt value than by selling the silverware as is. Find out what a pawn shop, a silver exchange or a jeweler would pay you for it. Like gold, the price of silver fluctuates.

At this writing, the spot price of silver was around $22 an ounce. But there’s more to the equation. Sterling is only 92.5% silver; the rest is usually copper. Knife blades don’t count because they’re made of stainless steel. You also need to factor in the cost of refining the metal, and the dealer’s cut. Note that anything silver-plated has almost no value.

DONATE IT: Giving your silver to a charity lets you help a cause you support and get a tax deduction. Find a legitimate donation venue, like a school, church or charity, so you can get a bona fide write-off. Document the donation with an appraisal, photo and receipt.

Join me next week when I find out what the silverware Mom left me would cost new today, and what it’s worth on today’s market.

Originally published on NoLaCom

To learn more:  Sterling flatware is a luxury not everyone wants these days.