[Jewelry making - Article 01147] - Re: [Orchid] Jewelry in the 80s

[Ettagale]

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Dear folks,

    Let's watch our facts when we're talking about gold. Richard Nixon
    resigned on August 8, 1974, so obviously was not around in 1978 to
    make any kind of policy. 

    Gold was set loose by Nixon on Aug. 15, 1971; it then began to rise
    in increments, moving slowly up to $200 and $400 until it reached the
    $600 level in 1980. It did hit $850 on one day in 1980 and then
    immediately started back down again. 

    "Gold bugs" then were predicting $1000 gold, just as they are again
    today. 

    There is a big difference between then and now: both China and India
    are huge consumers of gold and are competing for the same product you
    use to make jewelry. 

    Everything I've heard from jewelers through the years points to one
    answer: buy what you need, when you need it, and increase your prices
    accordingly. Consider how much of the value is the gold content.
    Don't mark up the piece across the board by the increase in price of
    gold. 

    One last word about melting down gold pieces: one of the stories I
    did in 1980 during the gold craze concerned a refiner on the Bowery
    in New York. He told me that some of the work they were melting was
    much more valuable for its artistic content but customers didn't have
    the patience to wait and sell it for that reason. Consider what
    you're melting before you toss it in the furnace. 

Ettagale Blauer

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