On Monday, The Street reported the prices for precious metals rose to an all-time high with gold settling at $1,509.10 an ounce at the New York Mercantile Exchange, and silver settling at $49.82 an ounce.
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Now, investors are buying into the precious metals market as an alternative to the weakening dollar. This, in addition to our nation's growing deficit and risk of global inflation, is what The Street finds to be "the most recent catalyst" for the metal madness.
What seems to be a great opportunity for investors is not so great for jewelers. Gold and silver are on the rise which means so are the prices for their merchandise, i.e., engagement rings and wedding bands.
USA Today says Zales, a leading jewelry chain, has already increased their prices for select gold merchandise, and jeweler's are looking to cheaper (but still durable) wedding band alternatives such as titanium, tungsten and steel. 5 Weird And Notable Engagement Rings
So what exactly does this mean for your lonely ring finger?
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It means gold rings and bands will (for now) be less common and, according to the Toronto Sun , silver and platinum will continue to outshine gold.
Though platinum doesn't quite roll off the tongue the way gold or silver does, just remember that Kate Middleton's 12-carat sapphire and diamond sparkler is platinum. Four Trends in Celebrity Engagement Rings