Silver and gold prices are down 1% compared to two years ago while chicken and beef prices skyrocket a combined 23%
- Commodity price proxy for the most common Valentine’s Day gifts has risen 12% over the past two years, less than overall US consumer price inflation
- Silver and gold prices are down 1% compared to two years ago, helping make a piece of jewelery the ‘best value’ gift when compared to a dinner out at a crowded restaurant
Tuesday February 14, 2023 – There is relatively good news for Americans afraid that the pinch of inflation might ruin their romantic celebrations this year. According to the Valentine’s Day Index by social investing network eToro, a piece of jewelry is comparatively the ‘best value’ gift you can give to your sweetheart, with silver and gold prices combined down around 1% from two years ago. Compared to other Valentine’s Day classics, a new bracelet may prove easier on the wallet than a steak dinner.
The index looks at Valentine’s Day essentials such as jewelry, candy and a meat-based dinner by analyzing the commodity prices of gold, silver, cocoa, sugar, beef, and chicken. The cumulative value of the six commodities has risen 12% in the past two years, less than the 14% increase in overall US consumer price inflation recorded in the same timeframe. The figure is also less than the 31% increase in broad based commodity prices as measured by the 22-member Bloomberg Commodity Index.
With commodity prices typically a major driver of consumer prices, this is some rare positive news as romantics prepare for February 14th. A dinner out may be the present weighing heaviest on consumer wallets compared to past Valentine’s Days, with the protein price proxy of beef and chicken prices increasing 23% since 2021 as producers, restaurants and households feel the pressure from utility bills. A box of chocolates might be a more affordable choice, with commodities like cocoa and sugar rising a lesser 17% on average.
Callie Cox, US Investment Analyst at eToro, commented: “This may be the year to ask for that piece of jewelry you’ve always wanted. Inflation may have ravaged our wallets, but it hasn’t touched silver and gold prices as much as other items. On the other hand, you may be shocked by some of the prices you’ll see on a Valentine’s Day menu. This is why inflation is so pernicious – it shows up everywhere in our daily lives, even on a day that’s supposed to be about love and happiness.”
**ENDS**
Notes to editors:
(1) eToro Valentine’s Day Index is a simple weighted index of spot gold, silver, cocoa, sugar, beef, and chicken commodity prices. Data collected on 1/27/2023, from Refinitiv, full data below:
| Commodity | Price in 2021 | Price in 2023 | % increase |
| Gold $/oz | 1,848 | 1,928 | 4% |
| Silver $/oz | 25.26 | 23.96 | -5% |
| Cocoa $/ton | 2,380 | 2,573 | 8% |
| Sugar $/lb | 15.19 | 19.51 | 28% |
| Beef $/lb | 1.16 | 1.56 | 35% |
| Chicken BRL/kg | 5.94 | 6.5 | 9% |
(2) Data from the US National Retail Federation (NRF) survey on US consumer forecasted spending for Valentine’s Day in 2023. NRF conducted this survey of 7,616 U.S. adult consumers Jan. 3 through Jan. 11. Source here.
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