The company sent a letter on May 18 to customers informing them of the increase.
“The reason [for the increase] is pretty straightforward--the cost of silver just keeps going up,” explains Earnest Thompson, Guardian marketing and brand management. “Precious metal prices overall have increased dramatically during the past year. Silver is a major component of mirror manufacturing, so as a mirror manufacturer, we at Guardian could no longer absorb the significant cost increase. It is a business decision that had to be made by our management team.”
According to the letter, “The surcharge will be levied on a per square foot basis and will be adjusted quarterly …
Beginning the third quarter, the surcharge will be based on the average price for silver as published by London Bullion Market Association for the 12 weeks prior to the 15th (or prior business day) of the last month of the preceding quarter (March 15th, June 15th, September 15th, and December 15th).”