On your way up the smithing skill latter you might want to make a suit of this while between your banded and Fine Steel stages. Smithing is expensive and the charisma this adds is helpful with getting good prices. You will probably be making ornate anyway after banded and before Fine Steel. Yes silver is cheaper than electrum, but the price increase from silver bars to electrum is offset by the better prices you will get wearing while selling. Even the increased price of gold might be worth it in the charisma gain gotten from the gold upgrade. I'm not totally sure on that though. But definately get a suit of electrum. Unless of course you already have great charisma stats.