Any thoughts? Could it be trace amounts of metal? I have VERY sensitive skin.
I did a very thorough patch test and discovered I’m allergic to nickel and cobalt. When I told my dermatologist about the little red bumps I got from wearing my Apple Watch (which was marketed as nickel-free), he got really excited and said, “Bingo! I’m actually writing a paper on this right now!” It turns out that in the U.S., products can be labeled as “nickel-free” even if they contain up to a certain percentage of nickel, similar to how “fat-free” foods can still contain a small amount of fat.
This misleading labeling can cause allergic reactions in people who think they’re avoiding their allergens. My dermatologist is working to change the law to ensure companies like Apple are more transparent about their product labeling.
While this might not be the exact issue you’re facing, it’s a possibility to consider.
It reminds me of how “fragrance” can mean almost anything, “unscented” products can still contain fragrances, and “fragrance-free” doesn’t necessarily mean there are no essential oils.
I’m very allergic to nickel and a few other metals. Even some 14k gold can cause a reaction for me. I’m not sure what alloys are in it, but I do better with 18k gold. I haven’t tried silver in a while, but my ears are especially sensitive.
That’s exactly my situation. I had to switch to gold from a jewelry store to avoid reactions. I still wear cheaper jewelry for parties or events, but for everyday use, I stick to gold.
I generally use hypoallergenic products, but I might have to switch to gold. My body has expensive taste. 
I’m the same way. Just accept it and buy fewer pieces, considering them as investments. Pure silver (not sterling silver) jewelry should work well too.
Have you tried 18K gold plated jewelry? It might be a good option.
Gold plated jewelry is even worse. The plating eventually wears off, exposing the underlying metal, which can then react with your skin.