OK here's the skinny...

When shooting highly reflective items such as silver, glass, polished metal, etc. the best way to eliminate unwanted reflections and even out the the light to avoid blown out specular highlights is to create a light tent.

This will work in natural light and studio light situations. Basicaly all you need to do is surround the area of your subject with a white translucent material. This can range from nylon, to muslin to white bed sheets. The key is to completely surround the subject so that no other objects can be reflected. Once the basic tent is in place, cut a small hole that is just big enough for your lens.

Of course using a tripod to support the camera is almost a must, but I can assure you that using this technique will eliminate any unwanted reflections and give you a smooth even light.

The photo above used a sheet in front of the platter, but I did not have enough material on hand to completely surround it. Subsequently there are some unwanted reflection, but not bad for a limited set-up.