You have enough to do whatever.

Now if you only had some silver, then I'd say the cauldron upgrade/butcher's table.

The next level of food is always best IMO as well as cheap upgrade. Course after that the cloak is not a bad idea since it takes so little silver. I see above some say chest piece but the lvl 1 chest piece is same as upgraded iron, so IMO ==> butcher's and wolf cape. Then shield and then a weapon(s). Last is armor.