Buy Gold in Harrods as Precious Metals Go Retail
Source: GoldSeek, Peter Cooper (10/15/09)
". . .London department store Harrods is to sell gold coins and bullion over the counter. . ."
Apparently Harrods is the only place in London where you can pick up a 12.5kg bullion bar off the shelf. One could imagine bumping into Jim Sinclair with his trolley loaded or some of the guys from The Daily Reckoning popping in for a bullion bar after lunch.
Harrods is better known for its smoked salmon and food hall and has never sold gold bullion in its entire history. But in retailing you always need to spot a trend.
Chris Hall, head of Harrods Gold Bullion, told The Daily Telegraph today: ‘The financial environment has kindled a new demand for physical gold among private investors in Britain. For many people this is a new and unfamiliar asset class that demands absolute trust. Until now London has had no well-recognized name serving this market.’
Harrods owner Mohamed Fayed, who made his first $50 million in Dubai as a controversial middle-man, has teamed up with Produits Artistiques Métaux Précieux, the Swiss refiner, to sell gold from the store.
Does this mark a market top for the yellow metal? Well they are not exactly queuing down the streets to buy the stuff yet. Perhaps we will need to wait for the Harrods sale.
Indeed, the price graph for gold is an upward slope and shows no sign of a blow-off just yet. So buying gold in Harrods might yet prove a good buy, although caveat emptor mark ups have always been on the high side at Harrods. You can buy gold far more economically elsewhere.