GOLDEN GIRLS
ampires. Sex. Gold. Three
things, we’re told, that enjoy
a huge resurgence during
V
times of economic recession.
But while we’ll always adore
Agent Provocateur and perhaps guiltily
watch Twilight, it’s gold that’s getting the
world really excited. Gold was on the faces
of models at MAC and was covering Emma
Watson on the front row at Burberry
Prorsum, but the most covetable gold
of all is the shiny metal itself.
“We’ve seen a huge surge in sales of gold
jewellery over the last six months, as well as
designers choosing to work with this metal,”
says Helena Sotiriou, jewellery buyer at
Harvey Nichols. “With the current weakness
in global economies, people want to invest
their money in key items that will last them
season upon season. Gold has a massive
appeal both because of its versatility and
its ability to hold its value. On one hand,
it’s the epitome of classic luxury, while in
contrast, it can be both edgy and cool.”
But it’s not just jewellery seeing a surge
in sales. Last week, Harrods announced it
was to start selling gold bars and coins, and
the price of gold soared to an all-time high
of £665 per ounce, as investors seek out
safe investments. The precious metal has
regained its status as a serious investment
opportunity and suppliers are struggling to
keep up with demand.
Graham Birch, manager of the Black
Rock Gold and General Fund, says: “Gold
operates outside the banking system. It will
retain its value even if the banking system
collapses.” Gold has always soared in value
at times of economic unrest, functioning as
an ‘anti-dollar’ – high when the dollar is
low, and vice versa.
Elizabeth Carlassare, economist and
author of the moneygirl.com podcasts,
explains: “Gold acts as a safe haven
because the supply of gold is constrained
– it increases in worth very slowly as gold
is mined – which helps the metal hold its
value. In ancient Rome, a single one-ounce
gold coin could buy a quality toga, a pair of
sandals, and a belt. Today, the same is true:
THE PRICE OF
GOLD HAS SOARED
TO AN ALL-TIME
HIGH OF £665
PER OUNCE
a single one-ounce gold coin is about £480,
enough to buy a good-quality suit, shoes
and a belt.”
As well as its obvious visual appeal, it’s
gold’s scarcity that cements its place in our
hearts... and our safety deposit boxes. In all
of history, only 161,000 tons of gold have been
mined, barely enough to fill two Olympic-size
swimming pools. The downside to its scarcity
is that it’s getting increasingly difficult
to find, and when we say ‘difficult’
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