Harrods to sell gold bullion for first time
Harrods to sell gold bullion for first time
In a sign that the credit crisis has left his gilded customer base largely untouched, Harrods owner Mohamed Fayed has teamed up with Produits Artistiques Métaux Précieux (PAMP), the Swiss refiner, to sell gold in the store.
Aimed at private investors, the gold will be sold at the Harrods Bank branch on the lower ground floor of the West London store.
Mehdi Bakhordar, managing director of PAMP, said: "Harrods stock our full range and are now the only location in London where investors can purchase a 12.5kg gold bar 'off the shelf'."
Harrods, famed for its gold and green livery, has never sold bullion before.
This is an AMAZING move by Harrods. It shows that wealthy people are very worried about the value of fiat currency. It shows that companies are recognizing this fact and providing the market place with supply because the demand is there. It shows that companies are starting to not believe, or at least not care, what the government is saying.
How long before the merely well-to-do people start understanding, seeing, or copying what the wealthy are doing?
So, a 12.5kg gold bar weighs 27.6 lbs. That's 440.923 oz. At the going market rate of about $1100/oz, that bar costs $485,016.98. Harrod's is also going to mark it up to for profit. Imagine walking in and charging half a million dollars to your credit card and walking out with a gold bar in a suit case? Would Harrod's be kind enough to drive the bar around in a security truck to your destination of choice?