Harrods Goes for Gold

As the year begins to draw to a close, the inclination to reflect on all that 2009 has brought can be hard to resist. One of the biggest evaluations of the last year of the decade will certainly revolve around the economic sector. And while many lost their shirts when the real estate bubble burst and soaked the masses through and through, there is one element that emerged victorious through it all.

Gold has been one of the stable investments to survive and thrive despite this year’s shift in global assets. Earlier this month, the gold-fixing prices in New York for a full-sized gold bar were approximately $466,000. And with the prices reaching a record-high in 2008, so much so that suppliers fought to meet the demand, capitalistic notions could not be resisted.

Harrods in London is hoping to jump out in front of the gold rush with its newest product line: bars of pure Swiss gold bullion. The luxury department store in Knightsbridge has put on display a miniature vault on the lower ground floor where customers can purchase anything from one-gram gold bars that are small enough in size to squeeze into a lipstick case, to the typical bar depicted in grand capers on the silver screen. Also featured in the new gold line up is a collection of coins that includes the British Sovereign, Australian Kangaroo, and American Gold Eagle.

As the Times Online recently reported, Chris Hall, head of Harrods Gold Bullion, said, “For many people this is a new and unfamiliar asset class that demands absolute trust. Up until now, however, London has had no well-recognized name serving this market. Harrods saw the opportunity to help individuals buy physical gold in a prudent manner.” And with the first-day sales reportedly quite successful, Hall was perhaps right on target in defining the Harrods customer as one “who might make a serious investment opportunity.”

Harrods is the first boutique in London to offer customers a method for making such an investment in the store.

Via: Times Online