Offshore Capitalist

Harrods reports strong sales of gold with the 100 gram bar the most popular

Gold hovered around the $1,100/oz mark as the week closed having reached an all-time high on Thursday on a weaker US dollar and the continued appetite from investors for the precious metal’s haven attributes.

Demand for gold continues to be strong with Harrods recently getting in on the act by selling gold bars and coins to its upmarket customers. The Knightsbridge store has been selling investment-grade bars and coins including sovereigns, South African Krugerrands and American Eagles from its lower ground floor since mid-October.

And it says that the response has been strong. Chris Hall, head of Harrods Gold Bullion, said: “The response has been astounding. Bars are definitely more popular than coins. The 100-gram bar is the most popular.”

Bullion coins and small bars have long offered private investors an attractive way of investing in relatively small amounts of gold which are exempt from VAT. Bullion coins and small bullion bars contain a minimum of 99.5pc fine gold.

The Uk has also seen a gold party craze, where guests swap jewellery for cash over the latest Jamie Oliver recipe, and we’ve had the gold chocolate bar. Cadbury recently made the “world’s most expensive chocolate bar” – a gold-leaf-covered special edition of its Wispa bar, priced at £961.48.

The problem for would-be investors is whether they are joining the gold party too late. Gold has already returned more than 20pc over the past year and the question remains: how high can the price go?

Gold bears are thin on the ground – only last month in a survey of 1,750 customers of Barclays Stockbrokers, 40pc of respondents said they expected the gold price to rise, while 20pc predicted that the price would remain steady.

A recent poll of delegates at the London Bullion Market Association’s annual conference predicted that gold would be at $1,181 in 12 months. The poll covered 368 traders, analysts, miners and central bankers.

via Gold: investor demand remains strong as price hovers around $1,100/oz – Telegraph.

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