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Thursday, October 15, 2009

Harrods to sell gold bullion for first time - Telegraph

Harrods to sell gold bullion for first time - Telegraph: "Harrods to sell gold bullion for first time
It is renowned for its glitzy clientele and upmarket Knightsbridge location, but shoppers at department store Harrods will from today be able to buy the ultimate luxury accessory – gold bars.


By James Hall, Retail Editor
Published: 12:01AM BST 15 Oct 2009.
Harrods is to sell gold bars and coins over the counter.

From this morning, Harrods will start selling gold bullion and coins over the counter.

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.

Poor interest rates and falling property prices have left wealthy investors looking for alternative asset classes to put their money into. A weak dollar yesterday pushed the gold price to a record high of $1,072 an ounce.

Chris Hall, Head of Harrods Gold Bullion, said: '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-recognised name serving this market.'

'Harrods saw the opportunity to help individuals buy physical gold in a prudent manner.'

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."

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