Harrods Begins Selling Swiss Gold Bars
Posted on October 16, 2009The Times Online reports that the Harrods store in London has started selling gold bars.
The Times says you can get a safe deposit box, vault or international service courier to go along with the gold bar purchase. That way you don't have to leave the store with your gold bar in a Harrods' bag. The Times says a a full-sized gold bar would cost about $466,000 based on the most recent price of gold in New York City. Gold has been climbing during the recession but there is no guarantee it will continue to do so.The store has formed a collaboration with the Swiss refiner Produits Artistiques Metaux Precieux. Though until now British shoppers have been able to buy gold online, Harrods is the first London shop to offer gold in-store. Customers can collect their purchase in person.
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-recognised name serving this market. Harrods saw the opportunity to help individuals buy physical gold in a prudent manner."
The store said it was seeing "high transaction values go through" after its first day of sales yesterday. A spokesman said it was catering to the tastes of its typical shopper. "It's the Harrods customer who might make a serious investment opportunity."