As the rest of Britain edges towards the green shoots of recovery, Harrods’ customers do their bit to kick-start the economy. Produits Artistiques Métaux Précieux (PAMP), a Swiss refiner has joined forces with the department store, allowing them to sell gold over the counter. The gold is on sale at the Harrods Bank branch, which is on the lower ground floor of the West London emporium.
The aim is to provide wealthy private investors with a new alternative, in the light of plummeting property prices and poor interest rates. The current weak price of the dollar makes the gold an even more attractive prospect, as its price is now at a record high at $1,072 for an ounce.
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The managing director of PAMP, Mehdi Bakhordar 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’.’
Although renowned for its gold and green livery, this is the first time that Harrods has ever sold bullion. ‘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,’ said Chris Hall, head of Harrods Gold Bullion.