Harrods commences sales of Gold Bullion
Harrods revealed on Thursday (15th October) that it is planning to target wealthy investors by selling Gold Bullion.
The upmarket department store has been offering Swiss-sourced investment grade bars and coins at its Harrods Bank premises in Brompton Road since the start of the week.
General manager Malcolm McLean explained that the company made its decision on the basis of the ever-growing demand for Gold Investment in the current economic climate.
He told Reuters: "We have been very conscious of the fact that there has been an ever increasing amount of interest in the gold market, and in buying investment gold.
"We became very conscious that there is no well-recognised name out there which the general public can turn to and say, I know that name, I trust it, I want to buy from them."
Meanwhile, Axel Merk, who established the Merk Investments mutual fund in 2005, has added his name to the growing list of market observers predicting a bright future for gold.
He explained that the US government's huge outlay in response to the financial crisis is likely to significantly affect the dollar - which shares an inverse relationship with gold - for the foreseeable future.
In an interview with Reuters, he said: "I don't think [gold's rally] is overdone at all. It's going to be over when the policy makers come to their senses and the chance of that happening is very low.
"I wouldn't mind if the metal pulls back - I would buy some more. Of course it may happen, but I am not concerned about a pullback."
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