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The self-styled top-person's store Harrods is to start selling “off-the-shelf” gold ingots to its customers from today.
The Knightsbridge institution is to cash in on rising demand for the “yellow metal” with a range of solid gold coins and bars.
The move comes as the gold price hit a new record high of $1,072 (£665) an ounce with investors seeking safe havens for their money in a volatile world.
Harrods owner Mohamed Fayed has teamed up with Swiss refiner Produits Artistiques Métaux Précieux (PAMP) to sell gold over the counter for the first time in its history.
The gold, including a “top of the range” 12.5 kg bar, will be sold on the lower ground floor of the store in the Harrods Bank.
It is claimed to be the only place in London where a shopper can walk in and come away carrying a gold bar without breaking the law.
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.”
Reader views (10)
I am jealous that in the UK, they tax gold. This means that while in the USA, they don't tax pure gold, there is a danger of complete confiscation. At least in the UK, they won't confiscate it, they will just tax it on the buying and selling when the economy gets bad. But if you just hold onto your gold, they will at least not take it from you.
- Neil Hampshire, Vancouver, BC, 26/10/2009 08:56
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Mark,
Not if you wish to purchase and physically carry it away with you.
If bought as a commodity on the commodities markets then you would be correct.
- Jimbob, Kensington, 16/10/2009 08:10
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12.5 kg bar?
I can't see them carrying it very far!
- Steve, Hackney, London, 15/10/2009 17:22
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Jimbob,
I'll think you'll find that gold sold in almost pure ingots/bars is treated as investment gold and are exempt from VAT.
- Mark, South-East London, 15/10/2009 16:23
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The question you should be asking what on earth has happened to Harrods ! The cheap supermarket it has become, selling chintz to the nueveauxs.... Class behaves differently, one does not purchase such materials over the counter. These lower class new riche should be ashamed of themselves ! Why has EVERYTHING been lowered / dumbed down ...
- Mr Gold, London, 15/10/2009 15:22
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Not really an investment as gold prices are throught the roof at the moment.
it should also be noted that you will be paying VAT on the ingots.
Best place to buy is the far east, no VAT and surprisingly easy to come by.
- Jimbob, Kensington, 15/10/2009 13:36
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Can I have one?
- Irene, Didcot, 15/10/2009 13:21
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Jan, you can carry home one of those £500K gold bars in a handbag. Terribly convenient. I might get two. I've heard they form excellent book ends.
- Phil Jones, London UK, 15/10/2009 13:10
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Goes to show why there should be more income tax bands!
We also need to tax UK residents on world wide Assets and Income like the rest of the world.
- Jonathon, Twickenham, 15/10/2009 12:57
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Brilliant! It is alright for the rich people. I am struggling to pay my mortgage after being made redundant and the rich are able to buy gold ingots!
- Jan, Romford, 15/10/2009 12:11
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