Gold Continues to Soar

From the Financial Times (UK Edition), March 1, 2008:

The soaring cost of gold and platinum is causing pandemonium in the UK's jewellery market as retailers and private owners rush to reappraise the value of necklaces, brooches and rings.

Jewellers in London's Hatton Garden - the capital's jewellery quarter - are raising the price of wedding bands on a weekly basis, with less-expensive palladium rings now coming into vogue. And insurers are urging clients to get
another assessment of the value of their jewellery collections in response to the rapid rise in the price of precious metals, sparked by investors seeking refuge from volatile stocks.

"The price of platinum has been going up so fast, we're quoting people prices for platinum wedding bands on a Saturday and saying we can't guarantee the same price on Monday.

Scores of jewellers and private investors have also had expensive articles reappraised to be sure they are not caught out in case of loss or theft.

The price of gold hit a record $975.90 yesterday, ending European trading at $970.40 a troy ounce, while platinum hit a record $2,158 a troy ounce last week.

It is an excellent idea to have your better and heavier gold jewelry reappraised for insurance purposes. You'll find that over the last three years prices have at least doubled. In the case of some Swiss Made gold watches, the price for a replacement watch has tripled.

Have your diamond jewelry reappraised, too. Diamonds continue to increase in price, although not as rapidly as gold. Still, the effect on replacement costs can be staggering.

Bargain hunters should shop local jewelry and on the Internet for dealers who have been slow to adjust prices. There are many items on-line at prices well below the new dealer cost.

There has literally never been a better time to go treasure hunting.

The Skyrocketing Price of Gold

Although this is a watch forum, I would really be remiss if I didn't point out the stunning increase in the price of gold over the last few days.

We are already seeing some gold watch manufacturer's raising the prices of their watches and others attaching a surcharge for the amount that gold rises above the $600.00 per ounce benchmark.

Here is a live active chart for the price of gold from the folks at Kitco:




As I write this entry gold is hovering around $733.00 per ounce, the highest prices in over 30 years.

Ultimately this will affect the prices of gold electroplated watches, too. And the gold jewelry on our Gem of the Day website is being heavily affected.

The good news is that all the gold you already own is increasing in value. Certainly it has always made sense to have gold, precious metals and other commodities as part of your savings portfolio. But your gold jewelry is increasing in value, too!!

If you're planning to purchase a gold watch or gold jewelry please callus TOLL FREE at 1 (888) 243-6329 and we can discuss the best values and the opportunities presented by certain manufacturers who are holding the line on increases at this time.