By Dan Ferris in the S&A Digest:
Sign of a top for gold? Harrods, the upscale English department store, will start selling gold bullion and coins over the counter today in its West London store – as the precious metal trades near its all-time highs.
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." Another employee claims Harrods is "the only location in London where investors can purchase a 12.5kg gold bar 'off the shelf'."
Toppy as gold looks, I have to admit that, if I never say the words "top" or "bottom" again as long as I live, I'll be a better, smarter, and happier man. I buy gold today at $1,000 for the same reason I bought it 10 years ago at $300 – because I like to save what I earn.
What Mr. Market or anyone else says about gold's value relative to the U.S. dollar is the last thing on my mind. If the dollar price of gold falls back to $300, my gold buying will continue unabated.
Crux note: The S&A Digest comes free with a paid subscription to Dan Ferris' Extreme Value. Dan is currently recommending a true rarity in the gold industry- a deep value gold stock with the legitimate potential to return 28 times your money. Learn more about Extreme Value
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