HARRODS MOVES INTO THE RETAIL GOLD BULLION MARKET

LONDON LUXURY GOODS DEPARTMENT STORE HARRODS, LONDON, IS MOVING INTO THE PRECIOUS METALS MARKET WITH THE LAUNCH OF A SERVICE TO SELL INVESTMENT-GRADE GOLD BULLION BARS AND COINS TO CUSTOMERS. THE MOVE COMES AS GOLD PRICES HAVE BEEN GOING THROUGH THE ROOF. ON WEDNESDAY, THEY HIT ANOTHER RECORD HIGH OF $1158 AN OUNCE. BASED ON THURSDAY'S GOLD FIXING PRICE IN NEW YORK, A SINGLE GOLD BAR WOULD COST ABOUT $462,440. MALCOLM MCLEAN, GENERAL MANAGER OF HARRODS BANK, TOLD REUTERS THE COMPANY SAW A GAP IN THE MARKET FOR A WELL-KNOWN RETAILER TO ENTER THE INCREASINGLY HIGH-PROFILE GOLD MARKET. "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", HE SAID. SINCE MONDAY, HARRODS HAS BEEN SELLING SWISS-SOURCED INVESTMENT GRADE BARS AND COINS, INCLUDING SOVEREIGNS, SOUTH AFRICAN KRUGERRANDS AND AMERICAN EAGLES, FROM THE HARRODS BANK PREMISES ON LONDON'S BROMPTON STREET. HARRODS WOULD NOT BE DRAWN ON THE SALES VOLUME SEEN BY THE STORE SO FAR, BUT MCLEAN SAID FEEDBACK FOR THE UNIQUE SERVICE HAD BEEN POSITIVE. "WE ARE VERY MUCH LOOKING TO THE HARRODS CUSTOMER, AND THE CUSTOMERS OF HARRODS BANK ITSELF", SAID MCLEAN. "BUT WE ARE OPEN TO THE GENERAL PUBLIC." PRICES VARY ACCORDING TO THE SPOT PRICE OF GOLD, THE AMOUNT OF BULLION ORDERED, AND THE TYPE OF PRODUCT SELECTED. THE STORE OFFERS A SECURE SAFETY DEPOSIT SERVICE, WITH ITS SMALLEST BOX AVAILABLE FOR $411 A YEAR AND CAPABLE OF HOLDING THE LARGEST INVESTMENT PRODUCT HARRODS OFFERS, WHICH IS A 12.5kg BAR. "THE CUSTOMER CAN TAKE THE GOLD AWAY WITH THEM IF THEY WISH, OR THEY CAN ARRANGE FOR IT TO BE DELIVERED TO WHEREVER THEY CHOOSE", MCLEAN ADDED IN THE REUTERS INTERVIEW.