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Harriet Kelsall
10th October 2008 15:32

Buying precious metals

 

With the market in freefall and the stock markets hitting record lows it is a strange time on the precious metal markets and so I have been looking into my crystal ball.

Everything including commodities has been in freefall for the last few days. This means that right now the prices of gold and platinum are relatively low compared to where I would expect them to be. The reason I expect them to be higher is because when economic times are uncertain gold is considered to be a safe place to put your money - safer than a bank in Iceland for example (ahem). So when the economy is unstable gold prices shoot up as they did earlier this year. However at the moment everything is falling around our ears - so I wonder if people are just waiting and wondering what on earth to do right now in shock at the fall in the Western economy. So although the gold price is going up it hasn't shot up quite as far as I expect it to.

And the platinum price has been in freefall and is actually relatively low today.

I think that this period for platinum and gold will probably not last very long. When other stocks hit rock bottom, or as they continue to fall, I think that people will (as ever) start investing even more heavily in precious metals. This always seems to start with gold because this is the one that everybody has heard of but platinum will follow too.

Diamond prices - hmm - they will probably go up a bit too but not so fast and not so much as gold - but they too will rise I am sure.

I predict that in 2 or 3 months from now, the gold price will be about double what it is now and the platinum price will be similarly high too.

I think that gold will be going up every day now and so in 2 weeks from now it the gold price will be already be considerably higher than it is today.

The reason I'm telling you this is that if you are teetering on whether to make a decision right now on an engagement or eternity ring - and wondering whether to wait a couple of months, my advice is don't wait as your quote is likely to be much higher in a few months.

If you are planning a wedding next year and we've given you wedding ring quotes - and you have told us that you will pop back nearer the time to start them off, do contact us and get a requote now and consider getting them made ahead of time if you can. I promise I'm not trying to go the 'hard sell', I just don't want you to end up delaying and have this causing you extra expense next year.

I may not be right - I'm not a financial analyst - but this is what my intuition and experience is telling me.

Harriet Kelsall
 

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  • Harriet Kelsall Jewellery Design, North Barn, Fairclough Hall Farm, Halls Green, Weston, Hertfordshire, SG4 7DP, England
    Phone: +44 (0)1462 790565 Fax: +44 (0)1462 790140 enquiries@hkjewellery.co.uk
  • Harriet Kelsall Jewellery Design, 6/7 Green Street, Cambridge, Cambridgeshire, CB2 3JU, England.
    Phone: +44 (0)1223 461333 Fax: +44 (0)1223 365269 cambridge@hkjewellery.co.uk

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