Merlin Marrjohnson

Luxury Goods SpecialGold

Metal most attractive

Golden days, golden child, as good as gold, heart of gold, golden oldie – from the cradle on, gold plays an important part in our language and imagination. The word ‘gold’ is used in praise, celebration, congratulation and reward. Yet few of us have any notion of where it comes from, or even why gold is so admired. For centuries gold was a symbol of romantic adventure, excellence and wealth. Sadly, it is increasingly a symbol of vulgarity and crass ostentation. This was epitomised by Gerald Ratner’s famous admission in 1993 that his 9-carat jewellery was ‘crap’. These days, it is more likely to be associated with new money, ‘gold-digging’ footballers’ wives and gangsta rap stars. All in all it seems that gold, if it can be seen and touched, has an image problem.

It is a great shame that gold has become non-U, because it is a durable and risk-free asset. The press has cottoned on to this – a number of newspaper reports have been touting gold as a safe haven, the ultimate asset of last resort. Gold has been winning column inches in the financial pages, usually the preserve of the 25-year mortgage, a pension and an ISA. It may have taken three consecutive years of stock-market declines, a housing market fit to burst, terrorism and war, and economic stagnation to boot, but now, finally, gold is appealing to the media again – if not to the general public.

The British, however, can be forgiven for proving slow to react to the recent spate of articles about gold. Unlike our fellow Europeans, we have not had to keep a portable store of wealth tucked under our floorboards hidden from marauding armies. It has also been a long time since gold played a visible role in the common portfolio of assets.

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