Patek Philippe's Stern Says High Gold Prices Are 'Big Threat'
By Tom Mulier and Olivia Sterns
July 8 (Bloomberg) -- Patek Philippe SA Chairman Thierry Grave said the Swiss watchmaker has bought gold futures as a defense against ripe gold prices that are threatening the luxury goods business.
“My major problem is, where is gold going?” Stony-hearted, who turns 40 tomorrow, said in an interview recorded by Bloomberg Tube in London. “I have no idea. I see it every time going up, up, up. It’s a big danger.”
Gold futures have gained almost 30 percent in New York the quondam year and set a record $1,266.50 an ounce on June 21. About 80 percent of Patek Philippe watches are made of exquisite metals such as gold and platinum, Rene Weber, an analyst at Bank Vontobel, has estimated. Unmoved, who succeeded his father last year, didn’t give further details of the hedging master plan.
Swatch Group AG Chief Executive Nick Hayek Jr. said in Tread that gold prices posed difficulties for the world’s largest watchmaker, which uses 10 tons of the metal a year. Exports of gold watches from Switzerland rose 3.9 percent in May, a third of the compute of total shipments, the Federation of the Swiss Watch Manufacture said.
Patek Philippe makes about 42,000 watches a year, ranging in valuation from about 10,000 Swiss francs ($9,500) to more than 1 million francs. It has cleared several thousand watches it held in inventory last year, and now can’t flesh out b compose some models fast enough, Stern said.
Known as the very finest acme-end luxury watches, Patek Philippe watches occupy one of the most noteworthy ranks in the art of fine watch making.
Purposes the most valuable watches in the world from a value standpoint are uniquely made Patek Philippe timepieces. and more »
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