Wednesday, 12th January 2005 (4537 views)

The popular uptake of any fashion item usually leads to thousands in the bank for the designer and a smile on the faces of the manufacturers. Not so when it comes to gold, according to a report by Reuters.

The popularity of gold jewellery among Britain's urban underclass and the US hip hop crowd, could in fact be harming gold sales say gold analysts, with the elite less likely to shell out thousands for an item of jewellery also sported - often in fake metal - by the ordinary "chav" on the street.

"Bling-bling" and chav fashion threatens a serious depreciation in the price of gold, analysts fear, as gold jewellery sales which account for around 80 per cent of overall gold demand show signs of wavering.

Those with the money to spend on 24-carat medallions are less likely to do so in this age where fake gold adorns the streets of the UK in the same way Britannia once ruled the waves, and whether it's a prime example of ruling class snobbery or not, gold runs the risk of serious devaluation.

According to Reuters statistics, gold was exchanging hands for US$437.00 an ounce after the Christmas and New Year break and has already dropped in price to approximately $422 a troy ounce on Tuesday.

The blame for this as well as many other societal ills is being laid at the white trainers of Britain's latest youth phenomenon.

 

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