Island Life Magazine Ltd April/May 2010 | Page 77

antiques Island Life - April/May 2010 Antiques and Collectables - After the Gold Rush By Philip Hoare - F.T.V.I It is during difficult financial times, moments of monetary crisis when markets collapse and banks lose their infallibility that people turn to that ever popular metal for investment, one that holds its value in recession and keeps the pounds, dollars and yen safe and valuable: GOLD! Over the last two years, during the economic downturn, there has been a sharp rise not only in value but in the purchase of gold for investment. Due to its relative scarcity gold has always has a significant value within societies; it is highly regarded and has been since the beginning of recorded history. It can be used as decoration in embellishments for ornamentation and for sculpture and jewellery. Until recently most currencies were backed with gold reserves. Between 1999 and 2002 our then Chancellor of the Exchequer, Gordon Brown and now our Prime Minister sold off half our reserves – a most regrettable decision. What a pity he did not have them now! The Bank of England would not have had to print all that extra cash! It is important to realise that the value of gold bullion usually remains stable but the price of objects containing gold fluctuate not just with the carat quality of the gold itself but also as a result of the workmanship and whether the piece is embellished or inset with precious stones. For example, if you had a gold ring you would expect that it would realise at least the intrinsic value of the gold contained within it. Perhaps true for a plain gold band, but it is what is contained within the gold including its provenance that is of importance. Your ring may Visit our new website - www.visitislandlife.com contain a gem stone, or be enamel newspapers, of people receiving paltry decorated, and the ring itself could hold sums for their gold or not being paid a story of ownership that would seriously anything at all. Always take professional increase its value. It would be very easy, advice before sending your gold off to for instance, to part with a heavy 19th strangers by contacting an established century gold ring inset with gemstones Jeweller or professional Valuer. for a few hundred pounds when its true But beware, remember the old adage value would be several times more than 'when in doubt check it out'. Don't send its scrap value. A gold ring, you see is not off your gold jewellery you might regret just a ring of gold! and receive only a fraction of its true At the moment due to the depressed value - it might be a rare antique or even economic climate there are many worse nothing at all. Everyone seems to advertisements, in which the man or have jumped on the 'Gold Wagon'. I am woman on the television screen promise surprised there aren't gold buyers in all you cash for your unwanted gold. They the supermarket chains. even make it extraordinarily simple I have arranged for a specialist jewellery for you to give away your treasures by and silver valuer who will give free verbal sending you a stamped address envelope valuations every Friday between 11am with the plastic bag for your belongings. and 3pm at 'Rooms at the Top' 12 St It is vitally important that, before you James Street, Newport. go for the easy option and simply post off your heirlooms, you should get a Philip Hoare is a Fellow of the Trade valuation or appraisal of your items. Valuers Institute How do you know that what you are Mob: 07773 877 242 sending off isn’t worth a small fortune? Email: [email protected] There have been numerous reports in the Tel: (01983) 523331. 77