inflation

Stock up on Jewelry: Hyperinflation on the Way

If the fears of hyperinflation are realized, you'll look back with pride on your luxury purchases. All that money you've sunk into custom jewelry and top-of-the-line stones will make you look like an absolute genius. Well, that's the position of South African billionaire Johann Rupert, and I'd take the advice of a guy who can be described that way.

According to Bloomberg News, the told investors, "If we enter hyperinflation, you're going to be so glad that you bought that stuff two months or six months ago." He added, "If inflation picks up, you're going to see people running into your stores, buying high jewelry."

Will inflation cause a mob to form outside the Cartier store on Fifth Avenue? Well, I don't think I'd worry too much about the pushing and shoving, but being ready to throw an elbow probably isn't a bad idea.

Of course, Rupert has something to gain – his company, Richemont, is the world's second largest luxury goods maker (behind LVMH). In his talk with investors in the company controlled by his family, he forecasted "normal growth" with luxury sales showing signs of recovery this month and next.

Tags: billionaire, billionaires, cartier, Fifth Avenue, FifthAvenue, hyperinflation, inflation, luxury goods, LuxuryGoods, lvmh, LvmhMoetHennessyLouisVuitton, Richemont, wealthy

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True Cost of Christmas 2006

by Nicole Weston (RSS feed) —

One of the most well known Christmas carols enumerates the gifts for the twelve days of Christmas that most of us can appreciate for the sake of tradition, but would rather not receive. I am referring to the 12 Days of Christmas and, despite the fact that any of us are likely to be gifted lords a leaping, geese a laying or a partridge in a pear tree, the PNC has used them to continue their tradition of working out the annual Christmas Price Index, which calculates the cost of all of the items included in the famous carol and is considered to be a rough indicator of the state of inflation in the economy. For 2006, the cost of all 364 items on the list - since the previous gifts are repeated on the following day by a "true love" - $75,122.03, a 3.5% increase over last year. For the internet shopper (although one who probably did not take advantage of free shipping) the cost comes out to $125,767.32.

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Tags: christmas, economy, holiday, inflation, shop, shopping