On Friday, Women's Wear Daily released a sneak peek of Chanel fall 2008 beauty color collection and I have to wonder if the recent spike in gold prices were an inspiration to Peter Phillips, the new creative director of makeup. The collection will come out in July and will be followed in October by Philips' holiday collection. Phillips tells WWD that he choose gold because of the warm metallic colors used in Coco Chanel's apartment on Rue Cambon.

The collection includes Gold Fiction, the nail polish for $30; Facettes D'Or, a loose powder with a golden glow for $56; Gold Light Glossimer lip gloss, $26; Rouge Hydrabase lipstick shades in copper, plum and coral for $27 each, and a quad eye shadow palette with gold, coffee, ivory and dark green eye colors for $56. In a time of economic turmoil will women want to to wear gold on their fingers and toes? Chanel is hoping the new gold nail polish is the next Vamp or Black Satin but it seems an awfully opulent color for an uncertain time.