WEBVTT - Is Vintage Jewelry the Next Great Investment?

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Welcome to Marin Talk

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<v Speaker 1>Your Money, the personal finance edition of Merin Talk's Money.

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<v Speaker 1>In these bonus podcasts, we talk about the best strategies

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<v Speaker 1>for making the most of your money. I'm Marin Sumset,

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<v Speaker 1>web Editor at Large for Bloomberg UK Money, and in

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<v Speaker 1>this episode we're going to talk about it slightly less

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<v Speaker 1>conventional investment choice. Fine jewelry, vintage jewelry, antique jewelry, however

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<v Speaker 1>you want to talk about it, Jewelry that you are

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<v Speaker 1>not buying new now the time of market volatility and

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<v Speaker 1>ongoing inflation. Jewelry is not only held as value, but

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<v Speaker 1>in many cases it has appreciated more than many cases nicely.

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<v Speaker 1>So if you are thinking about this in terms of

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<v Speaker 1>real assets, how might it actually fit into your wider portfolio?

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<v Speaker 1>With me today is Emma Discibil, a former banker who's

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<v Speaker 1>now the director of Baroque Rocks, a company which specializes

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<v Speaker 1>in vintage jewelry, which is a keen eye for there's stuff,

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<v Speaker 1>and that has led to partnerships with various brands, including

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<v Speaker 1>fashion retailer Jigsaw and the label Paul Smith. Along the Way.

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<v Speaker 1>Welcome to Merin talks money.

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<v Speaker 2>Oh, it's wonderful, wonderful to be with you, meren.

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<v Speaker 1>Listen, let's just start back.

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<v Speaker 2>Tell it.

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<v Speaker 1>Tell me a little bit about what you do and

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<v Speaker 1>the type of jewelry that you are interested in and

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<v Speaker 1>that you sell.

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<v Speaker 2>Okay, so I sell predominantly vintage jewelry, and from those

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<v Speaker 2>nineteen sixties to early two thousand's vintage is quite interesting.

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<v Speaker 2>It's actually fifteen years old, the technical term for vintage.

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<v Speaker 2>But it's fine vintage jewelry, which has intrinsic value effectively.

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<v Speaker 1>Yeah, so when you say fine vintage jewelry, what you

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<v Speaker 1>mean is jewelry with actual gems and pressures, metals.

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<v Speaker 2>It's exactly. It's not costume jewelry. So it's anything from

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<v Speaker 2>nine carrot to fourteen character eighteen carrot. I don't go

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<v Speaker 2>any really higher than eighteen charrot because it just yeah,

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<v Speaker 2>it's just there's not really the marketplace for that. But

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<v Speaker 2>it's very much well. I love it because it's it's

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<v Speaker 2>got intrinsic value. It's also really funky, it's very cool. So, yes,

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<v Speaker 2>you've got your intrinsic metal value. You've got real gemstones

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<v Speaker 2>in there, which also have another value. And they're sustainable.

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<v Speaker 2>I think the second hand market is a bit like

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<v Speaker 2>driving a car off a fore cord. You know, the

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<v Speaker 2>moment you've driven a car, brand new car, it loses

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<v Speaker 2>some of its value, but there's still your secondary market.

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<v Speaker 2>And I think that's the same thing for Vince's jewelry.

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<v Speaker 2>There's very much this big secondary market.

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<v Speaker 1>Yeah, okay, So looking back at the jewelry before the

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<v Speaker 1>period when you're interested in buying jury, there are various

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<v Speaker 1>things that you can't really get anymore. There's old cut diamonds.

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<v Speaker 1>You sometimes see it auction, et cetera. I'm quite interested

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<v Speaker 1>in those because diamonds in particular, when you look at

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<v Speaker 1>the modern diamond world, do you think, why on earth

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<v Speaker 1>would you go into a shop and buy a piece

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<v Speaker 1>of diamond jewelry when we know that you that man

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<v Speaker 1>made diamonds are identical exactly, And so the value of

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<v Speaker 1>modern diamond jewelry like a little levy. But older diamond

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<v Speaker 1>jewelry maybe holds its value.

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<v Speaker 2>It very much does earn, especially old minecut diamonds. No

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<v Speaker 2>two are the same, and then a lot of them

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<v Speaker 2>were recut again in the twentieth century. So basically surviving

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<v Speaker 2>old mind cuts are actually becoming scarceer, so again, so

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<v Speaker 2>that's why the value's gone up.

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<v Speaker 1>But they don't. But they don't have quite the same

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<v Speaker 1>sparkle as a modern cut diamond.

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<v Speaker 2>No, they really don't. They really don't. But I'm real traditionalists,

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<v Speaker 2>so I don't touch lab growns. I will not touch them.

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<v Speaker 2>And that's ridiculous really, because chemically they have.

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<v Speaker 1>They are exactly the same.

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<v Speaker 2>They are exactly the same, but one is grown in

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<v Speaker 2>a test tube and the other one comes from the earth.

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<v Speaker 1>You might not touch them, and other jewelers might not

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<v Speaker 1>touch them, but nonetheless, it makes a diamond worthless, doesn't it.

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<v Speaker 1>A mind diamond is still worthless because of the existence

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<v Speaker 1>of lab grown dimonies. Someone told me about a decade

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<v Speaker 1>ago that if you were going to buy a diamond,

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<v Speaker 1>with the rise of lab grown diamonds, you should always

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<v Speaker 1>buy a flawed diamond or a colored diamond, which may

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<v Speaker 1>be one of the reasons why champagne diamonds, etcetera. Took

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<v Speaker 1>off a few years back.

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<v Speaker 2>Exactly they did, and actually, really the only diamonds that

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<v Speaker 2>have held their value recently are the fancy colored diamonds, pinks,

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<v Speaker 2>the blues, and they really are genuinely rare. I think

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<v Speaker 2>we're going back to the lab growths. There's no resale

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<v Speaker 2>market for a lab growner, So I'm going to go

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<v Speaker 2>back to my emotional earlier argument of it was formed

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<v Speaker 2>billions of years ago versus back in a laboratory.

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<v Speaker 1>Yeah. The key point is that a labyrin diamond is

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<v Speaker 1>never going to be an investment, but its existence devalues

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<v Speaker 1>your investment in mind diamonds.

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<v Speaker 2>Depends on when your diamond was. If it's an old mindcots,

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<v Speaker 2>then that's value. Yeah, it has to be. Sadly, it has.

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<v Speaker 2>I mean the prices are down fifty twenty percent, so yes,

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<v Speaker 2>you're right.

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<v Speaker 1>Yeah, all right, let's talk about other gemsy other gems?

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<v Speaker 1>What is popular? What is fashion?

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<v Speaker 2>Mom?

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<v Speaker 1>When I bought something the other day, I bought a

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<v Speaker 1>zircon ring. Everyone said to me, why would you buy

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<v Speaker 1>a man made them? Because people hear zircon and they hear.

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<v Speaker 2>Exactly.

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<v Speaker 1>But actually, this is a beautiful gem. But I think

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<v Speaker 1>it's really undervalued because no one recognizes it as being

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<v Speaker 1>the equivalent of.

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<v Speaker 2>A Selfhi, no, exactly, So zircons. I love a zircon.

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<v Speaker 2>I'll talk about the blue one. So the blue circons

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<v Speaker 2>really do rival the sapphires, and they are a fraction

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<v Speaker 2>of the cost. Obviously, because saphars again have going back

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<v Speaker 2>to dimons, diamonds, sapphars, emeralds, and rubies. With a big

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<v Speaker 2>four and those are the big four, then everyone else

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<v Speaker 2>is jostling for the next place. But within the jewelry world,

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<v Speaker 2>you can no longer talk about the big four. You

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<v Speaker 2>have to talk about all gemstones. But I'm still going

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<v Speaker 2>to talk about the big four.

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<v Speaker 1>Hang on, why aren't you allowed to talk about the

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<v Speaker 1>big four?

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<v Speaker 2>I think there are We can't call them the big

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<v Speaker 2>four anymore. You have, okay, just put them into a

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<v Speaker 2>slightly bigger bucket with everyone else, but zircons. If I've

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<v Speaker 2>got a chipped diamond in there, for example, sometimes I'll

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<v Speaker 2>replace it with a white circon, which again right balls

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<v Speaker 2>for diamonds. For they're brilliant blue circons. They're vastly undervalued,

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<v Speaker 2>So there I'd say they are a great investments. I

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<v Speaker 2>am going to if I may just take us onto

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<v Speaker 2>going back to the big four. Emeralds and emeralds are

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<v Speaker 2>part of the beryl family, and the reason I wanted

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<v Speaker 2>to talk about beryls are because going back to undervalued

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<v Speaker 2>gemstones are aquamarines and morganites, because morganites and aquamarines are

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<v Speaker 2>not an emerald, but they are in the same again

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<v Speaker 2>chemical formula, chemical makeup the same family. But again they

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<v Speaker 2>haven't had the marketing, they haven't had the history, they

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<v Speaker 2>haven't had the folklore that an emerald has enjoyed. For example,

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<v Speaker 2>because they were found discovered in nineteen ten, they don't

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<v Speaker 2>have the same market value.

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<v Speaker 1>Is it also about Is it also about rarity? It

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<v Speaker 1>is an emerald, what we think of as an emerald

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<v Speaker 1>and nice green color, etc. Is that more rare than

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<v Speaker 1>an ach marine or a morganite, Because I think one

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<v Speaker 1>of the big drivers here is rarity. No, really not no, So.

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<v Speaker 2>They're really rare. They are rare, but they just haven't

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<v Speaker 2>had the marketing around them. And that's why I always say,

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<v Speaker 2>actually have a look at when you're if you're buying jewelry,

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<v Speaker 2>look at the morganites, look at the acromarines. And what's

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<v Speaker 2>really interesting going back to diamonds, because a diamond market

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<v Speaker 2>has fallen so significantly, a lot of investors are pivoting

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<v Speaker 2>now to the colored gemstone market, and that's been very

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<v Speaker 2>interesting and people are asking me for different colored stones,

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<v Speaker 2>et cetera, et cetera. Another fascinating undervalued gemstone, in my opinion,

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<v Speaker 2>is a spinell. Now, I don't know if you know

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<v Speaker 2>what a spinella.

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<v Speaker 1>I don't visit you, okay.

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<v Speaker 2>So spanell is really exciting. So in so, when King

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<v Speaker 2>Charles had his coronation back in twenty twenty three, he

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<v Speaker 2>wore out of Westminster Abbey, he literally strutted off wearing

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<v Speaker 2>the black Prince's ruby in the Imperial straight crown. Right

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<v Speaker 2>apart from that ruby in the State crown that hangs

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<v Speaker 2>just above the visible just above the cross, is not

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<v Speaker 2>a ruby. It's a spinel. It's still referred to as

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<v Speaker 2>a ruby, okay.

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<v Speaker 1>And is it the same chemical makeup?

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<v Speaker 2>Is it no different, totally different gemstone? It's and it's

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<v Speaker 2>found from Burma. But basically for centuries, miners didn't distinguish

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<v Speaker 2>between the two, between a ruby or a spanel. They

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<v Speaker 2>couldn't tell the difference. Then they went into the labs

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<v Speaker 2>where they were properly assessed and discovered that they're very different.

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<v Speaker 2>Why they're compelling now is that there's no lab grown disruption.

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<v Speaker 2>They're very underpriced equivalent to rubies and auction prices again,

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<v Speaker 2>the collector base of growing and the color range, just

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<v Speaker 2>like diamonds, is quite large.

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<v Speaker 1>Burmese rubies used to be all the raids, right. Is

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<v Speaker 1>it possible that quite quite a few of the things

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<v Speaker 1>that were flagged as Burmese rubies are actually spinels?

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<v Speaker 2>I would say they probably are one hundred percent yeap interesting.

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<v Speaker 1>Okay, Here's another gem that I've always been interested in,

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<v Speaker 1>which is relatively new one. I remember when the first

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<v Speaker 1>marketing campaign for it started about twenty years ago, which

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<v Speaker 1>is tanzanite, which apparently only comes from one mine at

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<v Speaker 1>the bottom of Kilimanjaro, et cetera. There is this huge

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<v Speaker 1>Marilani Hill exactly huge marketing campaign around it about twenty

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<v Speaker 1>years ago, and they then they seem to lose traction.

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<v Speaker 1>But I saw an auction the other day. Quite a

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<v Speaker 1>few tanzanites come up, tansanit rings, etctera come up, but

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<v Speaker 1>what looked like reasonable prices in line again with I

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<v Speaker 1>don't know, peridose or they're sort of not big four gems.

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<v Speaker 1>What's going on with tanzanites.

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<v Speaker 2>Again, going back to the rarity. I love wearing something

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<v Speaker 2>that is rare, that has a story behind it. And

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<v Speaker 2>so with the with tanzanite, as you said, it's only

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<v Speaker 2>found in one space and one place on Earth, and

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<v Speaker 2>that's in tanzaniair they are paled as a one generation gemstone.

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<v Speaker 2>There's hardly anything left in the in the mines, So

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<v Speaker 2>again the tanzanites are probably undervalued for where they are now.

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<v Speaker 2>And again they've never been successfully synthesizer. So again this

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<v Speaker 2>is another great stone to be buying, genuinely rare and

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<v Speaker 2>genuinely rare.

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<v Speaker 1>Let's move further up. We've talked about a lot of

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<v Speaker 1>things that give jewelry gems their value. We've talked about rarity,

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<v Speaker 1>We've talked about condition, We've talked about we haven't really

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<v Speaker 1>talked about history and provedance. That's more antique jwelry. But

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<v Speaker 1>that's all important.

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<v Speaker 2>But actually, do you know what I think for what

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<v Speaker 2>I do the bit like George and silver. So I'm

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<v Speaker 2>going to go back to the nineteen seventies stuff. So

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<v Speaker 2>early nineties, in seventies when gold was relatively cheap, I

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<v Speaker 2>hadn't had the Nixon effect their gold. You know, jewelers

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<v Speaker 2>were far more generous with their gold, and so you

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<v Speaker 2>get in the seventies really heavy gold pieces, and what's

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<v Speaker 2>happened now Because the gold price back in January twenty

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<v Speaker 2>twenty six hit five hundred and eighty nine US dollars

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<v Speaker 2>per Troy out everyone was like going, Oh my gosh,

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<v Speaker 2>what's going on? Blah blah blah blah blah. A lot

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<v Speaker 2>of the nineteen seventies early seventies stuff with any weight

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<v Speaker 2>got smelted. So then we're going back into that vicious

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<v Speaker 2>circle of there's not enough supply ye rarity value. So

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<v Speaker 2>the gold nineteen seventies pieces will go up in value,

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<v Speaker 2>et cetera, et cetera, and in the same grace for silver.

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<v Speaker 2>Silver again has gone up, not as exponentially high as gold,

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<v Speaker 2>but it has gone up. But again, the smelting process,

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<v Speaker 2>in my world is so painful and so heartbreaking. That

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<v Speaker 2>is craftsmanship gone. People cannot make or don't make pieces

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<v Speaker 2>like they really used because again the old antique jewelry

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<v Speaker 2>to even mid century, the jewelers made their own, made

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<v Speaker 2>their own implements to make the jewelry wise, so a

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<v Speaker 2>lot of it and nowadays a lot of it's machine made. Yeah,

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<v Speaker 2>So if you see like a pave diamond looks that's

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<v Speaker 2>all machine made, and five part I mean like less

0:12:19.520 --> 0:12:23.920
<v Speaker 2>dotted diamonds in a same ring, that's machine that's not handmade.

0:12:24.840 --> 0:12:28.000
<v Speaker 2>And so the handmade stuff is really valuable and those

0:12:28.040 --> 0:12:31.200
<v Speaker 2>techniques aren't being passed down because the jewelry world works

0:12:31.200 --> 0:12:33.439
<v Speaker 2>in a silo effect. No one talks to the right

0:12:33.480 --> 0:12:35.800
<v Speaker 2>hand or the left hand, and that's a real shame.

0:12:35.840 --> 0:12:37.760
<v Speaker 2>I think that's the one thing in the jewelry world

0:12:37.800 --> 0:12:39.600
<v Speaker 2>I think we could probably be better with and.

0:12:39.640 --> 0:12:41.760
<v Speaker 1>Today what you say about things being melted down, because

0:12:41.760 --> 0:12:43.960
<v Speaker 1>we often say when we're talking, when I've talked about

0:12:43.960 --> 0:12:46.520
<v Speaker 1>and letting inventage, surry etc. In the past, I've often

0:12:46.559 --> 0:12:49.440
<v Speaker 1>said that quite often you can buy pieces for not

0:12:49.559 --> 0:12:52.360
<v Speaker 1>much more than the value of the precious metal and

0:12:52.400 --> 0:12:54.360
<v Speaker 1>the gem itself. So it's very exciting you're getting that

0:12:54.400 --> 0:12:57.480
<v Speaker 1>great craftsmanship for free, but you're saying that in many

0:12:57.480 --> 0:13:00.680
<v Speaker 1>cases free and enough. No one wants a offsmanship, so

0:13:00.840 --> 0:13:02.720
<v Speaker 1>they will melt it down and separate the pieces.

0:13:03.000 --> 0:13:07.640
<v Speaker 2>Unfortunately. Yes, actually, because gold has dropped, I'm going to

0:13:07.679 --> 0:13:10.560
<v Speaker 2>be taking myself straight back up to the Birmingham Jewelry Quarter.

0:13:10.960 --> 0:13:13.200
<v Speaker 2>Any jewelry quarter in the UK is a great place

0:13:13.240 --> 0:13:15.200
<v Speaker 2>to go and start looking for jewelry. I would be

0:13:15.520 --> 0:13:18.560
<v Speaker 2>still while it's now low, what is it today? Today's

0:13:18.600 --> 0:13:21.600
<v Speaker 2>live spot price is about I talk to US dollars

0:13:21.640 --> 0:13:26.559
<v Speaker 2>four thousand and fifteen US dollars per Troy ounces about

0:13:26.559 --> 0:13:30.760
<v Speaker 2>three thousand pounds and that's really come down from its

0:13:30.840 --> 0:13:33.720
<v Speaker 2>heightened in January. So I'll be going to have a

0:13:33.760 --> 0:13:35.720
<v Speaker 2>look what's around. I'll be buying now.

0:13:35.920 --> 0:13:37.480
<v Speaker 1>And when you speak to all the jewelers, when you

0:13:37.520 --> 0:13:40.240
<v Speaker 1>go up to the jury quarters, et cetera, are there expectations

0:13:40.280 --> 0:13:43.160
<v Speaker 1>from them, given their decades of experience buying that mister,

0:13:43.200 --> 0:13:44.600
<v Speaker 1>where the gold price might go next?

0:13:45.080 --> 0:13:47.440
<v Speaker 2>Yes, they think it's still going to go up again,

0:13:48.520 --> 0:13:50.880
<v Speaker 2>JP Morgan. I had a quick look at what their

0:13:50.960 --> 0:13:53.440
<v Speaker 2>forecasts are. They still think it's going to go well

0:13:53.480 --> 0:13:57.240
<v Speaker 2>over six six hundred and JP Morgan's conservative, They're not

0:13:57.280 --> 0:14:01.360
<v Speaker 2>like Goldman's. Goldmans always give far larger forecasts. So I

0:14:01.400 --> 0:14:02.920
<v Speaker 2>do think it's now going to go up, and I

0:14:02.920 --> 0:14:05.200
<v Speaker 2>think in this little dip is a really interesting time

0:14:05.280 --> 0:14:09.120
<v Speaker 2>to invest. And also because you'll go back to the

0:14:09.120 --> 0:14:13.960
<v Speaker 2>craftsmanship which you are would be buying into again the rarity,

0:14:14.280 --> 0:14:16.880
<v Speaker 2>there will be a secondary market I mean, and going

0:14:16.880 --> 0:14:20.280
<v Speaker 2>back to rarity. What the luxury houses were very interesting

0:14:20.320 --> 0:14:20.840
<v Speaker 2>at the moment.

0:14:21.120 --> 0:14:23.080
<v Speaker 1>Oh no, this is exactly what I was about to

0:14:23.120 --> 0:14:25.240
<v Speaker 1>ask you about when we got sidepacked on something else?

0:14:25.360 --> 0:14:29.880
<v Speaker 1>Is the brand, the Chanelle, Tiffany, Cardier, etc. When you're

0:14:29.920 --> 0:14:32.960
<v Speaker 1>buying a bit of jewelry, how much does that matter?

0:14:33.840 --> 0:14:37.360
<v Speaker 2>Okay? So I would say nineteen seventy is going back

0:14:37.360 --> 0:14:40.320
<v Speaker 2>to my normal. Nineteen seventy is the line Borgary nineteen

0:14:40.360 --> 0:14:42.960
<v Speaker 2>seventy is great place to buy into. And guess what

0:14:43.160 --> 0:14:45.880
<v Speaker 2>I was having a chat with the borgery guys down

0:14:45.880 --> 0:14:48.280
<v Speaker 2>on Bond Street last year or the year before. Anyway,

0:14:48.640 --> 0:14:52.560
<v Speaker 2>they have been busy buying back vintage pieces. So for example,

0:14:52.600 --> 0:14:56.880
<v Speaker 2>when Elizabeth Taylor's incredible trousseau went to auction, they were

0:14:56.920 --> 0:14:59.880
<v Speaker 2>in the market buying back. Now, if the luxury houses

0:15:00.200 --> 0:15:03.400
<v Speaker 2>are buying back their pieces from those times like Bankkeep

0:15:03.400 --> 0:15:05.920
<v Speaker 2>and Apples or Cartial Drifty, and they're all buying back

0:15:06.000 --> 0:15:11.760
<v Speaker 2>their vintage mid century pieces, that is another indicator of

0:15:11.840 --> 0:15:14.320
<v Speaker 2>a good investment, I personally think. So they'll be then

0:15:14.400 --> 0:15:16.200
<v Speaker 2>releasing it trip feeding it into the market.

0:15:16.720 --> 0:15:19.040
<v Speaker 1>God it really is or back to the seventies, isn't it?

0:15:20.080 --> 0:15:22.800
<v Speaker 1>Do you know if Vinda story held its value well

0:15:22.800 --> 0:15:25.960
<v Speaker 1>in the nineteen seventies in that inflation re environment, I.

0:15:25.920 --> 0:15:30.080
<v Speaker 2>Think people found nineteen seventies jewelry really quite hideous. I

0:15:30.120 --> 0:15:32.280
<v Speaker 2>think they were really preferred an art deco and all

0:15:32.280 --> 0:15:33.880
<v Speaker 2>the rest of it. And again it comes down to

0:15:34.000 --> 0:15:36.560
<v Speaker 2>jewelry in the eye of the beholder. Really.

0:15:36.720 --> 0:15:38.960
<v Speaker 1>Okay, So here we are in the environment where we

0:15:39.000 --> 0:15:40.640
<v Speaker 1>are feeling a little bit back to the seventies in

0:15:40.720 --> 0:15:43.600
<v Speaker 1>terms of inflation, in terms of politics and all that

0:15:43.680 --> 0:15:46.480
<v Speaker 1>kind of thing. We've talked about the various gems that

0:15:46.560 --> 0:15:49.400
<v Speaker 1>you think of value at the moment, and we've looked

0:15:49.400 --> 0:15:51.600
<v Speaker 1>a little bit at the various eras. But if you

0:15:51.640 --> 0:15:54.480
<v Speaker 1>wanted to go out right now and by in your

0:15:54.560 --> 0:15:58.200
<v Speaker 1>view opinion only not advice, in your view, what would

0:15:58.240 --> 0:16:00.400
<v Speaker 1>be the thing to go out and buy now? It's

0:16:00.400 --> 0:16:02.760
<v Speaker 1>just a little extra of your portfolio. We're talking about,

0:16:02.760 --> 0:16:05.160
<v Speaker 1>not to your portfolio here, everybody, we're not suggesting you

0:16:05.160 --> 0:16:08.040
<v Speaker 1>go out but ten percent into gems. If you wanted

0:16:08.080 --> 0:16:09.520
<v Speaker 1>to have a time a little bit on the side

0:16:09.520 --> 0:16:12.240
<v Speaker 1>and also wear it gridally, what would you go out

0:16:12.280 --> 0:16:12.880
<v Speaker 1>and buy now?

0:16:13.400 --> 0:16:16.920
<v Speaker 2>Okay? So I fight with my husband who's in the industries,

0:16:17.000 --> 0:16:19.240
<v Speaker 2>not in the jewel industry, but in the financial industry.

0:16:19.320 --> 0:16:23.360
<v Speaker 2>And I would say gold is so much more fun

0:16:23.440 --> 0:16:26.160
<v Speaker 2>to wear, right, I don't want it in my portfolio.

0:16:26.240 --> 0:16:28.600
<v Speaker 2>I want to be able to have the physical thing,

0:16:28.800 --> 0:16:30.320
<v Speaker 2>and I also want to be able to wear it.

0:16:30.440 --> 0:16:32.120
<v Speaker 2>I don't want to have to wait for someone to

0:16:32.320 --> 0:16:34.440
<v Speaker 2>liquidate my shares, thank you very much, And I'm sure

0:16:34.440 --> 0:16:36.600
<v Speaker 2>lots of other people do love that. But I want

0:16:36.600 --> 0:16:38.000
<v Speaker 2>to be able to wear my pieces. I want to

0:16:38.000 --> 0:16:40.680
<v Speaker 2>look like a Christmas tree. I want to have a

0:16:40.760 --> 0:16:44.760
<v Speaker 2>trousseau of physical gold, physical silver where I know that

0:16:44.880 --> 0:16:47.840
<v Speaker 2>goodness forbid. I could just take the whole lot, and

0:16:47.880 --> 0:16:50.600
<v Speaker 2>I need a cash. I could go straight up to

0:16:50.600 --> 0:16:53.200
<v Speaker 2>the bullion guys and get it. So I would go

0:16:53.280 --> 0:16:56.040
<v Speaker 2>out now. While gold is low, silver is low, I

0:16:56.120 --> 0:16:58.720
<v Speaker 2>still think both gold and silver are going out. My

0:16:58.880 --> 0:17:02.560
<v Speaker 2>tips for you, if you've got deep pockets, I would

0:17:02.600 --> 0:17:05.960
<v Speaker 2>buy vintage bullgery. I would purely because I love bullgery.

0:17:06.359 --> 0:17:09.560
<v Speaker 2>I'd buy the big houses because they've held their value. First,

0:17:09.560 --> 0:17:12.439
<v Speaker 2>EBS is a great place to look. Then I would

0:17:12.480 --> 0:17:15.919
<v Speaker 2>go to antique shops. Grays Market is a fantastic if

0:17:15.920 --> 0:17:18.879
<v Speaker 2>you're in London. Grays Market silver vaults. Go to these places.

0:17:18.880 --> 0:17:22.480
<v Speaker 2>They're amazing. A lot of the secondhand kind of vintage

0:17:22.520 --> 0:17:25.360
<v Speaker 2>antique places have been closing down. So there was one

0:17:25.400 --> 0:17:27.560
<v Speaker 2>on the King's Road and they've just closed and that

0:17:28.000 --> 0:17:29.680
<v Speaker 2>that's been there for the years and years and years

0:17:29.720 --> 0:17:33.400
<v Speaker 2>and they just closed down. So again the whole market

0:17:33.440 --> 0:17:36.640
<v Speaker 2>there is scarcity. People is it's more difficult to get

0:17:37.280 --> 0:17:39.639
<v Speaker 2>your jewelry into jewelry. Of course you can go to

0:17:39.680 --> 0:17:42.840
<v Speaker 2>the emporium which is Barock Rocks. But I would go

0:17:43.040 --> 0:17:45.399
<v Speaker 2>have a look on first. AB's great place to look,

0:17:45.640 --> 0:17:48.040
<v Speaker 2>and I'd say go and buy now, because that's what

0:17:48.119 --> 0:17:48.880
<v Speaker 2>I'm going to be doing.

0:17:49.000 --> 0:17:51.080
<v Speaker 1>Everyone's going to be bidding against you, Emma.

0:17:51.480 --> 0:17:54.520
<v Speaker 2>I know at the auction houses. Oh there's a great

0:17:54.680 --> 0:17:57.120
<v Speaker 2>auction website which I will tell everyone to have a look,

0:17:57.160 --> 0:18:00.800
<v Speaker 2>and especially where called the sale Room dot And this

0:18:00.920 --> 0:18:04.760
<v Speaker 2>is a disaster for anyone, and I mean anyone who

0:18:04.920 --> 0:18:08.520
<v Speaker 2>who loves bidding, because the Sealroom is like a big umbrella.

0:18:08.640 --> 0:18:11.600
<v Speaker 2>It hosts every single auction website all of the UK,

0:18:11.800 --> 0:18:16.800
<v Speaker 2>sometimes in South African ones. It has European auction sites,

0:18:17.040 --> 0:18:19.520
<v Speaker 2>so you could then effectively buy and sometimes they've got

0:18:19.520 --> 0:18:21.960
<v Speaker 2>some American auction houses, but it just means that you'll

0:18:21.960 --> 0:18:24.680
<v Speaker 2>reach so you can type in I don't know, nineteen

0:18:24.760 --> 0:18:28.120
<v Speaker 2>seventy seven, Bulgary, and then you can start watching it

0:18:28.200 --> 0:18:30.840
<v Speaker 2>and they'll give you a lot. So let's give me

0:18:30.880 --> 0:18:34.120
<v Speaker 2>my tips. It's a disaster be able to buy anything.

0:18:34.320 --> 0:18:39.080
<v Speaker 2>So Salum dot com, seerum dot com. Okay, it's amazing,

0:18:39.359 --> 0:18:40.880
<v Speaker 2>it's amazing, look it up.

0:18:41.160 --> 0:18:43.880
<v Speaker 1>Thank you very much, Emma. We really enjoyed having you on.

0:18:43.880 --> 0:18:45.320
<v Speaker 1>Thanks so much for joining us today.

0:18:46.000 --> 0:18:49.320
<v Speaker 2>Thank you very much. Moren an absolute pleasure, and probably

0:18:49.320 --> 0:18:51.960
<v Speaker 2>weekly went totally off piece, but yeah.

0:18:51.760 --> 0:18:55.400
<v Speaker 1>That's how it works. Thanks for listening to this weeks

0:18:55.440 --> 0:18:57.360
<v Speaker 1>marrin talk to your money. If you like us, your rate,

0:18:57.480 --> 0:18:59.840
<v Speaker 1>review and subscribe whereever you listen to podcasts, or if

0:18:59.840 --> 0:19:01.760
<v Speaker 1>you're Georg, follow me and John on ex or Twitter

0:19:02.040 --> 0:19:05.160
<v Speaker 1>at Marinus w and John Underscore step Back. This episode

0:19:05.200 --> 0:19:07.720
<v Speaker 1>was produced by Some Society and Jennifer Seeley's sound designed

0:19:07.720 --> 0:19:10.359
<v Speaker 1>by Blake Maples and Aaron Casper. Questions and comments on

0:19:10.400 --> 0:19:12.760
<v Speaker 1>this show and all our shows are always welcome. Get

0:19:12.760 --> 0:19:15.040
<v Speaker 1>in touch, let us know about your favorite gems. I'll

0:19:15.040 --> 0:19:17.480
<v Speaker 1>show emails. Merrimaney at Bloomberg dot net.