It might not be quite what the Manc band The Stone Roses were thinking of but there’s a gold rush on and everyone is trying to catch the train – gold spiked to $1,100 an ounce on Friday.

Last month Harrods launched a range of gold products to satisfy its customers including solid bars favoured by Bond baddies. Anyone with a spare £300k can get hold of one and the Knightsbridge store will hold it safely for you. In the NYT a spokesperson enthused:

“The response has been astounding,” said Chris Hall, head of Harrods Gold Bullion. “Bars are definitely more popular than coins. The 100-gram is the most popular.”

Is gold getting too hot? That’s probably a question of timing, in which case, this quote is worth remembering:

“What the wise man does at the beginning the fool does at the end. Once a price history develops enough for other people to see it and get envious, that takes over markets.”

“At the start of the party, the punch is flowing and everything’s going well, but you know at midnight it’s all going to turn into pumpkins and mice. People think they’ll be able to get out just before midnight, but everyone else thinks that too. The problem is that, there are no clocks on the wall.”

“Orgies tend to be wildest toward the end. It’s like being Cinderella at the ball. You know that at midnight everything’s going to turn back to pumpkins & mice. But you look around and say, ‘one more dance,’ and so does everyone else. The party does get to be more fun — and besides, there are no clocks on the wall. And then suddenly the clock strikes 12, and everything turns back to pumpkins and mice.” – Warren Buffett

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