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December 16, 2009

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Mountain of gold goes on sale

FANCY some good luck in the new year? It'll cost you about US$132,000 and comes in the form of a pure gold replica of Japan's iconic Mount Fuji.

Made from 3 kilograms of gold, the reproduction of Japan's sacred dormant volcano was made by jewellers Tanaka Kikinzoku and goes on sale in Tokyo today.

Despite the steep price tag, which comes as Japan's economy tries to stave off another slide into recession, the jeweller believes there will be buyers.

"We tried to make something that can be enjoyed as an artwork as well as a valuable asset with this golden Mount Fuji. It is also a subject that has a special meaning to Japanese people," Naoto Mizuki, general manager of the Ginza-based company, said.

Mount Fuji, at 3,776 meters, is Japan's highest mountain. It is believed to be sacred and is seen as a symbol of good luck, especially for the New Year period.

Mizuki said he believed the gold mountain would also hold a special appeal for investors looking to put their money into safe-haven commodities after plunges on the stock market and in real estate.

"The price of gold is rising dramatically, and the economic crisis forces capital to move from paper assets, which are losing their charm, to material assets," Mizuki said.

Gold prices hit a record high of US$1,226.10 per ounce earlier this month.

Tanaka Kikinzoku has two Mount Fujis in stock and more will be made as orders are received.


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