A Middle Eastern executive paid $8.15 million for a Rolls-Royce Phantom Solid Gold that was upgraded with the precious metal. The substitution of bullion took 18 months to complete. The logo "RR"s on the wheels also are made of gold.
The precious metal notched a record high of nearly $1,673 per troy ounce on Wednesday afternoon and at those prices, the car holds more than $7.09-million-worth of the precious metal. Stuart Hughes, a company based in the U.K. that also covers iPads and additional contraptions with owners' choice precious metals, completed the work on the luxury vehicle.
Consisting of 18 karat gold, which is more resistant to scratches than 24 karat gold, the car can repel hand grenades, according to Eurocash, a Switzerland-based coach builder. The upgraded luxury vehicle also is resistant to attack by some sniper rifles and machine guns.
Bloomberg reports the precious metal was driving toward another record high on Thursday morning, propelled by investors' pursuit of more secure currencies while the central bank of the U.S. contemplates economy-spurring moves.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.