wimpie007 Posted June 3, 2010 Report Share Posted June 3, 2010 Luxury Swiss watchmaker Rolex has been robbed of more than 15 kilograms of gold -- worth almost 15 million euros -- and a foundry worker has been taken into custody, a judicial official said Thursday. Rolex, whose status-symbol wristwatches cost several thousand euros/dollars apiece, says the employee, a temp, admitted stealing five kilograms (11 pounds) of gold from the plant in Plan-les-Ouates, the official said. The man's lawyer Francois Canonica said he has been detained and charged with theft and breach of trust, the ATS news agency reported. "Whether he should be blamed for the extra 10 kilos remains an open question," said the lawyer. "It appears that the security system put in place by Rolex -- supposing it has one -- has shown its limitations," Canonica added. Link: http://www.financialpost.com/news/Rolex+temp+steals+gold+worth+million/3106524/story.html http://www.straitstimes.com/BreakingNews/World/Story/STIStory_535122.html and many more if you google. But how can 15 kilo's be worth so much? White gold or something? Quote Link to comment Share on other sites More sharing options...
ubiquitous Posted June 3, 2010 Report Share Posted June 3, 2010 But how can 15 kilo's be worth so much? White gold or something? That is a good question; 15 kilograms = 529 ounces; current spot price of gold is $1217.00/oz, which works out to be $644k US. Seems like a bit of an inflated figure, even if there is something special about the gold. It should be noted that Rolex does smelt their own gold and their Everose gold contains some platinum. Still... I don't see how 15 kilos of gold can equate to 15M euro, even with some Pt content... Quote Link to comment Share on other sites More sharing options...
dbutlerman Posted June 3, 2010 Report Share Posted June 3, 2010 Maybe they saw the post here about $10,000/ounce gold. They were just anticipating the price to go up prior to people reading the story Quote Link to comment Share on other sites More sharing options...
Nanuq Posted June 3, 2010 Report Share Posted June 3, 2010 Ubi, you're forgetting this is Rolex Gold. Its intrinsic value is far more than expected. A Rolex NOS "white copper" bezel weighs what, several grams? Your price: $2,000 And it's made of fricken plated brass. One can then extrapolate to the calculated valuation of Rolex Gold. Quote Link to comment Share on other sites More sharing options...
By-Tor Posted June 3, 2010 Report Share Posted June 3, 2010 Poor Rolex. I hope they can survive from this. Does this mean they have to increase their service costs now? I was quoted €500 for a full one... maybe those "bargain days" are gone now. Quote Link to comment Share on other sites More sharing options...
HauteHippie Posted June 3, 2010 Report Share Posted June 3, 2010 Ubi, you're forgetting this is Rolex Gold. Its intrinsic value is far more than expected. A Rolex NOS "white copper" bezel weighs what, several grams? Your price: $2,000 And it's made of fricken plated brass. One can then extrapolate to the calculated valuation of Rolex Gold. LOL Exactly!! Quote Link to comment Share on other sites More sharing options...
ubiquitous Posted June 3, 2010 Report Share Posted June 3, 2010 Ubi, you're forgetting this is Rolex Gold. Its intrinsic value is far more than expected. A Rolex NOS "white copper" bezel weighs what, several grams? Your price: $2,000 And it's made of fricken plated brass. One can then extrapolate to the calculated valuation of Rolex Gold. Yeah... I suppose that is true. Especially if it had the rare MK2 stamping on the end... Quote Link to comment Share on other sites More sharing options...
Nanuq Posted June 3, 2010 Report Share Posted June 3, 2010 Of course, some gold is more valuable than other...... Quote Link to comment Share on other sites More sharing options...
txcollector Posted June 3, 2010 Report Share Posted June 3, 2010 I bet the value is bogus since that's the only text I could find that mentions value. Most Swiss news agency are just reporting 15,7Kg of gold missing, no monetary value associated. I think a headline with 15M Euros is sexier than 500K Euros Quote Link to comment Share on other sites More sharing options...
opti Posted June 4, 2010 Report Share Posted June 4, 2010 I have heard of inflating value for insurance bit this may be pushing it Quote Link to comment Share on other sites More sharing options...
By-Tor Posted June 4, 2010 Report Share Posted June 4, 2010 It's not just Rolex who's asking ridiculous prices. Breitling charges $600 - $700 of some of their stainless steel bracelets. That must be Swiss best steel for sure. Swapped a crystal for my gen Fish in the AD = 380 Euros installed. Yeah I'm a moron but having a perfect AR & glass = priceless. Quote Link to comment Share on other sites More sharing options...
txcollector Posted June 4, 2010 Report Share Posted June 4, 2010 I don't think they are talking about parts. This seems like raw material which is not worth even 1M euros. Quote Link to comment Share on other sites More sharing options...
lhooq Posted June 4, 2010 Report Share Posted June 4, 2010 I hope the foundry worker doesn't have an unfortunate smelting accident. Quote Link to comment Share on other sites More sharing options...
mas6002mi Posted June 5, 2010 Report Share Posted June 5, 2010 maybe becoz it had ROLEX imprinted on it............... Quote Link to comment Share on other sites More sharing options...
Bobbywaingro Posted June 6, 2010 Report Share Posted June 6, 2010 I hope the foundry worker doesn't have an unfortunate smelting accident. Ahhhh Goldmember Quote Link to comment Share on other sites More sharing options...
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