Jan. 5 at 6:30 PM
PickAlpha Mid-Day:
A Relative Value take: two near-identical Rolex Day-Date 40mm models — white gold (
$51.6k) vs platinum (
$68.8k) — trade around retail, even though gold bullion is now far more valuable than platinum (reported). The spread is basically Rolex scarcity/price signaling, not craftsmanship.
Tickers:
$GLD $PPLT $LVMUY
Our view is this is a clean reminder that “luxury” often trades premium-to-fundamentals. If precious metals stay bid, items with high bullion content + liquid resale can act like a smoother gold proxy. If risk appetite cracks, the first thing to compress is the “scarcity premium,” not the metal.