Stamp collectors get a chance to cash in amid credit crunchJanuary 21st, 2009 - 3:46 pm ICT by ANI
London, Jan 21 (ANI): Stamp collectors have an opportunity to cash in on their hobby amid the credit crunch as new collectors in India and Russia push up prices, according to specialist company Stanley Gibbons.
The company is setting up an investment fund so that people can cash in on the growing value of its collections.
According chief executive Michael Hall, rare stamps are rising in value by 10 per cent a year as collectors in India and Russia increase prices.
Stamps are the best investment youve never heard of, the Sun quoted Hall as saying.
The company currently has about 2,000 elite investors who must spend at least 5,000 pounds on a portfolio of stamps. These are then auctioned off after five years.
Weve been inundated with requests from potential customers. The stock markets down and the banks are in crisis. People are looking for something tangible and stamps fit the bill, Hall added. (ANI)
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