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Gold purchase 'may protect Patek Philippe watches in future'

Patek Philippe watches has purchased gold futures as a safeguard against possible problems in the industry.

The firm, which manufactures Swiss timepieces, has concerns that if prices for the precious metal get too high, it could impact negatively on the sector, Bloomberg BusinessWeek reports.

This may be especially worrying for the brand, as Rene Weber, an analyst at Bank Vontobel, estimated that 80 per cent of Patek Philippe watches are made from gold or platinum.

"My major problem is, where is gold going? I have no idea. I see it every time going up, up, up. It's a big threat," the firm's chairman Thierry Stern said.

Patek Philippe makes around 42,000 watches and gets through ten tons of metal every year, the news provider notes.

The company has been making Swiss watches since 1839 and it was first established by Antoni Patek and Franciszek Czapek, who were both Polish immigrants who met in Geneva.

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