Kochie’s gold rush warning: Lock up your jewels

Finance guru and former Sunrise host David Koch is warning Aussies to lock up their gold jewellery in the wake of The Louvre heist and the frenzied rush for the precious metal.

This as a Compare the Market survey of more than 1000 Australians has found nearly a quarter made a contents insurance claim in the past five years, with one in 10 making more than one claim.

Almost 18 per cent of the claims reported related to theft.

Compare the Market economic director David Koch.

The necklace and earrings of the set of jewellery of Empress Marie-Louise at the Louvre museum in Paris. Photo: Stephane De Sakutin.

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“Chaotic scenes at The Louvre in Paris last week were like the physical embodiment

of the frenzied buying spree pushing record-breaking prices above $6,000 an

ounce,” Mr Koch said.

With gold prices “careening to dizzying new heights”, he said there was a real threat that less

sophisticated thieves may be tempted to get their hands on it.

“And, now you’re less likely to see stolen items show up in pawn shops or social media marketplaces, because it’s all too easy to have them melted down and converted to cold hard cash in a cruel and senseless fashion,” he said.

Visitors queue outside The Louvre museum in Paris, one week after the theft of crown jewels. Photo: Thomas Padilla.

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“Most thieves aren’t criminal masterminds with an elaborate plot — they are

opportunistic intruders taking advantage of an open door or window, so lock up!”

The survey found there are signs Australians are taking crime more seriously with nearly 60 per cent of respondents taking some action to make their homes more secure.

About a third had installed security cameras, 17 per cent had installed alarms, and 22 per cent had added motion sensor lights to their properties to deter thieves.

Consumers line up outside the headquarters of ABC Bullion in Sydney as the price of gold surges to a record high of $6000 AUD per ounce. Picture: John Appleyard.

A worker displays a one kilogram gold bullion bar at the ABC Refinery in Sydney. Photo: David Gray.

“Another easy and cost-effective way to protect your belongings is to keep them

hidden in a not-so-obvious place,” Mr Koch said.

“Most intruders will check the usual spots so think creatively when choosing a hiding place.”

Another good tip was to avoid posting on social media while away on holiday.

“Best to hold off on posting until you’re back and manning the fort,” Mr Koch said. “And, if you’re away for an extended period, ask a friend or neighbour to check in on your property and make sure the lawn is looking neat and there’s not loads of mail and packages poking out of the letterbox.”

If the worst happens and your jewellery is stolen, having a photograph of it could help the police track it down.

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