Patek Philippe’s Stern Says High Gold Prices Are ‘Big Threat’

Patek Philippe SA Chairman Thierry Stern said the Swiss watchmaker has bought gold futures as a defense against high gold prices that are threatening the luxury goods industry.

“My major problem is, where is gold going?” Stern, who turns 40 tomorrow, said in an interview recorded by Bloomberg Television in London. “I have no idea. I see it every time going up, up, up. It’s a big threat.”