Tiffany & Co.
Tiffany (TIF) did well when gold was above $1,600 an ounce. Gold is now below $1,250 and falling. Sales in Asia are bouncing back as some consumer optimism returns to Japan and the credit bubble continues to inflate in China.
As with Ralph Lauren, Tiffany has a broad, near bifurcated product line – $50,000 cufflinks and a $35 shot glass I once bought for a newborn (a long story that one). The company hedges precious metals purchases, meaning the full impact of the crash in precious metal prices will boost margins and profitability over a sustained period of time.