For the better part of a decade, steel Rolex models have dominated demand, and for good reason:

• Lower upfront cost

• Sky-high popularity

• Fast, easy liquidation

But those days of “accessible steel” are fading. Waiting lists remain brutal — a Rolex GMT-Master II still takes around three years with spending history, and a steel Daytona can stretch to five to ten years, depending on how tight you are with your AD.

Meanwhile, behind the noise of the steel hype, gold has been quietly exploding in value due to global uncertainty and rising tensions have pushed more people toward gold as a safe haven. With expected interest-rate cuts lowering real returns on savings and bonds, gold has become even more appealing. At the same time, central banks are buying huge amounts of gold, reducing supply and reinforcing long-term confidence in its value.

With gold climbing at roughly 12% per year, luxury brands like Rolex have been forced to raise prices accordingly — with many solid-gold models increasing by £3,000–£5,000 at retail.

But here’s the twist: while retail prices surge, the second-hand market for gold watches has been dropping hard. Slower global economies, shifting tastes, and the high entry cost of solid-gold pieces have all pushed resale values down.

It’s reached the point where some dealers have begun melting down gold Rolexes, because the raw gold is worth more than the watch itself.

In short — possibly. With global uncertainty driving gold prices higher month after month, there’s a reasonable argument for considering a gold Rolex. A few factors make it appealing:

• Rolex models generally remain more liquid than most luxury watch brands, though gold pieces can move slower than steel.

• Buying pre-owned can offer meaningful savings compared to current retail prices, depending on the model and market conditions.

• Certain vintage models can present good value, though prices vary widely based on demand, condition, and rarity.

As a long-term strategy, buying a gold Rolex at the right price and holding it for 10–20 years may pay off — but only if market demand, gold prices, and overall conditions align. It’s less of a guaranteed investment and more of a calculated, collector-driven play.