Kanye West, in his song “Clique” says, “I rather buy 80 gold chains and go ign’ant (sic), I know Spike Lee gone kill me but let me finish.” Though the song continues with references to God and living it up, West’s desire to own several pieces of gold jewelry is a financially sound idea—especially with news he and Kim Kardashian are pregnant with their first child together. Rappers frequently go broke after their singles drop off the charts, but there’s no reason this should happen based on some of the more common investments rappers make.
Dookie Rope Chains
The etymology of the term “dookie” is debatable, but there’s no debating the return potential of dookie chains. Though some hip-hop artists wear fake or gold-plated chains, a solid 14-karat gold, 36-inch rope can cost upwards of $10,000. But keep in mind, 14-karat gold is only about 58 percent gold and 42 percent alloy. Pure 24 karat gold, such as the bullion coins and bars sold by US Money Reserve and other dealers, is useless for jewelry because it is so soft. The alloys strengthen the gold so it will stay in whatever shape the jeweler desires.
The price of gold has grown more than 500 percent in the past decade. The price of silver, for those who prefer the “other” metal, has skyrocketed by more than 1000 percent in that same time period. The aforementioned dookie chains, weighing about seven ounces total, would contain about four ounces of pure gold when melted down and refined. Rappers who bought gold chains in the 1990s would see massive returns on their investments today. The price of gold is expected to continue its upward trend over the next five years, thus rappers can look good in their bling while creating a potentially lucrative rainy-day fund.
Grillz
The golden moldings rappers put on their teeth is not exactly job interview attire, but can potentially be great investments. While there are only a few grams of pure gold in a 14-karat grill, the price is generally right for those who find them stylish. The biggest concern for gold investors is storage and safety of their precious metals—there is no safer place than inside one’s own mouth to protect and preserve their investment.
Diamonds
Former NBA superstar Allen Iverson was well known for the marble-sized diamonds covering his ear lobes. Reports surfaced that Iverson had gone broke and was facing financial difficulty, but this should not be the case based on his bling. Depending on a diamonds‘ grade and clarity, they can easily be worth over $5000 per carat (not karat). The price of diamonds has doubled in the past 20 years, and this trend is likely to continue due to the methods used to mine the stones.
Isabella teaches ESL at the middle school and high school levels. She was the editor-in-chief of an online Spanish language magazine until she decided to go freelance.