Wall Street Says BUY GOLD, But...

While markets wobble, gold keeps smashing records-and banks say it's just beginning. Goldman urges "buy gold" to hedge trade wars; JPMorgan plans $6,000 an ounce and just took delivery of $4 billion in bullion. Yet past bull runs saw 13x-1,000x bigger gains without buying more gold.

Micro-wineries in Cyprus hope to give the world's oldest named wine a comeback

MENELAOS HADJICOSTIS
March 10, 2025

NICOSIA, Cyprus (AP) -- Praised by the ancient Greek giants Homer and Euripides for its superb quality nearly 3,000 years ago, Cyprus' Commandaria is the world's oldest recorded and named wine.

Despite its rich heritage, the sweet wine has struggled to find its niche in the global market. Now a number of micro-wineries in this east Mediterranean island nation are reviving traditional wine-making techniques and giving Commandaria a chance at a long-awaited comeback.

Makers hope to tap rich legends around the ruby red wine.

It's said to have won the world's first known wine competition during the 13th century rule of French King Philippe Augustus. English King Richard the Lionheart is said to have served it to guests at his 1191 wedding in Cyprus. And 14th century Mayor of London Henry Picard reputedly indulged the leaders of England, France, Scotland, Denmark and Cyprus in the Feast of the Five Kings.

The wine, known as "nama" in antiquity, was renamed by the medieval Knights Hospitaller, who set up headquarters during the Third Crusade at an estate known for its wine production that they named Grande Commanderie.

The island's Orthodox Church later adopted Commandaria as its communion wine during Byzantine times.

Production peaked when Venice ruled Cyprus in the 15th and 16th centuries and prized the wine for its sweetness and complex bouquet.

Now bottles are sold for around 20 euros ($20) to up to 150.

The wine's notes of honey, raisin, walnut, fig, carob, cinnamon, coffee and caramel are attributed to the island's rich volcanic soil, said Christakis Nicolaou, community leader of Zoopigi village, home to the Commandaria museum.

Annual production of the wine in recent years hovered at around 200,000 bottles because demand tapered off, according to Savvas Constantinou, a beverage inspector with Cyprus' agriculture and environment ministry.

One factor is the exclusion of some 800,000 Commandaria-loving Russian tourists as a result of sanctions imposed following Russia's full-scale invasion of Ukraine.

Constantinou said a bid to expand into the massive Chinese market made headway five years ago but wavered after producers couldn't meet demand.

Wine expert Demetri Walters, who holds the prestigious title of Master of Wines, said Commandaria sales haven't gained much traction abroad primarily because of a lack of marketing. For instance, the island's main producer KEO have been slow to understand the potential of the wine, particularly their older vintages.

"A shame, as their Commandaria wines are very good," Walters told the Associated Press. "The unique and antique history, the extraordinary quality across the two styles and the terrific value for money...Everyone who tastes it for the first time with me is blown away by the complexity of the wine."

Walters said although sweet wines are "out of fashion" except in the specialist trade, this is slowly changing for Commandaria. He said the wine was entered the UK market in recent years, but as a niche offering.

Wineries such as Revecca in the mountain village of Ayios Mamas have found a steady domestic and foreign following, with sales on an upward swing since it opened in 2015.

Its Commandaria last year won top prize at the national wine competition. The winery employs three people and produces 3,000 bottles a year.

Winery curator Nikolas Christodoulides said he's experimenting with bespoke varieties catering to clients' tastes.

"Our focus is on improving quality rather than being fixated on quantity," Christodoulides said. The approach has worked for one Israeli couple who, according to Christodoulides, flies to Cyprus just to replenish their stock.

Commandaria is made with dark Mavro and white Xynisteri grapes that are indigenous to Cyprus. They are left in the sunshine after harvest for seven to 12 days to bring out the distinctive sweetness.

The wine is matured in reused oak barrels for at least two years in line with strict production laws to conform with the European Union's protected designation of origin. That means authentic Commandaria comes only from 14 villages on the southern face of the Troodos mountain range, where they're exposed to sunlight throughout the day.

Some wineries produce a darker, sweeter version made strictly from the Mavro grapes. That version is preferred at the Karseras winery in the village of Doros, with an annual average production of 40 tons.

Manager Philippos Karseras is encouraged by an upswing in domestic consumption, though it isn't quite enough to make up for the loss of the Russian market.

But those running the Revecca winery believe that these small wineries will gradually win back consumers.

"We have ensure the consistency of our product's quality first and win over the domestic market before we can make a collective push to market Commandaria abroad," Christodoulides said.

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