The soaring gold price on the international market has sparked a gold fever in Australia.
As they watched the price of gold climbing up ordinary Australian Mums and Dads have started to snap up gold bars and coins, ingot, even medallions and shares on gold bullion companies.
Australians remember well the "recession we had to have" as announced by the then Australian Treasurer Paul Keating in the early 1990s. This time they are determined not to be caught out and gold is fast being seen as a safe haven from a possible impending recession as a result of the US economic turmoil.
"Traditionally when markets are a bit shaky, investors turn to gold as a safe haven," said one commodities dealer.
Business has also been brisk at the Perth Mint shop, which sells actual gold bullion bars, ingots and coins worth anywhere from $500 to several million and total sales have jumped by almost 50 per cent in the past six months.
Perth Mint treasurer Nigel Moffatt said mum and dad investors, especially those running self-managed superannuation funds, were shelling out an average $150,000, but some buyers were pouring millions into the glittery metal. "There are a lot of people in Australia with a lot of money to invest who are quite nervous about the stock market and see gold as a solid investment that has been around for 5000 years."
Manager Cathy Anza commented that 75 per cent of sales in the past month have been to first-time investors.
"People have been watching the price moving upwards and are hoping it will keep going," she said.
"When times are tough, people take a lot of comfort in gold because they like to have a physical asset they can hold."
Ms Anza said buyers often stored their gold bullion, delivered by armored vehicle, in bank safety deposit boxes.
An Aussie gold rush is on again!