Australia’s gold fever is back. With prices smashing through record highs, local jewellers and bullion dealers are seeing a surge of customers dusting off old coins, heirlooms, and investment bars in hopes of turning them into quick cash.
But while the crowds are selling, experts warn that this might not be the end of the rally. Could the smartest move be to wait just a little longer?
A golden milestone that’s turning heads
The international gold price recently climbed above US $3,500 per ounce, setting a fresh all-time high. In Australian dollars, the figure is even more striking because of the weaker local currency, which makes gold more valuable on home soil than ever before.
Refiners and gold-buying businesses across Australia are reporting record activity as residents cash in jewellery and small bullion holdings.
The rally is not confined to retail sellers. Mining companies are also seizing the moment, ramping up exploration and development as previously marginal projects suddenly become profitable again.
What’s driving the surge
So what is behind gold’s glittering run? A mix of global uncertainty and local economics.
The U.S. dollar’s recent weakness has made gold cheaper for international buyers, fuelling demand. Meanwhile, inflation concerns and central bank buying sprees have turned gold into the go-to safe haven for investors wary of volatile markets.
In short, gold is benefitting from fear as much as from fundamentals.
The sell-now argument
With the spot price breaking records, it is easy to see why so many Australians are choosing to sell.
If you bought years ago or inherited jewellery from a time when gold was worth a fraction of today’s price, the temptation to lock in profits is strong.
Financial advisers agree that selling a portion of your holdings makes sense if you need liquidity or if gold has become an oversized slice of your portfolio.
Why some say not yet
But for every seller, there is a buyer betting gold’s run is not over. Analysts at Goldman Sachs have forecast even higher prices over the next year, citing strong central bank demand and lower global interest rates as the key drivers.
With Australia’s dollar still under pressure, local investors could see further gains even if the global gold price stabilises. In other words, what looks like a peak in U.S. terms might not be one in AUD.
So what should investors do?
For Australians watching the charts, the decision comes down to balance. Experts suggest not selling all at once. You can realise part of your gains now but keep exposure in case the rally continues.
Those selling physical gold should also be wary of mark-ups and purity discounts. Jewellery rarely fetches full market value, and private buyers or online platforms may offer more competitive rates than walk-in stores.
The bottom line
Gold’s latest surge has reignited the country’s fascination with the precious metal, part investment, part insurance, part inheritance. But as prices soar and investors debate whether to cash in, one question lingers in the air: What if this isn’t the peak at all?
Because in the unpredictable dance of global markets, sometimes the record you are celebrating today might be the starting line for tomorrow’s climb.
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