Sales of gold bullion and gold chains are boiling over as Sydney buyers rush to buy at bargain prices of around $1332 an ounce, about $200 cheaper than four days ago and $400 cheaper than when the price peaked two years ago.
Not since the global financial crisis have the phones rung so hot from gold buyers, said Jordan Eliseo, chief economist of the Australian Bullion Company on Pitt Street.
Sales had been so strong the company's phone system nearly crashed. The company had to hire temps to deal with customers phoning and waiting in queues of up to 60 to 80 to get into the company's already crowded salesrooms.
The company's chief executive, Janie Simpson, only had time to email, ''OMG, it is bedlam -- has been like that for 3 days!!!!''
Mr Eliseo said more than 95 per cent of the company's business right now was selling gold.
''Everyone who wants physical gold is seeing it [the drop in the gold price] as an incredible buying opportunity instead of seeing it as the end of the gold market,'' he said.
Not since the global financial crisis have the phones rung so hot from gold buyers, said Jordan Eliseo, chief economist of the Australian Bullion Company on Pitt Street.
Sales had been so strong the company's phone system nearly crashed. The company had to hire temps to deal with customers phoning and waiting in queues of up to 60 to 80 to get into the company's already crowded salesrooms.
The company's chief executive, Janie Simpson, only had time to email, ''OMG, it is bedlam -- has been like that for 3 days!!!!''
Mr Eliseo said more than 95 per cent of the company's business right now was selling gold.
''Everyone who wants physical gold is seeing it [the drop in the gold price] as an incredible buying opportunity instead of seeing it as the end of the gold market,'' he said.
More information can be found online at http://www.goldbullionadvisors.com
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