Gold has a nice ring to it while world’s in a spin

745228-gold

GOLD fever is again gripping the nation – at least according to retailers.

One hundred and sixty years after Australia first found itself the throes of a gold rush, the yellow metal is firmly back in vogue as investors take cover from volatile global markets.

But the 21st century rush is to shopping centres, jewellers and gold trading parties, and – for the serious investor – into exchange-traded products.

Retailers say some retirees are using parts of their superannuation payouts to buy a “solid gold investment” they can stow away.

With the price of gold continuing its relentless record-breaking march, the internet is emerging as a key trading engine.

Richmond-based Cash For Gold boasts that its trade has quadrupled since it started internet sales in 2009 and then took its business into suburban homes with “gold parties”.

“It’s where a group of ladies get together, like with a tupperware or a lingerie party, and one of our consultants can go and value their older jewellery or whatever they wish to sell on the spot,” said director Michael Salib.

The company also sells ingots and bullion at parties.

The Perth Mint now buys second-hand jewellery, although its main business continues to be refining and selling gold, along with “depository products” that enable consumers to invest in precious metals without keeping the physical product.

The mint states that every week it has dozens of self-managed superannuation investors pouring up to $10 million into both gold and silver, which has also enjoyed phenomenal price growth.

* Buying and selling of gold products and jewellery is booming on the internet and at ?gold parties?.
* Self-managed superannauation funds are among the biggest growth investors in gold.