Lockridge Okoth
5 min read
It’s not the new iPhone causing lines around city blocks this week, but gold. From Singapore to Sydney, and even Vietnam, crowds of retail buyers are queuing outside bullion shops to purchase physical gold and silver, many arriving before sunrise.
As bullion prices hit record highs and gold’s total market capitalization surpasses $30 trillion, investors appear caught in a frenzy that analysts say could mark the asset’s “macro top.” Meanwhile, Bitcoin proponents ask the same question: Is retail missing the next rotation into digital gold?
The frenzy is seen in viral videos from BullionStar in Singapore, which show customers lining up before opening hours.
The scene is replicated in other parts of the world. Pictures from Sydney show similar lines outside ABC Bullion, one of Australia’s largest dealers. Some of this demand is spilling over to silver, with interest reportedly spread across different age brackets.
“It’s not just Gold, people are also buying silver. I stood around the shop in Martin Place for over 2 hours. There were a lot of young people in the crowd. Although the demographic was largely people above 40 in the area I went to, you could also see many young people in their 20s in the crowd,” one Sydney local told BeInCrypto.
In Vietnam, Chay Bowes reported that people line up from dawn to buy gold. Some gold shops in the country have also announced that they have no more gold to sell.
The retail FOMO (fear of missing out) compels “Temporarily out of gold for sale” signage at some of the largest gold systems in Vietnam.
Signs from Vietnamese gold dealers Bảo Tín Minh Châu and Phú Quý announce that their gold bullion products are completely sold out, reflecting a nationwide rush for physical gold.” loading=”lazy” height=”747″ width=”960″>
Signs from Vietnamese gold dealers Bảo Tín Minh Châu and Phú Quý announce that their gold bullion products are completely sold out, reflecting a nationwide rush for physical gold.
This “herd mentality” extends beyond Australia and Vietnam, where people queue for multiple hours. According to Bloomberg, Japan’s top gold retailer says it is unable to keep up with the demand.
“We are strengthening our production system to quickly resume stable supply to customers,” Bloomberg reported, citing Tanaka Precious Metal Group Co.
The buying spree comes only months after a pro-gold legislation in Florida. Governor Ron DeSantis signed a bill to allow gold and silver coins to become legal tender and sales tax–exempt starting July 2026.
However, even as FOMO hits the roof, analysts call for caution. As retail psychology rarely changes, some could be caught in exit liquidity.
