It’s not the new iPhone that’s causing lines around the block this week, it’s money. From Singapore to Sydney to Vietnam, crowds of retail buyers queue outside bullion stores to buy physical gold and silver, many arriving before sunrise.
Investors appear to be in a frenzy as bullion prices hit record highs and gold’s market capitalization exceeds $30 trillion, with analysts saying the asset could hit the ‘macro top’ mark. Meanwhile, Bitcoin supporters also ask the same question. Is retail missing out on the next rotation to digital gold?
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Gold fever spreads worldwide: Lines at retail stores show market euphoria as Bitcoin waits its turn
The frenzy can be seen in a viral video released by Singapore’s BullionStar, which shows customers queuing up before opening hours.
This scene has been replicated in other parts of the world. Photos from Sydney show a similar queue outside ABC Bullion, one of Australia’s biggest dealers. Some of this demand has also spilled over into silver, with interest reportedly spreading across different age groups.
“There are people who buy not just gold, but also silver. I stood around the Martin Place store for over two hours. There were a lot of young people in the crowd. In the area I went to, it was mainly people over 40, but I also saw a lot of young people in their 20s in the crowd,” a Sydney local told BeInCrypto.
In Vietnam, people have been lining up since dawn to buy gold, Chai Bouz reported. Some gold shops in the country have also announced that they no longer have gold to sell.
Some of Vietnam’s largest gold systems have posted signs saying “Temporarily no gold for sale” due to retail FOMO (fear of missing out).
Signboards at Vietnamese gold dealers Bao Tinh Minh Chau and Phu Quy announce that their gold bullion products are completely sold out, reflecting the nationwide demand for physical gold.
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This “herd mentality” extends beyond Australia and Vietnam, where people queue for hours. According to Bloomberg, Japan’s top gold retailers say they are unable to keep up with demand.
Bloomberg reported that the Tanaka Kikinzoku Group was “strengthening its production system in order to quickly resume stable supply to customers.”
The hoarding occurred just months after Florida passed a pro-gold bill. Governor Ron DeSantis signed a bill that makes gold and silver coins legal tender and exempt from sales tax starting in July 2026.
But even as FOMO reaches a ceiling, analysts are urging caution. Because retail sentiment rarely changes, some retailers may be caught in exit liquidity.
“And soon there will be a line of people selling it back,” IncomeSharks writes.
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Signs of euphoria and a “blow-off top”
Market veterans are sounding the alarm against mania. Trader Mayne called the rally “long” and noted that “Peter Schiff has reached intolerable levels and people are lining up to buy physical gold.”
“I think the top is near,” he warned.
Other analysts see a typical top signal forming as people line up to buy physical gold when it is at its most expensive.
As of this writing, gold is trading at an all-time high of $4,330, with the RSI (Relative Strength Index) showing parabolic momentum.
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“This is what retail FOMO looks like! Hundreds of people lined up… to literally buy $GOLD at the highest price. The high signal couldn’t be any clearer. #Bitcoin still has to rise before the crowds rush in,” one analyst noted.
Analysts predict Bitcoin rotation moment
Gold’s parabolic move comes as the metal achieved an unprecedented market capitalization of $30.154 trillion, its first market capitalization in history. However, several analysts have suggested that this retail gold euphoria may precede a liquidity rotation into cryptocurrencies.
“Gold has now reached a stage of euphoria. It should form a local top within two weeks around the October 29th FOMC. And after that, we will see a massive liquidity rotation into Bitcoin. With trillions of dollars flowing into the crypto market, we will see the largest bull run in history,” Ash Crypto predicted.
Similarly, another prominent analyst, Jere, predicted a new rotation into digital gold, referring to Bitcoin.
But while this buyer frenzy is presented as a leading indicator that the asset may soon crash, the macro uncertainty associated with the Trump presidency means the gold rush could last much longer, possibly even two to three years.
